Montreal, Quebec--(Newsfile Corp. - April 29, 2021) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-enhanced payment card-linked incentives, announces FY 2020 financial highlights.
FY 2020 vs. FY 2019
- Revenue increased by 5%: $1,119,742 in 2020 compared to $1,063,863 in 2019.
- The burn rate decreased by 62%: $1,382,886 in 2020 compared to $3,623,356 in 2019.
- Net loss decreased by 35%: $3,429,963 in 2020 compared to $5,294,419 in 2019.
- Cash position on December 31, 2020 was $385K.
Q4-2020 vs. Q3-2020
- Revenue increased by 20%: $196,204 in Q4-2020 compared to $164,054 in Q3-2019.
Mathieu Laurin, CFO of Mobi724 said:"In 2020 our focus was to preserve cash and control the burn rate. In addition, we have been working on revenue generation from our existing contracts and partnerships."
Marcel Vienneau, CEO of Mobi724 said: "In 2020, we prepared the required groundwork for the recovery from the disruption that the pandemic caused on our business. We are regaining the sales momentum we had been experiencing just prior to the pandemic across some of the largest countries in Latin America. We are very optimistic in the Company's future and are expecting positive developments in 2021."
Additional Information: This press release should be read in conjunction with the Company's FY 2020 Management Discussion and Analysis and FY 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.
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 AND IS NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Investor Relations:
For further information, please visit www.MOBI724.com or contact:
Marcel Vienneau, CEO
Mobi724 Global Solutions Inc.
T: 514-394-5200 ir@mobi724.com
Eli Rozhansky, Investor Relations Coordinator
Mobi724 Global Solutions Inc. T: 514-394-5200 ir@mobi724.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/82343
