Mobivity Announces Second Quarter 2021 Financial Results
PHOENIX, Aug. 12, 2021 (GLOBE NEWSWIRE) â" Mobivity Holdings Corp. (OTCQB:MFON), maker of the award-winning Recurrency platform that increases customer engagement through mobile messaging and personalized digital offers, and drives digital transformation for brands, today announced financial results for the second quarter (âQ2â) ending June 30, 2021.
Summary of Fiscal 2021 Second Quarter
Second Quarter 2021 Business Highlights
Dennis Becker, Mobivity Chairman and CEO, commented, âRevenue growth resumed in the second quarter as our team expanded our sales and marketing efforts in anticipation of growing demand and expansion into new markets. Our success growing into the convenience store market, including the second largest convenience store chain in the world, has diversified our market focus and greatly expanded our sales pipeline. There are approximately 70,000 convenience stores generating more than $21 billion in annual foodservice sales in the U.S. alone, making it an ideal market for us to leverage our success from the restaurant industry. We are now directly engaged with several other convenience store brands operating thousands of locations who have seen the impact of data driven SMS marketing programs on both direct sales and the promotion of CPG brands that sell through convenience store chains. Our long-term strategy has always been to deliver our products and services beyond the restaurant industry and in just six months we have proven that we can penetrate another lucrative vertical market. As the restaurant industry resumes its recovery from the pandemic, and we expand into new markets such as the convenience store industry, we believe our increased visibility across industries and proven success will result in accelerated growth throughout the remainder of this year. I thank the entire team at Mobivity for their continued dedication to building value for our customers and shareholders, despite the historic challenges of these times.â
Consolidated Financial Summaries
(In thousands) Three months ended June 30, Six months ended June 30, 2021 2020 $$ % 2021 2020 $$ % Revenue $2,793 $2,767 $26 1% $5,250 $7,317 ($2,066) (28%) Gross profit $1,521 $1,552 ($31) (2%) $2,936 $4,517 ($1,581) (35%) Gross margin 54.5% 56.1% (3%) 56% 62% (9%) Operating Expenses $2,927 $2,205 $722 33% $6,003 $6,112 ($108) (2%) Income (loss) from Operations ($1,406) ($654) ($752) (115%) ($3,067) ($1,594) ($1,473) (92%) Net income (loss) ($1,433) ($726) ($707) (97%) ($3,126) ($1,741) ($1,385) (80%) Adjusted EBITDA * ($950) ($349) ($601) (172%) ($2,216) ($915) ($1,301) (142%) * Non-GAAP measuresConference Call
Mobivity will host a conference call at 4:30 p.m. ET on August 12, 2021.
The call will also be accompanied live by webcast over the Internet and accessible at http://public.viavid.com/index.php?id=146248
Participating on the call will be Mobivityâs Chairman and Chief Executive Officer, Dennis Becker, and Chief Financial Officer, Lisa Brennan. To join the live conference call, please dial in to the above referenced telephone numbers five to ten minutes prior to the scheduled conference call time.
A replay will be available for two weeks starting on August 12, 2021 at approximately 7:30 P.M. ET. To access the replay, please dial 1-844-512-2921 in the U.S. and 1-412-317-6671 for international callers. The conference ID# is 21996595. The replay will also be available on the Companyâs website under the investor relations section.
Mobivity Holdings Corp. Condensed Consolidated Balance Sheets June 30, December 31, 2021 2020 (Unaudited) (Audited) ASSETS Current assets Cash $ 1,874,294 $ 3,282,820 Accounts receivable, net of allowance for doubtful accounts of $29,986 and $33,848, respectively 1,552,478 305,693 Contracts receivable, current 943,904 943,904 Other current assets 307,451 272,736 Total current assets 4,678,127 4,805,153 Goodwill 496,352 496,352 Right to use lease assets 1,296,574 57,482 Intangible assets, net 1,274,255 1,368,329 Contracts receivable, long term 943,904 1,415,856 Other assets 194,012 25,230 TOTAL ASSETS $ 8,883,224 $ 8,168,402 LIABILITIES AND STOCKHOLDERSâ EQUITY Current liabilities Accounts payable $ 3,296,698 $ 1,935,411 Accrued interest 2,324 47,316 Accrued and deferred personnel compensation 427,220 224,881 Deferred revenue and customer deposits 508,736 606,597 Related party notes payable â" 80,000 Notes payable, net â" current maturities 149,634 561,676 Operating lease liability 161,867 58,173 Other current liabilities 567,715 566,303 Total current liabilities 5,114,194 4,080,357 Non-current liabilities Related party notes payable, net â" long term 1,704,647 â" Notes payable, net â" long term 982,654 1,499,001 Operating lease liability 1,305,219 13,296 Other long term liabilities 554,356 831,535 Total non-current liabilities 4,546,876 2,343,832 Total liabilities 9,661,070 6,424,189 Commitments and Contingencies Stockholdersâ equity Common stock, $0.001 par value; 100,000,000 shares authorized; 51,615,469 and 51,380,969, shares issued and outstanding 55,411 55,411 Equity payable 100,862 100,862 Additional paid-in capital 101,810,068 101,186,889 Accumulated other comprehensive income (42,365 ) (23,446 ) Accumulated deficit (102,701,822 ) (99,575,503 ) Total stockholdersâ equity (777,846 ) 1,744,213 TOTAL LIABILITIES AND STOCKHOLDERSâ EQUITY $ 8,883,224 $ 8,168,402 Mobivity Holdings Corp. Condensed Consolidated Statements of Operations Three Months Ended Six Months Ended June 30, (unaudited) June 30, (unaudited) 2021 2020 2021 2020 Revenues Revenues $ 2,792,828 $ 2,766,662 $ 5,250,418 $ 7,316,656 Cost of revenues 1,272,141 1,214,915 2,313,936 2,799,328 Gross profit 1,520,687 1,551,747 2,936,482 4,517,328 Operating expenses General and administrative 957,400 1,003,146 2,246,770 2,249,922 Sales and marketing 1,111,693 495,616 2,008,443 1,303,623 Engineering, research, and development 674,035 521,597 1,397,985 2,199,127 Impairment of intangible asset â" â" 8,286 â" Depreciation and amortization 183,584 184,918 341,811 358,845 Total operating expenses 2,926,712 2,205,277 6,003,295 6,111,517 Income (loss) from operations (1,406,025 ) (653,530 ) (3,066,813 ) (1,594,189 ) Other income/(expense) Interest income â" 76 5 913 Interest expense (23,867 ) (68,088 ) (56,383 ) (145,277 ) Loss on disposal of fixed assets (880 ) (3,935 ) (880 ) (3,935 ) Foreign currency (loss) gain (1,774 ) (52 ) (2,248 ) 1,100 Total other income/(expense) (26,521 ) (71,999 ) (59,506 ) (147,199 ) Income (loss) before income taxes (1,432,546 ) (725,529 ) (3,126,319 ) (1,741,388 ) Income tax expense â" â" â" â" Net Income (loss) (1,432,546 ) (725,529 ) (3,126,319 ) (1,741,388 ) Other comprehensive income (loss), net of income tax Foreign currency translation adjustments (9,241 ) (26,136 ) (18,919 ) (39,217 ) Comprehensive income (loss) $ (1,441,787 ) $ (751,665 ) $ (3,145,238 ) $ (1,780,605 ) Net income (loss) per share: Basic $ (0.03 ) $ (0.01 ) $ (0.06 ) $ (0.03 ) Diluted $ (0.03 ) $ (0.01 ) $ (0.06 ) $ (0.03 ) Weighted average number of shares: Basic 55,410,695 51,615,469 55,410,695 51,524,778 Diluted 55,410,695 51,615,469 55,410,695 51,524,778 Reconciliation of net (loss) to adjusted EBITDA Net (loss) (1,432,546 ) (725,529 ) $ (3,126,319 ) $ (1,741,388 ) Stock based compensation 275,453 123,544 504,076 322,757 Impairment of intangible asset â" â" 8,286 â" Depreciation and amortization 183,584 184,918 341,811 358,845 Interest expense, net 23,867 68,012 56,378 144,364 Adjusted EBITDA $ (949,642 ) $ (349,055 ) $ (2,215,768 ) $ (915,422 )Non-GAAP Measurements
This press release includes certain financial information which constitutes ânon-GAAP financial measuresâ as defined by the SEC. A full reconciliation of the non-GAAP measures to GAAP can be found in the tables of todayâs press release. Non-GAAP adjusted net income is supplemental to results presented under accounting principles generally accepted in the United States of America (âGAAPâ) and may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures are used by management to facilitate period-to-period comparisons and analysis of Mobivityâs operating performance and liquidity. Management believes these non-GAAP measures are useful to investors in trending, analyzing and benchmarking the performance and value of Mobivityâs business. These non-GAAP measures should be considered in addition to, but not as a substitute for, other similar measures reported in accordance with GAAP.
About Mobivity
Brick and mortar stores struggle to manage customer connections in a digital world. Mobivity provides a platform to connect national restaurants, retailers, personal care brands, and their partners with customers to increase retention, visits, and spend. Mobivityâs Recurrency platform increases customer engagement and frequency by capturing detailed POS transaction data, analyzing customer habits, and motivating customers and employees through data-driven messaging applications and rewards. For more information about Mobivity, visit mobivity.com or call (877) 282-7660.
Forward Looking Statement
This press release contains forward-looking statements concerning Mobivity Holdings Corp. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those forward-looking statements include statements regarding the benefits of recent additions to the Companyâs management team; the Companyâs expectations for the growth of the Companyâs operations and revenue; and the advantages and growth prospects of the mobile marketing industry. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, our ability to successfully integrate our recent additions to management; our ability to develop the sales force required to achieve our development and revenue goals; our ability to raise additional working capital as and when needed; changes in the laws and regulations affecting the mobile marketing industry and those other risks set forth in Mobivity Holdings Corp.âs annual report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 30, 2021 and subsequently filed quarterly reports on Form 10-Q. Mobivity Holdings Corp. cautions readers not to place undue reliance on any forward-looking statements. Mobivity Holdings Corp. does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
Investor Relations Contact:
Lisa Brennan ⢠Chief Financial Officer, Mobivity
(877) 282-7660
Brett Maas ⢠Managing Partner, Hayden IR
brett@haydenir.com ⢠(646) 536-7331
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