Net Element Reports First Quarter 2018 Financial Results and Provides Business Update

Net Element (NASDAQ:NETE) has announced its financial results for Q1 ended March 31, 2018 in addition to strategic and operational initiatives.

As quoted in the press release:

Net revenues for the first quarter ended March 31, 2018 increased to $16 million, an increase of 18% compared to $14 million in the first quarter ended March 31, 2017. The increase is primary due to organic growth in the North American Transaction segment, which experienced 27% growth over the prior year.

• Total transactions dollars processed globally during the first quarter of 2018 were $839 million, an increase of 51% compared to $557 million in the first quarter of 2017
  • Total transactions dollars processed geographically in North America in Q1 2018 were $642 million, an increase of 37% compared to $470 million in Q1 2017
  • Total transactions dollars processed in international markets in Q1 2018 were $197 million, an increase of 140% as compared to $82 million in Q1 2017
• Total number of transactions processed during the first quarter of 2018 was approximately 30 million, an increase of 11% as compared to 27 million transactions processed during the first quarter of 2017.

United States accounted for 87% of our total revenues, while international revenues were 13% in the first quarter of 2018. Growth across all categories was organic:

• North American Transaction Solutions segment: Continued organic growth of small- and medium-sized business (“SMB”) merchants with emphasis on value-added offerings. Revenues for this segment were $14 million, an increase of 27% over the same period of the prior year
• International Transaction Solutions segment: As a result of the consolidation of Online and Mobile Solutions segments during 2017, revenues for the International Solutions segment were $2 million, a decrease of 22% over the same period of the prior year

“We are pleased to have made a strong start to the year, becoming more competitive for our sales partners and merchants while continuing to deliver growth,” commented Oleg Firer, CEO of Net Element. “We expect to continue to improve growth across all segments during the year.”

Click here to read the full press release.