Montreal, Quebec--(Newsfile Corp. - November 30, 2020) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-enhanced payment card-linked incentives, announces its financial results for the 9 months ended September 30, 2020 and for the 3rd quarter of 2020.
For the 9 month-period, which ended September 30th, 2020 vs. the same period of 2019, the Company notes that:
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Revenues increased by 31% from $703K in 2019 to $924K in 2020;
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Net loss decreased by 46% from $2,968K in 2019 to $1,612K in 2020;
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Burn rate decreased by 74% from $3,132K in 2019 to $805K in 2020.
For the 3rd quarter of 2020, compared to the 3rd quarter of 2019, the Company notes that:
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Revenues decreased by 52% from $342K in 2019 to $164K in 2020;
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Net loss increased by 8% from $421K in 2019 to $454K in 2020;
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Burn rate decreased by 64% from $1,238K in 2019 to $443K in 2020.
Allan Rosenhek, CFO of Mobi724, said: "In the 3rd quarter we continued to experience the negative effects of the pandemic, yet overall, we generated higher revenues in 2020 on YoY basis.We are seeing signs of recovery, such as the signature and implementation of new contracts and the resumption of activities that were put on hold in the 1st quarter."
Marcel Vienneau, CEO of Mobi724, stated: "We are advancing on commercializing signed agreements and business relationships. With the progress in Q3 and Q4, we are confident that 2021 will bring us back the momentum we had before the contraction caused by the Covid-19 pandemic."
Additional Information - This press release should be read in conjunction with the Company's Q3-2020 Management Discussion and Analysis and Q3-2020 Consolidated Financial Statements. This and additional information can be accessed under Mobi724's company profile on www.sedar.com.
About Mobi724 Global Solutions Inc.
"Every Transaction is an Opportunity"
Mobi724 Global Solutions Inc. (TSXV: MOS) is a fintech company which provides a platform, 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.
Legal Disclaimer
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.
This news release does not constitute a solicitation to buy or sell any securities in the United States.
For further information, please visit www.Mobi724.com or contact:
Investor Relations:
Allan Rosenhek
CFO
ir@mobi724.com
T: 514-394-5200
Eli Rozhansky
Investor Relations Coordinator
ir@mobi724.com
T: 514-394-5200
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69199
