Mobivity Announces Third Quarter 2023 Financial Results

PHOENIX, Nov. 14, 2023 (GLOBE NEWSWIRE) — Mobivity Holdings Corp. (OTCQB:MFON), global provider of personalized reward solutions that drive customer acquisition, frequency, and spend, today announced financial results for the third quarter ended September 30, 2023.

Third Quarter 2023 Financial Highlights

  • Revenues of $1.6 million compared to $1.9 million in Q3 2022.
  • Gross profit margin improved to 29% compared to 4% in Q3 2022.
  • Cash and cash equivalents totaled $0.5 million compared to $0.4 million at December 31, 2022.
  • Adjusted EBITDA, excluding certain non-cash expenses, was ($2.1) million compared to ($2.3) million in Q3 2022.

Third Quarter 2023 Business Highlights

  • Expanded the product offerings and addressable market of our Connected Rewards business by multiples.
  • Launched new programs that show predictable and repeatable growth with premier brand partners.
  • Optimized the structure of the business to fit the future of Mobivity.
Mobivity Holdings Corp.
Consolidated Financial Summaries
Three months ended September 30,Nine months ended September 30,
(In Thousands)20232022$$%20232022$$%
Gross profit47284387461%1,7774,184(2,407)(58%)
Gross profit margin29%4%N/A33%28%N/A
Operating expenses4,0002,7391,56757%9,5497,8191,73022%
Loss from operations(3,528)(2,655)(1,180)44%(7,772)(6,216)(1,556)25%
Net loss(3,778)(2,849)(1,189)42%(8,529)(6,734)(1,795)27%
Adjusted EBITDA *(2,082)(2,344)263(11%)(5,209)(4,867)(343)7%

Conference Call
Mobivity will host a conference call at 4:15 p.m. ET on November 14, 2023.

Date: Tuesday, November 14, 2023
Time:4:15 p.m. Eastern Time (ET)
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:18371223

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 November 14, 2023 at approximately 7:15 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 18371223. 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
Mobivity’s cloud-based Connected Rewards™ technology delivers billions of offers and promotions through its Recurrency platform, 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.

Investor Relations Contact

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

Mobivity Holdings Corp.
Condensed Consolidated Balance Sheets
September 30,
December 31,
Current assets
Accounts receivable, net of allowance for doubtful accounts $24,381 and $34,446, respectively373,9801,081,183
Other current assets241,424195,017
Total current assets1,073,3381,702,940
Right to use lease assets825,041981,896
Intangible assets and software development costs, net78,244194,772
Other assets118,215137,917
TOTAL ASSETS$2,094,838$3,017,525
Current liabilities
Accounts payable$3,492,562$3,412,612
Accrued interest653,431443,448
Accrued and deferred personnel compensation111,610569,347
Deferred revenue and customer deposits218,552902,727
Related party notes payable, net – current maturities2,191,8752,711,171
Notes payable, net – current maturities14,36332,617
Operating lease liability, current269,815251,665
Other current liabilities15,50549,541
Total current liabilities6,967,7138,373,128
Non-current liabilities
Related party notes payable, net – long term3,461,4722,481,290
Notes payable, net – long term29,43231,092
Operating lease liability731,764936,924
Total non-current liabilities4,222,6683,449,306
Total liabilities11,190,38111,822,434
Stockholders’ deficit
Common stock, $0.001 par value; 100,000,000 shares authorized; 67,949,709 and 61,311,155, shares issued and outstanding67,95061,311
Equity payable100,862324,799
Additional paid-in capital117,138,356108,806,353
Accumulated other comprehensive loss22,227(100,963)
Accumulated deficit(126,424,938)(117,896,409)
Total stockholders’ deficit(9,095,543)(8,804,909)
Mobivity Holdings Corp.
Condensed Consolidated Statements of Operations and Comprehensive Loss
Three Months Ended
September 30,
Nine Months Ended
September 30,
Cost of revenues1,160,8801,806,022$3,598,6614,183,719
Gross profit472,19184,4151,777,0631,603,449
Operating expenses
General and administrative2,292,623983,4284,907,8823,088,588
Sales and marketing708,398614,6002,002,5291,778,371
Engineering, research, and development968,546784,8042,507,2642,360,863
Impairment of intangible asset238,143238,143
Depreciation and amortization30,418118,317130,902353,050
Total operating expenses3,999,9852,739,2929,548,5777,819,015
Loss from operations(3,527,794)(2,654,877)(7,771,514)(6,215,566)
Other income/(expense)
Loss of settlement of debt(10,857)
Interest expense(237,376)(193,501)(720,265)(520,454)
Settlement Losses(13,000)(25,500)
Foreign currency gain(102)(339)(393)2,470
Total other income/(expense)(250,478)(193,840)(757,015)(517,984)
Loss before income taxes(3,778,272)(2,848,717)(8,528,529)(6,733,550)
Income tax expense
Net loss(3,778,272)(2,848,717)(8,528,529)(6,733,550)
Other comprehensive loss, net of income tax
Foreign currency translation adjustments91,825(76,228)123,190(76,862)
Comprehensive loss$(3,686,447)$(2,924,945)$(8,405,339)$(6,810,412)
Net loss per share:
Basic and Diluted(0.06)(0.05)(0.13)(0.12)
Weighted average number of shares:
Basic and Diluted66,785,95260,297,08364,878,02158,544,432
Mobivity Holdings Corp.
Reconciliation of GAAP Measure to Non-GAAP Measure
Three months ended September 30,Nine months ended September 30,
(In Thousands)2023202220232022
Net loss(3,778)(2,849)(8,529)(6,734)
Stock-based compensation1,4291932,468994
Depreciation & amortization30118131353
Interest expense237194720520
Adjusted EBITDA(2,082)(2,344)(5,209)(4,867)

Mobivity Holdings Corp

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