Mobivity Announces Fourth Quarter and Full Year 2022 Financial Results

Chandler, Arizona, UNITED STATES

PHOENIX, March 30, 2023 (GLOBE NEWSWIRE) -- Mobivity Holdings Corp. (OTCQB:MFON), a global provider of personalized reward solutions that drive customer acquisition, frequency, and spend, today announced financial results for the fourth quarter (“Q4”) and full year ending December 31, 2022.

Q4 2022 Financial Highlights

  • Revenue growth of 185% from $613,000 in the fourth quarter of 2021 to $1.7 million in the fourth quarter of 2022.
  • Gross profit improved from a loss of $367,000 in the fourth quarter of 2021 to a gross profit of $602,000 in the fourth quarter of 2022, representing a 264% improvement.
  • Operating expenses decreased 3% from $3.7 million in the fourth quarter of 2021 to $3.5 million in the fourth quarter of 2022.
  • Net operating loss improved by 23% from $4 million in the fourth quarter of 2021 to $2.9 million in the fourth quarter of 2022.

Recent Business Highlights

  • Mobivity has executed more than five million Connected Rewards impressions rewarding consumers with a variety of rewards for playing mobile games.
  • Total gaming publishers executing Connected Rewards programs has quadrupled to a total of eight publishers marketing a dozen popular mobile game titles in the past 12 months.
  • More than 14 brands, across a variety of verticals including restaurants, convenience stores and salons, participating in Connected Rewards campaigns.
  • Gaming industry veteran Kim Carlson appointed as Chief Revenue Officer in September 2022.
  • Completed a $3.5 million financing in March 2023.

Dennis Becker, Mobivity Chairman and CEO, commented, “This year we made significant progress in our transformation to focus on Connected Rewards, a platform that has shown great potential for growth, particularly in the multi-billion-dollar gaming industry. This platform brings brands and digital businesses together in a unique way to cross-promote services with everyday incentives, creating a win-win-win scenario for game publishers, popular restaurant and convenience store brands and consumers. Our new team members, including our Chief Revenue Officer, Kim Carlson, bring a wealth of experience from the gaming industry, and we are confident that Connected Rewards will drive our business growth in the future. While we remain committed to our legacy business, we believe that Connected Rewards is the future of our business and we will capitalize on the vast potential of our technology in the mobile gaming industry and create long-term value for our shareholders.”

Consolidated Financial Summaries

(In thousands)Three months ended December 3112 months ended December 31,
Gross profit$602($367)$969264%$2,205$3,873($1,668)(43%)
Gross margin34.5%NM  29.3%47.4% (1,810) bps
Operating Expenses$3,545$3,658($113)(3%)$11,364$12,746($1,382)(11%)
Income (loss) from Operations($2,943)($4,024)$1,081NM($9,159)($8,873)($286)(3%)
Net income (loss)($3,210)($4,150)$88623%($9,997)($8,260)($1,737)(21%)
Adjusted EBITDA *($1,740)($3,618)$1,87852%($6,421)($6,287)($134)(2%)

Conference Call
Date: Thursday, March 30, 2023
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: 13737006

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, 2023 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 13737006. 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 United States Securities and Exchange Commission (“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 EBITDA 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
Mobivity’s cloud-based Connected Rewards™ technology delivers billions of offers and promotions, building large, owned audiences for some of the world’s biggest brands. Through its partnerships with leading game publishers, digital operators, and ad networks, Mobivity connects a massive universe of consumers to its broad network of brands. As a result, digital consumers download and play more games, and earn real-world rewards that are redeemed in-store, driving acquisition, frequency, and retention for brands and game publishers. For more information about Mobivity, visit or call (877) 282-7660.

Forward Looking Statements
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 from time to time in Mobivity Holdings Corp.’s reports filed with the SEC, including, but not limited to, Mobivity Holdings Corp.’s most recent annual report on Form 10-K , quarterly reports on Form 10-Q, and current reports on Form 8-K. Mobivity Holdings Corp. cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date of this announcement. 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,
 (Audited) (Audited)
Current assets     
Cash$426,740  $735,424 
Accounts receivable, net of allowance for doubtful accounts of $34,446 and $56,340, respectively 1,081,183   578,303 
Contracts receivable, current     
Other current assets 195,017   227,458 
Total current assets 1,702,940   1,541,185 
Right to use lease assets 981,896   1,187,537 
Intangible assets, net 194,772   1,124,720 
Contracts receivable, long term     
Other assets 137,917   173,325 
TOTAL ASSETS$ 3,017,525   $ 4,437,950  
Current liabilities     
Accounts payable$3,412,612  $3,823,909 
Accrued interest 443,448   172,239 
Accrued and deferred personnel compensation 569,347   495,533 
Deferred revenue and customer deposits 902,727   377,170 
Related party notes payable, net - current maturities 2,711,171   819,531 
Notes payable, net - current maturities 32,617   69,052 
Operating lease liability 251,665   229,240 
Other current liabilities 49,541   9,071 
Total current liabilities 8,373,128   5,995,745 
Non-current liabilities     
Related party notes payable, net - long-term 2,481,290   2,498,711 
Notes payable, net - long-term 31,092   39,086 
Operating lease liability 936,924   1,188,589 
Other long-term liabilities     
Total non-current liabilities 3,449,306   3,726,386 
Total liabilities 11,822,434   9,722,131 
Common stock, $0.001 par value; 100,000,000 shares authorized; 55,410,695 and 55,410,695, shares issued and outstanding 61,311   55,411 
Equity payable 324,799   100,862 
Additional paid-in capital 108,806,353   102,446,921 
Accumulated other comprehensive income (loss) (100,963)  (52,088)
Accumulated deficit (117,896,409)  (107,835,287)
Total stockholders’ equity (deficit) (8,804,909)  (5,284,181)

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

 Three Months Ended Year Ended
  December 31,   December 31,
Revenues$1,746,744  $612,918  $7,533,912  $8,174,884 
Cost of revenues 1,144,764   979,731   5,328,483   4,302,370 
Gross profit 601,980   (366,813)  2,205,429   3,872,514 
Operating expenses           
Bad Debt 40,383   774,312   40,383   774,312 
General and administrative 1,177,504   92,866   4,266,092   3,584,721 
Sales and marketing 838,225   1,015,154   2,616,596   4,002,565 
Engineering, research, and development 699,166   1,507,579   3,060,029   3,583,773 
Goodwill Impairment 552,476   -   552,476   8,286 
Intangible asset impairment 173,040   85,169   411,183   85,169 
Depreciation and amortization 64,208   182,599   417,258   707,073 
Total operating expenses 3,545,002   3,657,679   11,364,017   12,745,899 
Loss from operations (2,943,022)   (4,024,492)   (9,158,588)   (8,873,385)
Other income/(expense)           
Interest income -   -   -   5 
Gain on Extinguishment of Debt -   -   -   891,103 
Interest expense (217,291)  (123,252)  (737,745)  (267,966)
Loss on disposal of fixed assets -   -   -   (880)
Loss on settlement of debt (49,503)  -   (49,503)  - 
Settlement Losses -   -   (53,500)   
Foreign currency gain (loss) (351)  (2,084)  2,119   (8,661)
Total other income (expense)  (267,145)   (125,336)   (838,629)   613,601  
Loss before income taxes (3,210,167)   (4,149,828)   (9,997,217)   (8,259,784)
Income tax expense -   -       
Net Loss (3,210,167)  (4,149,828)   (9,997,217)   (8,259,784)
Other comprehensive income (loss), net of income tax           
Foreign currency translation adjustments 27,987   3,427   (48,875)  (28,642)
Comprehensive loss$(3,182,180) $(4,146,401) $(10,046,092)   (8,288,426)
Net loss per share:         $ 
Basic and Diluted$ (0.05) $ (0.09) $ (0.16)   (0.15)
 $ (0.05) $ (0.09) $ (0.16) $ (0.15)
Weighted average number of shares:           
Basic and Diluted  61,311,155     47,720,507     61,311,155     55,410,695  
Diluted  59,241,798     47,720,507     59,241,798     55,410,695  
Reconciliation of net (loss) to adjusted EBITDA            
Net (loss) (3,210,167)  (4,149,828)  $(9,997,217)  $(8,259,784)
Stock based compensation 463,186   226,417   1,457,570   997,274 
Depreciation and amortization 789,724   182,599   1,380,917   707,073 
Interest expense, net 217,291   123,252   737,745   267,961 
Adjusted EBITDA $(1,739,966)  $(3,617,560)  $(6,420,985)  $(6,287,476)