Mobivity Announces Fourth Quarter and Full Year 2023 Financial Results

PHOENIX, April 16, 2024 (GLOBE NEWSWIRE) -- Mobivity Holdings Corp. (OTCQB: MFON), a provider of technology connecting mobile gaming audiences to real-world brands and products, today announced financial results for the fourth quarter (“Q4”) and full year ending December 31, 2023.

Q4 2023 Financial Highlights

  • Revenues of $1.6 million compared to $1.7 million in Q4 2022
  • Cash and cash equivalents totaled $0.4 million on December 31, 2023
  • Adjusted EBITDA, excluding certain non-cash expenses improved to ($1.2) million compared to ($1.7) million in Q4 2022

Recent Business Highlights

  • Ramped active Connected Rewards campaigns more than 2x since Q3 2023 and launched 3 new product offerings with improved results
  • Launched user acquisition campaigns in brand-owned apps for premier fuel and convenience brands, innovative and international restaurant brands, and delivered exceptional performance in driving engagement for brand partners and return on ad spend for mobile game partners
  • Reduced overhead and shut down non-core products to refocus the business on connected rewards

Kim Carlson, Mobivity COO, commented, “We are experiencing clear and positive operational proof points related to the transformation of our business. We exited 2023 with accelerating revenue from our Connected Rewards business and that momentum is continuing in the first quarter of 2024. The customers we are currently engaged with, like Marathon and other premier brands are realizing returns on these programs in excess of their expectations, which we are leveraging to fast-track additional near-term growth opportunities. We now have a pipeline of opportunities and partnerships that is healthier and more robust than it has ever been.”

Kim continued, “From a cost perspective, we have taken several steps to better align our cost structure with our strategic direction, including reducing SG&A, consolidating the number of cloud platforms we use, and shutting down certain lines of business that were underperforming and not aligned with the company's new direction. We anticipate the impact of these initiatives will be more apparent in our financial results in the coming quarters. Based on the progress we are making, we are increasingly optimistic about our prospects for 2024.”

Consolidated Financial Summaries

(In thousands)Three months ended December 3112 months ended December 31,
  2023  2022 $$ % 2023  2022 $$ %
Revenue$1,602 $1,747 $(145)-8%$6,978 $7,534 ($556)-7%
Gross profit$71 $602 $(531)-88%$1,848 $2,205 ($357)-16%
Gross margin 4.4% 34.5%N/A
 -87% 26.5% 29.3%N/A
Operating Expenses 3,306 $3,545 $(239)-7%$12,854 $11,428 $611 12%
Loss from Operations$(3,235)($2,943)$(292)-10%($11,006)($9,222)($868)-19%
Net income (loss)$(3,536)($3,210)$(326)-10%($12,064 ($10,061)($1,087)-20%
Adjusted EBITDA *$(1,205)($1,740)$535 31% (8,163)($6,421)$(1,742)-27%

Conference Call

Date: Tuesday, April 16, 2023
Time: 4:30 p.m. Eastern Time
Dial in Number for U.S. Callers: 1-888-886-7786
Dial in Number for International Callers: 1-416-764-8658
Please Reference Conference ID: 71806210

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

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 April 16, 2024 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 71806210. 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 consumer offers and rewards by connecting world-class retail, restaurant, and convenience brand offers to gameplay in popular mobile games. Through its partnerships with leading game publishers, developers, and ad networks, Mobivity connects the massive universe of mobile game consumers to its broad network of brands. Through Connected Rewards, game developers attract more players to their games, brands experience more traffic from players redeeming their brand offers in-store and online, and consumers get valuable, real-world rewards from brands they love by playing mobile games. 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.

Media Contacts:

Jeff Michaels • Mobivity PR • (480) 674-6600

Investor Relations Contact:

Brett Maas • Managing Partner, Hayden IR • (646) 536-7331

-- Tables Follow --

Mobivity Holdings Corp.
Condensed Consolidated Balance Sheets 
  December 31,  December 31, 
  2023  2022 
Current assets        
Cash $416,395  $426,740 
Accounts receivable, net of allowance for doubtful accounts of $34,446 and $56,340, respectively  876,465   1,081,183 
Other current assets  135,916   195,017 
Total current assets  1,428,776   1,702,940 
Right to use lease assets  770,623   981,896 
Intangible assets, net  65,916   194,772 
Other assets  69,036   137,917 
TOTAL ASSETS $2,334,351  $3,017,525 
Current liabilities        
Accounts payable $3,372,141  $3,412,612 
Accrued interest  21,474   443,448 
Accrued and deferred personnel compensation  272,247   569,347 
Deferred revenue and customer deposits  155,472   902,727 
Related party notes payable, net - current maturities  3,072,500   2,711,171 
Notes payable, net - current maturities  7,154   32,617 
Operating lease liability  276,072   251,665 
Other current liabilities  248,434   49,541 
Total current liabilities  7,425,494   8,373,128 
Non-current liabilities        
Related party notes payable, net - long-term  4,413,987   2,481,290 
Notes payable, net - long-term  265,959   31,092 
Operating lease liability  660,852   936,924 
Total non-current liabilities  5,340,798   3,449,306 
Total liabilities  12,766,292   11,822,434 
Commitments and Contingencies (See Note 13)        
Stockholders' equity (deficit)        
Common stock, $0.001 par value; 100,000,000 shares authorized; 61,311,155 and 55,410,695, shares issued and outstanding  67,950   61,311 
Equity payable  989,947   324,799 
Additional paid-in capital  118,624,601   108,806,353 
Accumulated other comprehensive income (loss)  (153,834)  (100,963)
Accumulated deficit  (129,985,276)  (117,896,409)
Total stockholders' equity (deficit)  (10,456,612)  (8,804,909)

Mobivity Holdings Corp.
Consolidated Statements of Operations and Comprehensive Loss
  For the Year Ended 
  December 31, 
  2023  2022 
Revenues $6,977,696  $7,533,912 
Cost of revenues  5,129,627   5,328,483 
Gross profit  1,848,069   2,205,429 
Operating expenses        
Bad Debt  18,060   40,383 
General and administrative  6,406,512   4,306,929 
Sales and marketing  2,735,062   2,616,596 
Engineering, research, and development  3,515,705   3,060,029 
Goodwill Impairment     411,183 
Intangible asset impairment     552,476 
Depreciation and amortization  178,746   440,326 
Total operating expenses  12,854,085   11,427,922 
Loss from operations  (11,006,016)  (9,222,493)
Other income/(expense)        
Interest expense  (1,027,682)  (737,745)
Settlement Losses  (19,250)  (53,500)
Loss on settlement of debt  (10,857)  (49,503)
Foreign currency gain (loss)  (394)  2,119 
Total other income (expense)  (1,058,183)  (838,629)
Loss before income taxes  (12,064,199)  (10,061,122)
Income tax expense      
Net Loss  (12,064,199)  (10,061,122)
Other comprehensive income (loss), net of income tax        
Foreign currency translation adjustments  (52,871)  (48,875)
Comprehensive loss $(12,117,070) $(10,109,997)
Net loss per share:        
Basic and Diluted $(0.18) $(0.17)
Weighted average number of shares:        
Basic and Diluted  65,822,081   59,241,798