Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc., a provider of real-time data analytics through artificial intelligence, told investors it anticipates a strong finish to the year after it grew revenue-generating contracts, entered key partnerships and released more products.
The increased number of revenue announcements over the past quarter, increased volumes, and execution on strategic acquisitions have resulted in inquiries from new retail investors and especially from larger institutions, the Vancouver-based technology company said in a quarterly corporate update.
Over the past quarter, Fobi said the momentum in revenue deals has increased with entry into new verticals through partnerships with Azincourt, Kiaro and Empower.
READ: FOBI AI completes acquisition of online coupon platform Qples
“The company has also been focused the past quarter on establishing a direct sales team, which will further increase sales leads and conversions, and as a result, Fobi anticipates a strong finish to the year with continued revenue-generating contracts, additional key partnerships, continued R&D and further key product releases,” Fobi said.
Key acquisitions over the past quarter include online coupon platform Qples and PassWallet, a leading app for managing and utilizing wallet passes on Android phones.
The company said Qples will become a significant piece in one of its new business models and future revenue streams, connecting retailers and consumer packaged goods (CPG) brands through tying transactions to shoppers. As a result, retailers will now have the ability to deliver personalized coupons and promotions, rewards and messaging directly across all channels, in-store, online and through mobile commerce.
PassWallet enables Fobi to achieve a faster time to market by leveraging the established, active installed base of over six million lifetime downloads, and over one million active users who open the app at least once a month, the company said.
“The PassWallet acquisition is also beneficial as the world is moving towards a mobile-first commerce and business applications approach and this strategic move marks the entry for Fobi into the Fintech vertical as well as continuing the growth and support of Fobi’s presence as a mobile digital Wallet pass leader,” it noted.
Also during the quarter, Fobi said it secured key chip components to deliver the latest version of its Internet of Things (IoT) hardware, Fobi 3.0, which will deliver new and increased functionality and value for retailers. Its success in securing critical inventory now puts it in a strong position to support near-term deals and ensure support of continued and anticipated global growth and scale in 2022, it added.
Following the conversion of warrants and options totaling an additional C$2,167,188, the company said it is operating from a position of strength as a result of its strongest balance sheet to date.
“With the senior management team in place, Fobi has begun to benefit from the increased ability to execute on all fronts,” CEO Rob Anson said in a statement.
“Our collaborative focus and work ethic is the reason why we have been able to accomplish several milestones this quarter. I believe we have built the right nucleus and foundation to execute our strategy and roadmap for 2022 and well beyond.”
Contact the author at stephen.gunnion@proactiveinvestors.com