MOBI724 Global Solutions Reports Q3 2018 Results

Fintech Investing

Mobi724 Global Solutions (TSXV:MOS) announced its financial and operational results for the third quarter ended September 30, 2018 with the company highlighting its net loss decreasing 23 percent to C$1.4 million. As quoted in the press release: Following are the highlights for Q3 2018 vs. Q3 2017. Total revenues decreased by 2% to $618K for …

As quoted in the press release:

Following are the highlights for Q3 2018 vs. Q3 2017.
Total revenues decreased by 2% to $618K for 2018 resulting mainly from a massive devaluation in the Argentinian Peso ($59k for Q3)and the accelerated depletion of our legacy business ($116k) accounting for a decrease of 40% to $72K from revenues from CLO&R
Revenues from Payment increased 99% to $96K
Revenues from Digital Marketing and Business Intelligence decreased 3% to $450K
Operating expenses remained stable at $2.1M
Net loss decreased 23% to $1.4M from to $1.9M a decrease of $0.5M
Operational Highlights:
On September 26, 2018, we signed a commercial agreement with Mercado Libre SLR in Argentina and on November 1, 2018, we also signed a commercial agreement with Groupo Promerica, Banco Promerica in Central America.
We completed the integration and testing with Prisma Medios de Pago – one of the largest acquiring networks in the Latin America.
Our activities in the DMBI segment continue to show improved and promising metrics.
We continue to experience growth in the Payments segment due to an increase in sales in the Philippines and an increase in revenues derived from onboarding additional merchants in the Caribbean.
Revenue in our Payment segment continue to increase with a 99% increase when compared to Q3 2017 and a 33% increase when compared to Q2-2018 mainly due to the onboarding of new merchants in the Caribbean and the new revenues from the Asia Pacific.
Marcel Vienneau, MOBI724’s CEO, said: “In the 3rd quarter of 2018, our CLO&R segment was negatively impacted by a massive devaluation in the Argentinian Peso otherwise this quarter would have shown material upside progress. To mitigate FX exchange risks, our present and future contracts are denominated in US currency. We have diversified and expanded our operations. We achieved material progress towards the goal of launching our platform in six (6) countries in the first half of 2019. This quarter our pipeline is accelerating internationally and as such, we are very confident that we will generate material growth in revenues across all of our business lines in 2019”.