Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc. posted fiscal first-quarter results that saw its revenue jump 293% sequentially driven by the launch of many new products, partnerships, and an increasingly expanded and diverse customer base.
For the period ended September 30, 2021, the Vancouver, British Columbia-based data intelligence company using artificial intelligence to help clients turn real-time data into actionable insights, reported revenue of $580,317, compared to $147,533 in the fiscal 4Q of 2020.
Fobi said its cash pile continued to grow from “the year-end $7.5 million to $8.27 million”, thanks to 5,275,000 warrants, which were exercised for $1.8 million. In addition, the company said 2,228,250 stock options were exercised for $1.99 million.
EAD: Loop Insights inks $2M deal to acquire German digital wallet operator Passcreator
“Loans receivable from the Passcreator transaction in the amount of $481,534 have been collected, adding to the company’s treasury,” added Fobi.
Passcreator’s mobile wallet pass is built on Android and iOS Wallet pass technology, and through the acquisition, Loop said earlier that it will vertically integrate its wallet pass capabilities and gain access to Passcreator’s clients, which include BMW and Mercedes Benz.
In another positive, Fobi noted that accounts receivable is up to $1.2 million during the quarter, compared to $844,000 due to the recognition of $288,000 of revenue, which is expected to be collected before the calendar year.
The company reported a net loss for the quarter of $4,468,214, which included a $2,619,361 charge for stock-based compensation, which is a non-cash item.
Meanwhile, during the fiscal 1Q Fobi’s assets increased to $12.32 million, compared to $11.69 million in the fiscal 4Q of 2020.
In a statement, accompanying the numbers, Fobi CEO Rob Anson said: “With the launch of many new products and partnerships this year, we have successfully achieved more operational milestones than any previous quarter and see a strong continuation of this momentum into 2022.”
“The exponential growth we are starting to see in the past two quarters is a testament to the entire team’s dedication and focus on executing our business plan and validation from our customers. We remain focused on becoming a global leader in artificial intelligence applications and digital wallet passes.”
The advanced technology company’s unique Internet of Things (IoT) device — Fobi — provides real-time insights, analytics, and visibility into buying trends. It provides real-time data applications that enable retailers to improve on operational efficiencies with automated supply chain and inventory management tools. Loop offers digital adverting, marketing, research, and other related activities for retailers.
The company’s location-based marketing intelligence platform provides brands, agencies, and retailers with real-time actionable insights to optimize customer experiences.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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