Montreal, Quebec--(Newsfile Corp. - November 29, 2021) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-powered payment card-linked solutions, today released its third quarter 2021 results for the three and nine months ended September 30, 2021.
Q3 2021 Operating and Financial Highlights
- Recorded best financial and operating performance since early last year
- Introduced new Proof-of-Concept ("POC") software solution and hired key personnel to help facilitate a more efficient integration for partners of Mobi724's payment processing platform
- Continued to build positive brand awareness in LATAM, leading to a robust sales pipeline to further Mobi724's growth
- Advanced Latam growth strategy through agreement to launch AI-driven Customer Engagement, Data Monetization & Offers platform for cardholders of Banco Atlántida, the largest bank in Honduras, subsequent to quarter-end
- Further improved capital position by closing of a second tranche, in the amount of $690,000, of a loan, in the maximum amount of $2,300,000, from the Government of Québec through its mandatary Investissement Québec, subsequent to quarter-end
- Revenue was $0.3million, which was a quarter-over-quarter increaseof 80% and a year-over-year increase of 73%
- Operating Costs of $0.9million, slightly increasedquarter-over-quarter and an increase of 43% year-over-year
- Cash and cash equivalents of $0.9 millionas at September 30, 2021
- Net Loss of $0.9million decreased by 13%quarter-over-quarter and increased by 93% year-over-year
"These third quarter results are Mobi724's strongest since early last year and validates our decision to revise our strategic business plan for our AI-powered payment card-linked solutions in Latam," said Marcel Vienneau, CEO of Mobi724. "As we head into 2022, we expect to sustain the momentum we have generated to date. Our robust sales pipeline of deals is the best it has ever been and, by offering a POC software solution, we are seeing early results toward reducing the sales cycle and thus monetizing our platform's portfolio of solutions faster."
Mobi724's pay for performance business model is especially relevant in today's environment, as sectors globally adopt digital services to focus on efficiency and create a frictionless and all-digital consumer experience.
The Company is focused on the following near-term priorities:
- Continuing to position the Company as the vendor-of-choice within the highly fragmented Latam market
- Leverage robust sales pipeline to advance business relationships with large payment processing networks in Latam in order to expand access to the real-time visibility on purchase transactions, to acquire new clients, to accelerate revenues and to add barriers for the entry of competitors
- Building a pipeline across the region by leveraging multiple channels, including Mobi724's growing network of alliances, partners, and subsidiaries
This press release should be read in conjunction with the Company's Q3-2021 Management Discussion and Analysis and Q3-2021 Consolidated Financial Statements. These documents and additional information can be accessed under Mobi724's company profile on www.sedar.com.
About Mobi724 Global Solutions Inc.
Make Every Transaction An Opportunity
Mobi724 Global Solutions Inc. (TSXV: MOS) is a fintech company that enables banks and merchants to offer their customers real-time payment card-linked incentives, in a white-label format. Mobi724's objective is to add a layer of AI-driven actionable intelligence to every payment transaction, creating engaging consumer experiences & generating incremental commercial opportunities to its clients.
Mobi724 cautions investors that any forward-looking statements or projections made by Mobi724 are subject to risks and uncertainties, that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 'Risk Factors and Uncertainties' in the Company's Management Discussion and Analysis, available on SEDAR.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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For further information, please visit www.MOBI724.com or contact:
Marcel Vienneau, CEO
Mobi724 Global Solutions Inc.
T: 514-394-5200 email@example.com
Nicole Piasentini, Investor Relations
NATIONAL Capital Markets
T: 647-382-9373 firstname.lastname@example.org
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