Mobivity Holdings Reports $1.14 Million Revenue for Fiscal Year 2024, Net Loss Decreases to $10.2 Million

Mobivity Holdings Corp. reported a revenue of $1.14 million for the fiscal year ending December 31, 2024, marking a 7.1% increase from $1.07 million in 2023. The growth in revenue is attributed to an increase in customers utilizing the company's Connected Rewards platform. The cost of revenues significantly decreased by 33.9% to $512,901 from $775,877 in the previous year, resulting in a gross profit margin improvement to 55% from 27%. This reduction in costs is primarily due to lower expenses associated with the Connected Rewards programs.

The company experienced a net loss of $10.2 million in 2024, a decrease from a net loss of $12.1 million in 2023. The reduction in losses is attributed to lower general and administrative expenses, which fell by 69.1% to $1.34 million, down from $4.32 million in the prior year. However, sales and marketing expenses increased by 27.2% to $2.77 million, reflecting higher trade show and promotional activities aimed at expanding the Connected Rewards customer base. Engineering, research, and development expenses also rose by 16.1% to $3.60 million, indicating ongoing investment in product development.

In terms of operational metrics, Mobivity's Recurrency platform has been integrated into over 40,000 retail locations globally, serving major brands such as Subway and Chick-fil-A. The company reported a significant increase in customer engagement, with the platform driving an average 13% increase in guest spend and a 26% improvement in customer frequency. As of March 27, 2025, Mobivity employed 28 individuals, with a focus on enhancing its technology and customer support infrastructure.

Strategically, Mobivity has been active in securing financing through related party convertible notes, raising a total of $6.9 million in 2024. The company issued multiple convertible notes throughout the year, with a principal balance of $8.85 million as of December 31, 2024. Additionally, Mobivity entered into an Asset Purchase Agreement with SMS Factory, transitioning 80.4% of its SMS/MMS text messaging customer accounts, which has been classified as discontinued operations. Looking ahead, the company anticipates the need for further financing to support its operations and growth initiatives, as it continues to navigate a challenging market environment.