Business
MPHASE PROVIDES OPERATIONAL UPDATE INCLUDING CONTINUED GROWTH IN LEARNING TRACK BUSINESS
MPHASE PROVIDES OPERATIONAL UPDATE INCLUDING CONTINUED GROWTH IN LEARNING TRACK BUSINESS.
About this update from Mphase Technologies, Inc.
[{"type":"text","content":"\n Gaithersburg, MD, Oct. 13, 2020 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (OTCQB: XDSL) (“mPhase” or the “Company”) is providing the following update on new technology and business improvements at its Learning Track division. As a reminder, in 2019 Learning Track introduced a Learning Management System (“LMS”) platform that has enabled mPhase to become one of the fastest growing public companies in the LMS space and has contributed a majority of Company revenue to date, accounting for a quarterly revenue increase from $2.5 million in Q4 2019 to approximately $7.6 million in Q3 2020, which also marked the first profitable quarter in Company history. mPhase has guided to over $30 million in trailing-twelve-month revenue for fiscal year 2020. The Company spent the last few quarters developing additional technology that it believes will increase the attractiveness of the Learning Track platform. New and upcoming enhancements include: An updated User Interface (“UI”), which will improve navigation and the overall look of the platform;A user-friendly mobile application that will serve as a companion for delivering offline learning, microlearning and micro-certifications -- enabling users to access courses and training anywhere, anytime;Both iOS and Android apps to support all Shareable Content Object Reference Model (SCORM) content, a necessity in the learning space;A growing catalog of engaging course content;Enhanced client functionality, with the ability to create custom courses and to access existing content and training programs. As previously reported, Learning Track recently signed two additional channel partners, giving the division three independent sources to target a wider range of customer verticals and networks. The Company has onboarded two new accounts through its third-party channels and now has 24 customers. The platform continues to expand, with approximately 700 courses and 250 teachers. Based on current trends, mPhase believes that the LMS business will remain its key revenue driver into 2021. “Our LMS segment is the backbone of our business, and has a significant recurring element with consistent margins,” explained mPhase CEO Anshu Bhatnagar. “Our current goal is to build on our initial success in the LMS space via ongoing technology enhance...