Mobiquity Technologies, Inc. reported significant financial developments in its Q3 2024 filing, reflecting both growth in revenue and ongoing challenges in profitability. For the three months ending September 30, 2024, the company generated revenues of $566,044, a substantial increase of 219% compared to $177,271 in the same quarter of 2023. This growth was attributed to a rise in political advertising revenue. Gross profit for the quarter was $335,748, representing 59% of revenues, up from 36% in the prior year.
Despite the revenue increase, Mobiquity continued to face operational losses. The company reported a loss from operations of $(979,091) for Q3 2024, a decrease from $(1,395,039) in Q3 2023, indicating improved operational efficiency. Total operating expenses for the quarter were $1,314,839, down 10% from $1,458,136 in the previous year. For the nine months ended September 30, 2024, revenues reached $1,096,218, a 149% increase from $441,010 in the same period of 2023, with a gross profit margin of 43%.
The net loss for the nine months was $(3,071,366), a significant reduction from $(5,220,014) in the same period of 2023. The company’s cash position improved, with $189,810 on hand as of September 30, 2024, compared to $140,939 a year earlier. However, cash used in operating activities was $(1,798,860), down from $(3,732,469) in the prior year, indicating better cash management.
On the balance sheet, total assets increased to $5,620,436 as of September 30, 2024, up from $4,199,094 at the end of 2023. However, current liabilities surged to $3,495,918, compared to $1,990,766 at the end of 2023, leading to a decrease in total stockholders' equity to $2,124,518 from $2,208,328.
Strategically, Mobiquity is focusing on enhancing its sales and support staff to drive revenue growth through its Advangelists platform and MobiExchange. The company is also exploring partnerships and market opportunities to improve cash flow. Additionally, a reverse stock split was executed on August 7, 2023, to enhance its stock price.
Overall, while Mobiquity Technologies, Inc. has made strides in revenue growth and operational efficiency, it continues to navigate significant losses and increased liabilities as it seeks to stabilize and expand its market presence in the programmatic advertising industry.
About Mobiquity Technologies, Inc.
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