BlueOne Card Reports Revenue Surge to $60,947 and Acquires Millennium EBS

BlueOne Card, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending December 31, 2024. The company generated revenues of $60,947, a substantial increase from $1,000 in the same quarter of the previous year. This growth is attributed to the implementation of its internally developed software under the Millennium Payment Hub platform, which was acquired in December 2024. However, the company did not record any revenue from prepaid debit or gift card sales during this period, contrasting with $1,000 in sales from 200 cards in the prior year.

The company's operating expenses decreased to $214,699 from $468,954 year-over-year, primarily due to reductions in advertising, consulting, and research and development costs. This led to a net loss of $205,718 for the quarter, down from a loss of $466,191 in the same period last year. For the nine months ending December 31, 2024, BlueOne reported a net loss of $699,138, a decrease from $1,204,356 in the previous year, indicating improved cost management.

Strategically, BlueOne completed the acquisition of Millennium EBS, Inc., gaining a 60% stake in the company. This acquisition is expected to enhance BlueOne's capabilities in the fintech sector by providing a comprehensive payment orchestration platform. The transaction involved the issuance of 2,100,000 shares of BlueOne common stock and a cash payment of $500,000, which is due within 90 days of closing. This move positions BlueOne to expand its market reach and improve its service offerings to small and medium-sized financial institutions.

Operationally, BlueOne's total assets surged to $15.7 million as of December 31, 2024, compared to $986,032 at the end of the previous fiscal period, largely due to the acquisition of Millennium EBS. The company reported an increase in accounts receivable to $60,900, reflecting its growing business activities. However, the company also faces challenges, including an accumulated deficit of $4.57 million and a working capital deficit of $1.5 million, raising concerns about its ability to continue as a going concern without additional financing.

Looking ahead, BlueOne aims to leverage its new capabilities to drive revenue growth and meet NASDAQ listing requirements by Q4 2026, contingent on market conditions. The company plans to focus on expanding its prepaid card offerings and enhancing its payment processing services, targeting unbanked customers and those needing cross-border transactions. However, the company acknowledges that its future financial condition is dependent on securing additional capital and achieving profitability.