Mobivity Announces Fourth Quarter and Full Year 2023

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 31 12 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   -10 %
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
[email protected] • (480) 674-6600

Investor Relations Contact:

Brett Maas • Managing Partner, Hayden IR
[email protected] • (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  

Mobivity Holdings Corp

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