Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc, a provider of real-time data analytics through artificial intelligence, has posted fiscal second-quarter results that saw its revenue jump nearly 59% sequentially driven by a solid business development pipeline.
For the period ended December 31, 2021, the Vancouver, British Columbia-based data intelligence company reported revenue of $922,823, compared to $580,317 in the fiscal 1Q of 2021.
The company’s total assets increased to $15.16 million at the end of December 2021, compared to $11.68 million in the fiscal 1Q ended September 30, 2021, helped by two successful M&A acquisitions related to advertising platform Qples Inc and PassWallet, which works with other top wallet pass companies and supports over 150 countries where Google Pay is not supported like Mexico, Israel and the Philippines.
The advanced technology company said that accounts receivable rose from $844,000 to $1.86 million, which is expected to be collected before the end of the calendar year.
Fobi reported a comprehensive net loss for the fiscal 2Q of $5.06 million, which included $2.87 million of non-cash items.
Fobi logged a strong cash position of $4.81 million as it continued to raise significant amounts from warrants exercised in the period for $1.1 million and stock options exercised for $1.06 million.
In a statement, accompanying the numbers, Fobi founder CEO Rob Anson said: “I am very pleased with the overall growth and solidified strength of the company. We have now reported our third consecutive quarter with continued growth and as we are currently benefiting from a solid business development pipeline.”
He added: “We expect to see a boost in accelerated momentum carrying forward well through the remainder of 2022.”
The data intelligence company’s unique Internet of Things (IoT) device—Fobi —provides real-time insights, analytics, and visibility into buying trends. It provides data applications in real-time that enable retailers to improve operational efficiencies with automated supply chain and inventory management tools.
Meanwhile, Passcreator by Fobi helps businesses engage customers, right in the mobile wallet that’s pre-installed on every Apple and Android device. Passcreator helps businesses to create, customize and validate mobile wallet passes for everything from digital coupons, reward cards, event tickets to ID badges.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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