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MPHASE REPORTS 2nd CONSECUTIVE PROFITABLE QUARTER AND RECORD 1,111% INCREASE IN ANNUAL REVENUE FOR FISCAL 2020
MPHASE REPORTS 2nd CONSECUTIVE PROFITABLE QUARTER AND RECORD 1,111% INCREASE IN ANNUAL REVENUE FOR FISCAL 2020.
About this update from Mphase Technologies, Inc.
[{"type":"text","content":"\n Gaithersburg, MD, Jan. 05, 2021 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (OTC Pink: XDSL) (“mPhase” or the “Company”) reported financial results for its fiscal 2020 fourth quarter and year ended June 30, 2020. In conjunction with this release, the Company is also providing additional details on its strategy for the upcoming calendar year 2021. For fiscal Q4 and full year 2020, management is noting the following items of importance: Revenue set an all-time record of $30.3 million during fiscal year 2020, compared to $2.5 million of revenue reported during fiscal year 2019, representing a 1,111% year-over-year increase;Fiscal Q4 2020 revenue increased 204% to $7.6 million, compared to $2.5 million during fiscal Q4 2019;Fiscal Q4 2020 results represented the second consecutive profitable quarter, with net income of approximately $0.8 million;Gross profit margin was 25.9% for fiscal Q4 2020 and 25.4% for fiscal year 2020, which is within the target range established throughout fiscal year 2020; andStockholders’ equity achieved a new record at $5.5 million, which is significantly higher than the $0.6 million reported at fiscal year-end June 30, 2019. “Although our full year results were affected by non-cash charges and pandemic-related delays, the fiscal Q4 2020 results provide a strong indication of the momentum we are carrying into 2021,” explained mPhase CEO Anshu Bhatnagar. “Q4 was during the heart of the pandemic, but we managed to maintain a profitable business, without much benefit from some of the initiatives (such as travel) that we previously expected to be growth drivers during fiscal year 2020. We are entering 2021 with a much stronger portfolio and with shareholder equity now at $5.5 million, we can check off an important requirement for a future listing on Nasdaq.” 2021 Initiatives mPhase has multiple growth drivers for calendar 2021, including the following: Expected near-term filing of its fiscal Q1 2021 results, enabling the Company to regain reporting compliance;Continued product development efforts at the three primary divisions, Learning Track (learning management), CloseComms (customer engagement), and Travel Buddhi (trip planning);Exploration of partnership opportunities for the mPhase smart-battery technology and medical patents;Discussions with batt...