Mon, Aug 19, 8:48 PM (148 days ago)
Mobivity Holdings Corp. reported a net loss of $2,516,120 for Q2 2024, a decline from $2,272,082 in Q2 2023, reflecting ongoing challenges in revenue generation. Total revenues decreased to $1,473,040 from $1,861,171 year-over-year, primarily due to reduced subscription income. Cost of revenues also fell by 29%, indicating operational adjustments. However, operating expenses increased by 1% to $2,507,605, driven by heightened sales and marketing efforts, particularly in travel and tradeshow costs. The company’s cash position worsened, with cash at $282,828, down from $416,395, and a working capital deficit of $5,429,820. Cash used in operating activities rose to $4,378,336, highlighting liquidity concerns. Mobivity raised $4.05 million through related-party convertible notes during the period, yet substantial doubt remains regarding its ability to sustain operations without additional financing. Mobivity's accumulated deficit reached $134.7 million, and the management anticipates further losses as it seeks to enhance its technology platform and customer engagement strategies. The company remains focused on securing additional capital to address its financial position and support future operations.