Mobivity Announces Fourth Quarter and Full Year 2021 Financial Results

PHOENIX, March 30, 2022 (GLOBE NEWSWIRE) -- 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 fourth quarter (“Q4”) and full year ending December 31, 2021.

Dennis Becker, Mobivity Chairman and CEO, commented, “2021 was a year of change in the digital marketing industry with the implementation of stringent privacy regulations, particularly with regards to tracking advertising to mobile phones. At Mobivity, we are uniquely positioned to take advantage of these changes and expand to exciting new verticals where the value we can drive results in far higher transactional revenues and margins than our legacy model delivering simple SMS text messages from brands to consumer phones. These efforts got underway in the fourth quarter and in the past few months we’ve already forged partnerships with gaming operators reaching millions of gamers across mobile, PC and console platforms – all of which are now counting on Mobivity to help bring those gamers to the food and convenience brands they love and vice versa! We believe we are powering a whole new approach to advertising, and we’re excited to play a key role in building a valuable intersection between online and offline audiences. Together with our partners we are pioneering a revolutionary way to connect digital with brick-and-mortar consumers in an environment of privacy protected commerce. We’ve never been more energized by the expanded opportunities to grow our business and improve our financial results that this shift in our focus represents.”

Full Year 2021 Financial Highlights

  • Revenues of $8.2 million in 2021 compared to $13.3 million in 2020.
  • Gross margin of 47% compared to 64% in 2020.
  • Operating expenses for 2021 increased by 22% to $12.8 million compared to $10.5 million in 2020.
  • Net loss was $8.3 million compared to $3.0 million in 2020.
  • Cash and cash equivalents totalled $735,000 compared to $3.3 million at December 31, 2020.

Consolidated Financial Summaries

(In thousands)Three months ended December 31,12 months ended December 31,
 20212020$$ %20212020$$ %
Revenue$613 $2,759 ($2,146)(77.8%)$8,175 $13,256 ($5,081)(38.3%)
Gross profit($367)$1,753 ($2,120)(120.9%)$3,873 $8,507 ($4,635)(54.5%)
Gross marginN/M
 N/M  47.4% 64.2%N/A
 (1,680) bps
Operating Expenses$3,658 $2,216 $1,441 +65.0%$12,746 $10,463 $2,283 +21.8%
Income (loss) from Operations($4,024)($463)($3,561)(768.9%)($8.873)($1,956)($6,918)(353.7%)
Net income (loss)($4,150)($1,213)($2,937)(242.1%)($8,260)($2,918)($5,341)(183.0%)
Adjusted EBITDA *($3,618)($733)($2,885)(393.6%)($6,287)($1,184)($5,104)(431.0%)

Conference Call
Date: Wednesday, March 30, 2022
Time: 4:30 P.M. Eastern Time (ET)
Dial in Number for U.S. Callers: 1-877-407-0789
Dial in Number for International Callers: 1-201-689-8562
Please Reference Conference ID: 13727854

The call will also be accompanied live by webcast over the Internet and accessible at

Participating on the call will be Mobivity’s 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 March 30, 2022 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 13727854. The replay will also be available on the Company’s website under the investor relations section.

Non-GAAP Measurements
This press release includes certain financial information which constitutes "non-GAAP financial measures" as defined by the SEC. A full reconciliation of the non-GAAP measures to GAAP can be found in the tables of today's press release. Non-GAAP adjusted net income is supplemental to results presented under accounting principles generally accepted in the United States of America ("GAAP") 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 Mobivity's operating performance and liquidity. Management believes these non-GAAP measures are useful to investors in trending, analyzing and benchmarking the performance and value of Mobivity's 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. Mobivity’s 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 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 Company’s management team; the Company’s expectations for the growth of the Company's 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.'s 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 • (646) 536-7331

Mobivity Holdings Corp.
Condensed Consolidated Balance Sheets

 December 31, December 31,
 2021 2020
Current assets     
Cash$735,424  $3,282,820 
Accounts receivable, net of allowance for doubtful accounts of $56,340 and $33,848, respectively 578,303   305,693 
Contracts receivable, current    943,904 
Other current assets 227,458   272,736 
Total current assets 1,541,185   4,805,153 
Goodwill 411,183   496,352 
Right to use lease assets 1,187,537   57,482 
Intangible assets, net 1,124,720   1,368,329 
Contracts receivable, long term    1,415,856 
Other assets 173,325   25,230 
TOTAL ASSETS$4,437,950  $8,168,402 
Current liabilities     
Accounts payable$3,823,909  $1,935,411 
Accrued interest 172,239   47,316 
Accrued and deferred personnel compensation 495,533   224,881 
Deferred revenue and customer deposits 377,170   606,597 
Related party notes payable, net - current maturities 819,531   80,000 
Notes payable, net - current maturities 69,052   561,676 
Operating lease liability 229,240   58,173 
Other current liabilities 9,071   566,303 
Total current liabilities 5,995,745   4,080,357 
Non-current liabilities     
Related party notes payable, net - long-term 2,498,711   500,000 
Notes payable, net - long-term 39,086   999,001 
Operating lease liability 1,188,589   13,296 
Other long-term liabilities    831,535 
Total non-current liabilities 3,726,386   2,343,832 
Total liabilities 9,722,131   6,424,189 
Commitments and Contingencies (See Note 13)     
Stockholders' equity (deficit)     
Common stock, $0.001 par value; 100,000,000 shares authorized; 55,410,695 and 55,410,695, shares issued and outstanding 55,411   55,411 
Equity payable 100,862   100,862 
Additional paid-in capital 102,446,921   101,186,889 
Accumulated other comprehensive income (loss) (52,088)  (23,446)
Accumulated deficit (107,835,287)  (99,575,503)
Total stockholders' equity (deficit) (5,284,181)  1,744,213 

Mobivity Holdings Corp.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

  Three Months Ended Year Ended
  December 31, December 31,
  2021 2020 2021 2020
Revenues $612,918  $2,759,060  $8,174,884  $13,255,887 
Cost of revenues  979,731   1,005,835   4,302,370   4,748,444 
Gross profit  (366,813)  1,753,225   3,872,514   8,507,443 
Operating expenses            
General and administrative  952,347   778,963   4,444,202   3,917,935 
Sales and marketing  1,015,154   576,821   4,002,565   2,325,709 
Engineering, research, and development  1,507,579   715,261   3,583,773   3,535,742 
Intangible asset impairment  -   5,405   8,286   8,886 
Depreciation and amortization  182,599   139,960   707,073   674,942 
Total operating expenses  3,657,679   2,216,410   12,745,899   10,463,214 
Income (loss) from operations  (4,024,492)  (463,185)  (8,873,385)  (1,955,771)
Other income/(expense)            
Interest income  -   (1)  5   1,221 
Gain on Extinguisment of Debt  -   -   891,103   - 
Interest expense  (123,252)  (78,998)  (267,966)  (286,896)
Impairment of Intangibles  -   3,481   -   - 
Loss on disposal of fixed assets  -   (4,873)  (880)  (8,808)
Loss on settlement of debt  -   (668,260)  -   (668,260)
Foreign currency (loss) gain  (2,084)  (1,233)  (8,661)  117 
Total other income/(expense)  (125,336)  (749,884)  613,601   (962,626)
Income (loss) before income taxes  (4,149,828)  (1,213,069)  (8,259,784)  (2,918,397)
Income tax expense  -   -   -   - 
Net Income (loss)  (4,149,828)  (1,213,069)  (8,259,784)  (2,918,397)
Other comprehensive income (loss), net of income tax          
Foreign currency translation adjustments  3,427   (23,154)  (28,642)  (32,226)
Comprehensive income (loss) $(4,146,401) $(1,236,223) $(8,288,426) $(2,950,623)
Net income (loss) per share:            
Basic $(0.07) $(0.02) $(0.15) $(0.06)
Diluted $(0.07) $(0.02) $(0.15) $(0.06)
Weighted average number of shares:            
Basic  55,410,695   51,575,454   55,410,695   51,575,454 
Diluted  55,410,695   51,575,454   55,410,695   51,575,454 
Reconciliation of net (loss) to adjusted EBITDA            
Net (loss) (4,149,828) (1,216,550) $(8,259,784) $(2,918,397)
Stock based compensation  226,417   264,725   997,274   773,938 
Depreciation and amortization  182,599   139,960   707,073   674,942 
Interest expense, net  123,252   78,999   267,961   285,675 
Adjusted EBITDA $(3,617,560) $(732,866) $(6,287,476) $(1,183,842)