Net Element Reports Full-Year 2017 Financial Results and Provides Business Update

Net Element (NASDAQ:NETE) has announced its financial results for the year ended December 31, 2017.

As quoted in the press release:

2017 Full Year Results:

• Total transactions dollars processed globally in 2017 exceeded $2.8 billion, an increase of 14% compared to $2.45 billion in 2016
• Total transactions dollars processed geographically in North America in 2017 were $2.3 billion, an increase of 18% compared to $1.9 billion in 2016
• Total transactions dollars processed in international markets in 2017 were $530 million, no change as compared to $530 million in 2016
• Total transactions processed for 2017 exceeded 154 million compared to 187 million in 2016, a decline of 21% during 2017 due to reorganization and consolidation of the mobile solutions business, as well as an increased average transaction size at the point of sale in the United States during 2017
• Revenues increased to $60.1 million, an increase of 11% compared to $54.3 million in 2016

United States accounted for 85% of our total revenues, while international revenues were 15% in 2017. 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 $51.1 million, an increase of 21% over the prior year
• International Transaction Solutions segment: As a result of the consolidation of Online Solutions and Mobile Solutions segments during 2017, revenues for the International Transaction Solutions segment were $8.9 million, a decrease of 27% over the prior year

“We are very pleased with our 2017 progress and the strong balance sheet position as of December 31, 2017, which we believe positions the company for future growth and opportunities,” commented Oleg Firer, CEO of Net Element.

2017 Significant Achievements:

• Received a $7.55 million institutional investment to support continued organic growth and blockchain-focused developments
• Ensured continued compliance with NASDAQ listing requirements
• Ranked as one of the fastest growing companies in North America on Deloitte’s 2017 Technology Fast 500™
• Supported Florida SMB merchants affected by Hurricane Irma with free mobile point-of-sale credit card readers

Click here to read the full press release.