Mobilum Technologies Announces Second Quarter Financial Results and Provides Corporate Update – Yahoo Finance
VANCOUVER, BC, Oct. 31, 2022 /CNW/ – Mobilum Technologies Inc. (the “Company“) (CSE: MBLM) (OTC: MBLMF) (FRA: C0B), a technology-driven company making digital assets and cryptocurrencies accessible through traditional finance and payment infrastructure, and the first solution provider of Fiat-to-Dex Tokens rails, has filed its financial results for the second quarter ending August 31, 2022. For further information on the results, please see Mobilum Technologies Financial Statements and Management Discussion and Analysis as posted on SEDAR on October 31, 2022.
Second Quarter 2022 Highlights Include:
Ended the second quarter as of August 31, 2022 with a cash balance of $2.02 million.
Q2 revenues for the 3-months ending August 31, 2022 reached $787,735, increasing to 5.43 times over Q1 revenues.
Net operating loss for the three-month period was $177,413, presenting a 93% reduction in operating loss versus the previous quarter.
Corporate Update:
Mobilum is a diversified payment services company whose mandate is to introduce innovative solutions to the crytpo industry including traditional finance companies entering this market. In May of 2022, Mobilum announced a new project with Binance and in July Mobilum, with a banking partner, launched its Virtual International Bank Account Number (vIBAN) solution.
Mobilum continues to add to its offerings. The Mobilum team projects launching a new non-custodial wallet combined with prepaid payment features this upcoming quarter. This program was sponsored in part by a global credit card provider.
In addition to new product developments, Mobilum continues to build traction on its core products such as its onramp services. The Onramp business is a competitive market and is very much subject to the ebbs and flows of the general crypto market. Mobilum continues to attract new onramping clients and is positioned to gain as transactional volumes increase.
Market Update:
The current price of Bitcoin remains in the low $20K pricing and testing its lowest point in 2022 as of September 21 of $18,547.40. Though Mobilum itself is not directly impacted by crypto pricing, it does reflect the general health of the market and the general opinion that transaction volumes increase when prices increase. It is believed that the crypto market is mirroring global economic conditions where in a response to increasing global inflation concerns, central banks around the world are increasing interest rates. As a result, there are increasing concerns of global economic contraction sparking recession concerns in key markets such as Europe. If so, this may further impact crypto markets. Mobilum as an innovative payment services provider, continues to build its product offering and to forge relationships with leaders in the payments industry, as such management feels it is equipped to respond and even thrive during such conditions.
“There is much more to accomplish, but it is a step in the right direction. We are happy with what the team has been able to achieve in relatively short time since the new board and new management coming on. Revenues are heading in the right direction. Given the softening of crypto industry over this same time period, our successes support our model of working with global leaders to create innovative payments solutions.”, said Mobilum Technologies CEO Steven LaBella.
About Mobilum Technologies Inc.
Mobilum Technologies Inc. (CSE:MBLM) (OTC:MBLMF) (FRA:C0B) is a technology-driven Digital Service Provider (DSP) with a mission to make digital assets and cryptocurrencies accessible through traditional finance and payment infrastructure and digital asset management technologies, providing solutions for Exchanges, Wallets and Cryptocurrency Businesses, NFTs marketplaces, Protocols, Decentralized Applications and Decentralized Autonomous Organizations, Metaverse and Play-to-Earn games, and Traditional Finance Institutions (Banks, Hedge Funds, Insurance and Fintech companies) opening its doors to digital assets space. Our goal is to allow consumers around the world to convert fiat-to-crypto and crypto-to-fiat with Mobilum’s on-ramp and off-ramp solutions. Mobilum has offices in Canada, Estonia, Lithuania, Poland, and the United States. For further information go to www.mobilum.com.
Related Links
https://mobilum.com
For further information: please contact Mobilum Investor Relations via email at ir@mobilum.com
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
Contact Information:
Investor Relations
John Henderson, COO & Interim CFO
Phone: +1 (250) 809-5909
Email: IR@mobilum.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/mobilum-technologies-announces-second-quarter-financial-results-and-provides-corporate-update-301663935.html
SOURCE Mobilum Technologies Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2022/31/c4481.html
Related Quotes
Alabama freshman Noah Clowney is eager to win with the Tide this season. On Thursday, he spoke with the media about his expectations for the season.
Alvin Kamara takes the top spot in our Saints player power rankings after Week 8, Alontae Taylor makes the top-10:
Sione Takitaki gives the Browns another possession as he forces a fumble on a strip sack of Bengals' quarterback Joe Burrow
He missed Sunday's 34-26 loss with a back injury. Kliff Kingsbury wouldn't commit to his being available against the Seahawks.
The first 24:56 of Monday Night Football offered plenty of action but no points. Finally, Nick Chubb put some points on the board. Chubb scored on a wildcat play from the 3-yard line, taking the direct snap and running right up the gut. The Bengals had 12 players on the field on the extra point [more]
The Cardinals anticipate Hudson missing a fifth consecutive game with a knee injury.
The Browns have taken the lead over the Bengals in the second quarter as Nick Chubb runs it in for six.
Wednesday could be the turning point.
Continued fallout from last week's earnings report and a hotter-than-expected job openings number are likely playing a role.
Millennials have given up on stocks. Act accordingly.
Devon Energy (DVN) delivered earnings and revenue surprises of 2.35% and 10.58%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?
Yahoo Finance's Jared Blikre breaks down Airbnb's third-quarter earnings results.
The beginning of a new month wasn't enough to inspire lasting gains for the stock market. After the market jumped briefly at the open, investors pulled back throughout the day, giving back gains from a substantial recovery in October, sending the Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) modestly lower on the day.
Individual investors rushed to purchase series I Treasury inflation-linked savings bonds last week, before a Friday deadline to get a 9.6% interest rate for the first six months. Investors were so eager to get the juicy rate that the TreasuryDirect website struggled under the traffic last week. Yet the new rate structure for I Bonds actually is more attractive, even though the rate of 6.89% for the first six months, announced earlier Tuesday by the Treasury, is lower, Barron’s estimates.
The emblematic brand of 4×4 has just filed for bankruptcy in one of the most important automobile markets.
Cassava Sciences (SAVA) is expected to provide an update on its pipeline candidates during its third-quarter earnings.
Shares of stocks tied to consumer spending are moving higher on Tuesday on some positive economic news out of the U.S. and China. Shares of Carnival Corporation (NYSE: CCL) were up as much as 4.9% in morning trading. MGM Resorts (NYSE: MGM) was up 3%, and Peloton Interactive (NASDAQ: PTON) jumped 7.4%.
The key for markets will be what signals Fed Chairman Jerome Powell sends about the prospects for future rate increases.
With the Federal Reserve holding its November FOMC meeting now, there’s plenty of speculation on the central bank’s next move. The conventional wisdom says the Fed will hike rates again, by another 75 basis points – the fourth such hike in a row this year. But after that, no one knows. Inflation remains above 8%, so the Fed’s tighter monetary policies have clearly not reined in high prices – yet. According to Fundstrat, however, the Fed has moved far enough in that direction, and we’ll start to
The company completed a spinoff of its brokerage business, but some data reporting services are slow to adjust.