PHOENIX, March 30, 2021 (GLOBE NEWSWIRE) -- Mobivity Holdings Corp. (OTCQB:MFON), maker of the award-winning Recurrency platform that increases customer engagement through mobile messaging and personalized digital offers, and drives digital transformation for restaurants, retail and personal care brands, today announced financial results for the fourth quarter (“Q4”) and full-year ending December 31, 2020.

Full-Year 2020 Financial Highlights

• Revenues increased 32% to $13.3 million compared to $10.1 million in 2019.
• Gross margin increased to 64% in 2020 compared to 41% in 2019.
• Net loss was $2.9 million, an improvement of $5.9 million compared to a net loss of $8.8 million in 2019.
• Cash used in operations for 2020 was $1.4 million compared to $5.7 million during 2019.
• Stockholder equity improved to $1.7 million in 2020 compared to a deficit of $1.7 million at year end 2019.
• Ended 2020 with $3.2 million in cash.

Fourth Quarter 2020 Financial Highlights

• Revenues increased to $2.8 million compared to $2.7 million in Q4 2019.
• Gross margin increased to 64% compared to 43% in Q4 2019.
• Net loss was $1.2 million, an improvement of $1.3 million compared to a net loss of $2.5 million in Q4 2019.
  

Dennis Becker, Mobivity Chairman and CEO, commented, “Mobivity delivered a record year of 32% revenue growth and significant bottom-line improvement amidst the global pandemic. Covid restrictions hit the restaurant industry particularly hard. Our success amidst these unprecedented challenges demonstrates the value our products that digitize marketing campaigns, and reach and engage consumers one-to-one, bring to our customers. Indeed, our customers have emerged from this pandemic stronger, while others have struggled as traditional marketing became ineffective in the COVID world.”

“In the fourth quarter we added a second major vertical, convenience stores, and launched successfully with a key account,” added Mr. Becker. “This relationship has more than doubled since launching in December, demonstrating that our addressable market for our Recurrency platform has increased by an exciting amount. We completed a $3.3 million financing in December and ended the year with a strong balance sheet that can sustainably and rapidly fund expansion. In 2021 we brought on a world class revenue leader in Al West to drive and expand our sales and marketing operations in response to the rapidly growing market opportunity. The pandemic highlighted inefficiencies in traditional marketing campaigns and made the transition to digital mandatory, no longer optional. We are in the ideal position to capitalize, with proven customer relationships, a validated solution, and a strong balance sheet. The future of Mobivity is bright and I am so grateful to our team for continued growth and innovation despite a historic global crisis.”

Consolidated Financial Summaries

(In thousands)	Three months ended December 31,											Year ended December 31,
	Q4 2020			Q4 2019			$$			%		2020			2019			$$			%
Revenue	$	2,759		$	2,723		$	36		1	%	$	13,256		$	10,057		$	3,199		32	%
Gross profit	$	1,753		$	1,170		$	583		50	%	$	8,507		$	4,119		$	4,389		107	%
Gross margin		64	%		43	%				48	%		64	%		41	%				57	%
Operating Expenses	$	2,216		$	3,634		$	(1,418	)	-39	%	$	10,463		$	12,506		$	(2,043	)	-16	%
Income (loss) from Operations	$	(463	)	$	(2,464	)	$	2,001		81	%	$	(1,956	)	$	(8,387	)	$	6,431		77	%
Net income (loss)	$	(1,217	)	$	(2,510	)	$	1,293		52	%	$	(2,918	)	$	(8,822	)	$	5,904		67	%
Adjusted EBITDA *	$	(733	)	$	(2,113	)	$	1,380		65	%	$	(1,184	)	$	(6,850	)	$	5,666		83	%
* Non-GAAP measures

Conference Call
Mobivity will host a conference call at 4:30 p.m. ET on March 30, 2021.

Date: Tuesday, March 30, 2021
Time: 4:30 P.M. Eastern Time (ET)
Dial in Number for U.S. Callers: 1-855-327-6837
Dial in Number for International Callers: 1-631-891-4304
Please Reference Conference ID: 10013628

The call will also be accompanied live by webcast over the Internet and accessible at http://public.viavid.com/index.php?id=143934. 

A replay will be available for two weeks starting on March 30, 2021 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 10013628. The replay will also be available on the Company’s website under the investor relations section.

Mobivity Holdings Corp.
Consolidated Balance Sheets

	December 31,				December 31,
	2020				2019
	(Audited)				(Audited)
ASSETS
Current assets
Cash	$	3,282,820			$	273,599
Accounts receivable, net of allowance for doubtful accounts of $33,848 and $88,071, respectively		305,693				614,726
Contracts receivable, current		943,904				526,948
Right to use lease assets		47,038				-
Other current assets		272,736				601,749
Total current assets		4,852,191				2,017,022
Goodwill		496,352				496,352
Right to use lease assets		10,444				260,645
Intangible assets, net		1,368,329				1,762,211
Contracts receivable, long term		1,415,856				1,260,371
Other assets		25,230				67,787
TOTAL ASSETS	$	8,168,402			$	5,864,388
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities
Accounts payable	$	1,935,411			$	3,256,888
Accrued interest		47,316				35,292
Accrued and deferred personnel compensation		224,881				244,953
Deferred revenue and customer deposits		606,597				440,309
Related party notes payable		80,000				140,700
Notes payable, net - current maturities		561,676				540,576
Operating lease liability		58,173				258,343
Other current liabilities		566,303				308,465
Total current liabilities		4,080,357				5,225,526
Non-current liabilities
Related party notes payable, net - long term		-				1,000,000
Notes payable, net - long term		1,499,001				567,529
Operating lease liability		13,296				45,460
Other long term liabilities		831,535				740,218
Total non-current liabilities		2,343,832				2,353,207
Total liabilities		6,424,189				7,578,733
Commitments and Contingencies
Stockholders' deficit
Common stock, $0.001 par value; 100,000,000 shares authorized; 55,410,695 and 51,380,969, shares issued and outstanding		55,411				51,381
Equity payable		100,862				100,862
Additional paid-in capital		101,186,889				94,781,738
Accumulated other comprehensive income		(23,446	)			8,780
Accumulated deficit		(99,575,503	)			(96,657,106	)
Total stockholders' equity		1,744,213				(1,714,345	)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	8,168,402			$	5,864,388

Mobivity Holdings Corp.
Consolidated Statements of Operations

	Three Months Ended								Year Ended
	December 31,
	2020				2019				2020				2019
Revenues
Revenues	$	2,759,060			$	2,723,478			$	13,255,887			$	10,056,922
Cost of revenues		1,005,835				1,553,155				4,748,444				5,938,298
Gross profit		1,753,225				1,170,323				8,507,443				4,118,624
Operating expenses
General and administrative		778,963				1,301,767				3,917,935				5,588,329
Sales and marketing		576,821				429,982				2,325,709				2,707,356
Engineering, research, and development		715,261				1,890,376				3,535,742				3,609,968
Intangible asset impairment		5,405				-				8,886				-
Depreciation and amortization		139,960				11,983				674,942				600,066
Total operating expenses		2,216,410				3,634,108				10,463,214				12,505,719
Income (loss) from operations		(463,185	)			(2,463,785	)			(1,955,771	)			(8,387,095	)
Other income/(expense)
Interest income		(1	)			1,507				1,221				28,160
Interest expense		(78,998	)			(47,377	)			(286,896	)			(236,706	)
Loss on disposal of fixed assets		(4,873	)			-				(8,808	)			-
Loss on settlement of debt		(668,260	)			-				(668,260	)			(232,462	)
Foreign currency (loss) gain		(1,233	)			(340	)			117				6,129
Total other income/(expense)		(753,365	)			(46,210	)			(962,626	)			(434,879	)
Income (loss) before income taxes		(1,216,550	)			(2,509,995	)			(2,918,397	)			(8,821,974	)
Income tax expense		-				-				-				-
Net Income (loss)		(1,216,550	)			(2,509,995	)			(2,918,397	)			(8,821,974	)
Other comprehensive income (loss), net of income tax
Foreign currency translation adjustments		(23,154	)			(8,918	)			(32,226	)			4,021
Comprehensive income (loss)	$	(1,239,704	)		$	(2,518,913	)		$	(2,950,623	)		$	(8,817,953	)
Net income (loss) per share:
Basic	$	(0.02	)		$	(0.05	)		$	(0.06	)		$	(0.18	)
Diluted	$	(0.02	)		$	(0.05	)		$	(0.06	)		$	(0.18	)
Weighted average number of shares:
Basic		51,575,454				47,720,507				51,575,454				47,720,507
Diluted		51,575,454				47,720,507			#	51,575,454				47,720,507

	Three Months Ended								Year Ended
	December 31,
	2020				2019				2020				2019
Reconciliation of net (loss) to adjusted EBITDA
Net (loss)		(1,216,550	)			(2,509,995	)		$	(2,918,397	)		$	(8,821,974	)
Stock based compensation		264,725				338,967				773,938				1,163,270
Depreciation and amortization		139,960				11,983				674,942				600,066
Interest expense, net		78,999				45,870				285,675				208,546
Adjusted EBITDA	$	(732,866	)		$	(2,113,175	)		$	(1,183,842	)		$	(6,850,092	)

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
Brick and mortar stores struggle to manage customer connections in a digital world. Mobivity provides a platform to connect national restaurants, retailers, personal care brands, and their partners with customers to increase retention, visits, and spend. Mobivity’s Recurrency platform increases customer engagement and frequency by capturing detailed POS transaction data, analyzing customer habits, and motivating customers and employees through data-driven messaging applications and rewards. For more information about Mobivity, visit mobivity.com or call (877) 282-7660.

Forward Looking Statement
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 in Mobivity Holdings Corp.'s annual report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 30, 2021 and subsequently filed quarterly reports on Form 10-Q. Mobivity Holdings Corp. cautions readers not to place undue reliance on any forward-looking statements. 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.

Investor Relations Contact:
Lisa Brennan • Chief Financial Officer, Mobivity
(877) 282-7660

Brett Maas • Managing Partner, Hayden IR
brett@haydenir.com • (646) 536-7331