Artificial Intelligence

mPhase Reports First Profitable Fiscal Year in Company History

Published

3 years ago

October 13, 2021

Gaithersburg, MD, Oct. 13, 2021 (GLOBE NEWSWIRE) — mPhase Technologies, Inc. (OTC Pink: XDSL) (“mPhase” or the “Company”), a technology company developing the mPower 5G-enhanced electric vehicle (EV) charging network and consumer engagement platform, today reported financial results for both its fiscal 2021 fourth quarter and full year ended June 30, 2021. The fiscal 2021 filing represents a major milestone as the first profitable annual results in the Company’s 25 years as a public company.

Fiscal Fourth Quarter 2021 Financial Highlights:

Revenue increased slightly to $7.8 million compared to $7.6 million in the prior year quarter
Gross profit margin increased 190 basis points to 27.8%, compared to 25.9% in the same year-ago quarter
Operating loss of ($0.5 million) was directly affected by a significant increase in software development, which jumped 205% to $1.8 million compared to $0.6 million in the prior quarter
Net loss of ($0.4 million), compared to net income of $0.75 million in the year-ago quarter
The Company’s cash position doubled quarter-over-quarter to $2.5 million

Fiscal 2021 Full Year Financial Highlights:

Net income set an all-time record of $1.7 million, compared to a loss of $14.1 million in Fiscal 2020
Annual EPS was $0.02 compared to negative ($1.08) in the prior year
During April 2021, mPhase recapitalized with $4.6 million in new financing, and negotiated a one-time payment of $235,000 to eliminate its largest legacy debt ($784,000), which resulted in a $549,000 gain upon its settlement
The Company’s working capital strengthened significantly to $9.8 million
Stockholders’ equity established a new record of $11.7 million, a 112% increase over the $5.5 million at year end 2020
Due to continued improvement in the Company’s financial condition and its plans for future profitability and capital, there is no longer substantial doubt as to the Company’s ability to continue as a going concern, as reflected in the recently filed Form 10-K.

Management Commentary

“We had substantial financing and housekeeping activity in the fourth quarter as part of our effort to position mPhase for our coming growth phase, so our results included a higher-than-average number of one-time charges and adjustments,” explained CEO Anshu Bhatnagar. “The end result is that we are now well positioned to take our company to the next stage, with a strong, clean balance sheet and improved receivables. While all of our revenue currently comes from our core learning track technology platform and services business, our future growth is centered on the implementation of our EV-focused mPower ecosystem.”

“We recognize that investors are anxiously waiting to see first-hand what that ecosystem will look like. I was pleased this week to provide several examples of the kind of scale that we have ahead of us, via announcements that will give us more than 2,600 sites under our mPower brand. Additionally, we are in active partnership discussions with companies across the EV spectrum, including firms in EV transportation, real estate, traditional gas stations, restaurant and retail, higher education, grocery stores, utility and other consumer services. We intend to move toward more rapid coverage in several geographies where we have the highest concentrations of multi-site customers, where several states look to be excellent candidates for significant penetration during our initial rollout.”

“Our mPower ecosystem is resonating with companies looking to increase their green footprint and ESG (Environmental, Social and Corporate Governance) activities, while also increasing sales to their locations. This is a very flexible package, enabling chain operators to implement EV charging and ultra-high speed 5G in locations that are site appropriate, while layering our consumer engagement platform across their entire chain. Our revenue streams will vary by location under a variety of plans and configurations, but mPhase will generate monthly recurring revenue from each site. We are currently staffing up in anticipation of our first installations and expect to announce additional contracts through the end of the year.”

Conference Call Information

mPhase management will host a conference call and live webcast on October 14, 2021 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss the company’s financial results.

To access the live call, dial 877-451-6152 (local) or 201-389-0879 (international).

A live webcast of the conference call can be accessed by clicking on the following link: mPhase FY2021 Earnings Call Webcast. Webcast Audio will stream through your selected device. A full replay of the presentation will be available at the same link shortly after the conclusion of the live presentation.

The live and archived webcast of the conference call will also be accessible on the Investor Relations section of the company’s website at ir.mphasetech.com. The phone replay will be available approximately two hours following the end of the call, and will remain available for one week. To access the call replay dial-in information, please use the following link: 844-512-2921, passcode: 13724281.

About mPhase Technologies

mPhase is an emerging EV-centric technology company focused on consumer engagement using data analytics and artificial intelligence to create a monetizable link between consumers and retailers at opportunistic times and places. The Company is currently building a connected ecosystem of EV charging, 5G internet connectivity and software solutions that optimize consumer engagement within the framework of a SaaS/TaaS model. Branded under the mPower name, this ecosystem will empower the way people shop, dine, fuel and interact with the world to create a richer life experience. The mPower ecosystem is tailored to each individual’s tastes and needs, with particular emphasis on empowering tomorrow’s green consumer. mPhase also has data driven business units generating recurring revenue outside of its consumer ecosystem, in addition to legacy nanobattery technology and a related patent portfolio that are slated for future development. Additional information can be found at the mPhase website, www.mphasetech.com; and at www.mpower.co. Please follow us on twitter: @mPhase_Tech for the latest updates.

Safe Harbor Statement

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Investor Contact:
[email protected]

Investor Contact
Brian M. Prenoveau, CFA
MZ Group – MZ North America
561-489-5315
[email protected]
www.mzgroup.us

Related Topics:AI Artificial Intelligence Machine learning

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Artificial Intelligence

Digital China’s Guo Wei Shares ‘China’s Sample’ of Global Digital Innovation with London Business School

Published

2 hours ago

May 22, 2024

CISION (PR Newswire)

digital-china’s-guo-wei-shares-‘china’s-sample’-of-global-digital-innovation-with-london-business-school

LONDON, May 22, 2024 /PRNewswire/ — On May 21st, at the invitation of London Business School (LBS), Guo Wei, Chairman of Digital China, participated in the esteemed “Managing the Digital Organization” lecture, engaging with a cohort of prospective business leaders. Focusing on the trending topics of ‘Artificial Intelligence’ and ‘Digital Transformation’, he imparted the digital philosophy and practices of Chinese enterprises amidst the digital civilization era.

Digital China, a prominent player in China’s digital economy, has harnessed over two decades of deep involvement in the nation’s information industry to embrace the power of digitization. This has culminated in what Guo Wei refers to as ‘China’s Vibrant Blueprint for Digital Transformation’, carving a distinctive path of digital metamorphosis. Notably, Digital China’s transformation narrative has been incorporated into LBS’s esteemed case library, underscoring its significance as a teaching instrument.
In his lecture, Guo Wei emphasized that the digital economy now constitutes the backbone of supply, with digital technology emerging as the paramount catalyst for economic expansion. The hastening pace of global digitization propels us into an epoch of digital civilization. For multinational corporations, digital strategies have escalated to the status of corporate strategy, and the amassing of data assets constitutes the pivotal lever for business innovation. Amidst this evolution, AI-fueled digital-cloud integration signifies a disruptive technological innovation, poised to invigorate the global landscape. Digital China feels honored to reprise its role in elite international business school case repositories, thereby contributing insights to academia. This recognition signifies that Chinese enterprises’ digital and AI acumen resonates globally, exemplifying world-class practices.
Professor Julian Birkinshaw, Vice Dean and Professor of Strategy and Entrepreneurship at LBS, remarked, “As a global institution, we constantly seek out exemplary cases worldwide. Digital China was chosen not solely due to its prominence in China but also its sophisticated implementation of digital technologies, demonstrating adaptability and offering invaluable insights to our students about the contemporary business milieu. The story of Digital China encapsulates Mr. Guo Wei’s philosophy – digitization transcends being a mere process; it embodies the existential rationale for companies. This philosophy underpins our decision to feature Digital China in our case studies.”
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Artificial Intelligence

Saviynt Appoints James Ross as RVP-ANZ to Strategically Accelerate Growth in the Australia and New Zealand Region

Published

8 hours ago

May 21, 2024

CISION (PR Newswire)

saviynt-appoints-james-ross-as-rvp-anz-to-strategically-accelerate-growth-in-the-australia-and-new-zealand-region

LOS ANGELES, May 22, 2024 /PRNewswire/ — Saviynt, a leading provider of cloud-native identity and governance platform solutions, today announced the appointment of James Ross as RVP-ANZ as the company has seen rapid growth in the Australia and New Zealand (ANZ) region, with double digit growth year over year.

Saviynt has solidified its position as a key player in the cloud identity security landscape with its Identity Cloud. The company’s continued focus on innovation and client satisfaction has contributed significantly to building a safer Australia with prominent customers across the energy and utilities, finance, retail, energy, and transport and logistics sectors.
“James’ appointment as the Regional Vice President (RVP) for ANZ marks a strategic move to accelerate growth and solidify market presence in the region,” said Dan Mountstephen, SVP APAC at Saviynt. “With a proven track record of dynamic leadership at Collibra, ForgeRock, and CA Technologies, James brings a wealth of experience and expertise to the role. His visionary approach and collaborative spirit are poised to inspire and mobilize teams toward ambitious targets.”
Saviynt has consistently expanded its client base and deepened its relationships with existing customers through customized solutions and unparalleled support, cementing its reputation as a trusted partner in the region’s cybersecurity ecosystem. As RVP ANZ, Ross is set to foster key partnerships and implement agile strategies to propel the company towards new heights of success in the dynamic ANZ market.
“Joining Saviynt excites me because it’s an opportunity to help more organizations simplify their identity ecosystem in order to drive efficiencies and improved security posture. I am committed to leveraging Saviynt’s cutting-edge solutions to continue to broaden our partnerships in the region to improve our accessibility for customers, strengthen our regional delivery, whilst continuing to provide a great customer experience,” said Ross.
To learn more about Saviynt, please visit our website.
About Saviynt
Saviynt empowers enterprises to secure their digital transformation, safeguard critical assets, and meet regulatory compliance. With a vision to provide a secure and compliant future for all enterprises, Saviynt’s cutting-edge solutions have been recognized as industry leaders. For more information, please visit www.saviynt.com.
Press Contact
Jacklyn [email protected]
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Artificial Intelligence

Appdome Sweeps Cybersecurity Excellence Awards

Published

14 hours ago

May 21, 2024

CISION (PR Newswire)

Unified Mobile Defense Platform Recognized for Innovation and Leadership Across Nine Cybersecurity Categories
REDWOOD CITY, Calif., May 21, 2024 /PRNewswire/ — Appdome, the mobile app economy’s one-stop shop for mobile defense, today announced it has received a total of nine (9) Cybersecurity Excellence Awards. The Appdome Unified Mobile App Defense Platform was awarded best in class across nine categories in recognition of the comprehensive breadth, depth and value of the Appdome platform to brands and enterprises alike.

“We congratulate Appdome on being recognized as an award winner in 9 categories of the 2024 Cybersecurity Excellence Awards,” said Holger Schulze, CEO of Cybersecurity Insiders and founder of the 600,000-member Information Security Community on LinkedIn, which organizes the 9th annual Cybersecurity Excellence Awards. “With over 600 entries across more than 300 categories, the awards are highly competitive. Appdome’s achievement reflects outstanding commitment to the core principles of excellence, innovation, and leadership in cybersecurity.”
Within a single pane of glass, Appdome delivers the most complete set of no-code, no-SDK, fully automated mobile defenses to mobile brands and enterprises, empowering mobile developers, cybersecurity, fraud and IT teams to deliver on any mobile cyber objective quickly and easily.
The nine (9) categories in which Appdome received a Cybersecurity Excellence Award are:
Mobile Security Platform: Appdome is the only enterprise-grade mobile security platform built for full mobile defense lifecycle management, visibility and control to brands and enterprises alike, including key features for build, test, release, monitor, response, and compliance automation. Mobile Security Automation: Appdome is the only mobile defense solution that uses machine learning to code and build over 300+ mobile app security, anti-fraud, anti-cheat, anti-malware, anti-bot, geo-compliance and other defenses in Android & iOS apps in the DevOps pipeline.Mobile Social Engineering Defense: The Appdome Social Engineering Prevention solution is the first of its kind to protect mobile users from voice phishing (Vishing) scams and other imposter scams, T.O.A.D. attacks, Remote Access Trojans (RATs), Gold Pickaxe, FaceID bypass and more without an SDK or external servers.Mobile Bot Defense: The Appdome MOBILEBot™ Defense solution is the first mobile anti-bot solution to come out of the box compatible with any industry standard web application firewall (WAF) on the market and provide multi-layered bot, credential stuffing and Account Take Over (ATO) defense without an SDK, external server, performance limits, or restrictions.Mobile Geo Compliance: Only the Appdome Mobile Geo-Compliance solution guarantees accurate and authentic geo location of mobile devices, applications and users without code or coding in the mobile app, without implementing an SDK and without deploying additional servers.Mobile XDR: The Appdome ThreatScope™ Mobile XDR solution is the only mobile attack and threat monitoring service that comes pre-packaged into the mobile defense lifecycle, requires no device agent, device profile, separate code, coding, SDK or server, and provides real-time detection and automated response across internal (employee facing) and external (consumer facing) Android & iOS apps.DevOps Mobile Security Tool: The Appdome platform’s fully integrated Security Release Management™ capabilities and Appdome Certified Secure™ mobile DevSecOps certification offer the only true enterprise-grade compliance assurance, audit and control for mobile defense at brands and enterprises, allowing quick verification that all security, anti-fraud and compliance objectives have been met. Mobile Application Security: With 300+ separate defenses for mobile apps, Appdome has the most comprehensive set of mobile application security features available in one product, fully compatible with all mobile Android & iOS apps.”Nine Cybersecurity Excellence Awards for Mobile Defense tells a very compelling story for the incredibly complex Dev, Sec, and Ops challenges organizations face detecting and defeating mobile-based risks and attacks,” said Chris Roeckl, Chief Product Officer at Appdome. “Point products make these challenges worse by adding complexity and overloading already taxed cyber and engineering teams. Appdome is the only platform simplifying work, bringing all these unique challenges under a single pane of glass, delivering 300+ protections and simultaneously resolving the security, fraud, resilience and compliance challenges brands and enterprises face.”
Learn more about the award-winning Appdome Platform at www.appdome.com or request a personalized demo at https://www.appdome.com/request-a-demo/appdome-home/
The full list of awards are available from the Cybersecurity Excellence Awards website https://cybersecurity-excellence-awards.com/
About AppdomeThe Appdome mission is to protect every mobile app and mobile user in the world. Appdome provides the mobile industry’s only Unified Mobile App Defense platform, powered by a patented mobile coding engine, Threat-Events™ Threat-Aware UX/UI Control, and ThreatScope™ Mobile XDR. Using Appdome, mobile brands eliminate complexity, ship faster and save money by delivering 300+ Certified Secure™ mobile app security, anti-malware, anti-fraud, mobile anti-bot, anti-cheat, geo compliance, MiTM attack prevention, code obfuscation, social engineering and other protections in Android and iOS apps with ease, inside the mobile DevOps and CI/CD pipeline. Leading ﬁnancial, healthcare, government and m-commerce brands use Appdome to protect Android and iOS apps, mobile customers and mobile businesses globally. Appdome holds several patents including U.S. Patents 9,934,017 B2, 10,310,870 B2, 10,606,582 B2, 11,243,748 B2 and 11,294,663 B2. Additional patents pending.
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