Business
MPHASE REPORTS RECORD SECOND QUARTER AND SIX-MONTH REVENUE
MPHASE REPORTS RECORD SECOND QUARTER AND SIX-MONTH REVENUE.
About this update from Mphase Technologies, Inc.
[{"type":"text","content":"\n Gaithersburg, MD, Feb. 19, 2020 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (OTC: XDSL) (“mPhase” or the “Company”) today reported record financial results for its second fiscal 2020 quarter and six-month period ended December 31, 2019. In conjunction with this release, the Company is also providing additional details on its business initiatives for the remainder of fiscal 2020. For Q2/2020, management is noting the following items of importance: Revenue set a Q2 company record of $7.6 million, compared to zero revenue reported in Q2/2019;Reflecting the recurring nature of our current revenue sources, sequential Q2/2020 quarter-over-quarter revenue was almost identical to the prior quarter ($7.6 million in Q1/2020);Gross profit margin was 25.6%, approximately 100 basis-points higher than the prior quarter;Non-cash stock-based compensation related to CEO and CFO awards represented $6.4 million of total operating expenses for Q2/2020 and represents the final significant warrant-related charge during fiscal 2020;Excluding non-cash stock-based compensation expense related to the Company’s CEO and CFO awards, proforma net income from continuing operations was approximately $428,000 during Q2/2020;Software development costs of $0.9 million represented a 24.7% improvement over the prior quarter, as the company continues to reduce its use of consultant developers while it builds out its experienced internal team;Revenue mix consisted of 82% subscription, 11% service and support, and 7% application development and implementation “This quarter was steady and predictable, two great attributes while we build out the other elements of our business,” said mPhase CEO Anshu Bhatnagar. “We are tracking well to our initial forecast of a $30 million annual run rate, so this first source of recurring revenue is creating a strong foundation for the rest of our strategic plan. We spent the later part of 2019 aggressively expanding our operations, so the benefits of those efforts will continue to be seen in future quarters.” Accomplishments and goals for 2020: We are growing, with 81 full-time employees (including 6 interns) and 10+ contracted resources, giving us impressive scale as we identify new partnerships and new business;We are expanding, with three offices in India - Kolkata, Mumbai, ...