PHOENIX, May 15, 2024 (GLOBE NEWSWIRE) -- Mobivity Holdings Corp. (OTCQB:MFON), a provider of technology connecting mobile gaming audiences to real-world brands and products, today announced financial results for the first quarter ("Q1") ending March 31, 2024. Recent Business Highlights Grew consumer audience by more than 30% to over nine million consumers vs Q4 2023 Added 6 new brand partners including leaders in fuel and convenience and fast casual restaurants in Q1 2024 Increased conversion rate of audiences by 15% vs Q4 2023 Grew the number of mobile game titles by 83% vs Q4 2023 Appointed Bryce Daniels to the role of President Tom Akin, Mobivity Chairman of the Board of Directors, commented, "We are pleased to appoint Bryce Daniels to the role of President of Mobivity. Bryce has worked closely with the company over the last two years and played a critical role in the development of the Connected Rewards platform and optimization of the present business model. His leadership and institutional knowledge will be instrumental in returning Mobivity to growth." Bryce Daniels, Mobivity President, stated, "During the first quarter of 2024, we gained significant traction with each of the key operating metrics that we believe will drive further growth and improved performance for our business. We expanded our footprint with new brand partners including highly recognized leaders in the fuel and convenience space, grew the number of mobile game titles that leverage our platform, grew our audience by approximately 30% to over nine million consumers and increased conversion rates of audiences engaging with our platform. The synchronization of these metrics reinforces our confidence for reigniting revenue growth and achieving profitability later this year." Kim Carlson, Mobivity COO, added, "Increasingly, our platform is proving to be highly beneficial for brands. With rising food and labor costs, the restaurant and convenience store space, in particular, is leveraging our solution to drive incremental traffic and directly improve operating margins. The proven successes are, in turn, creating additional momentum for our business. Our pipeline of new business opportunities is robust, and we remain highly optimistic that adoption of our solution will increase as companies look for new and innovative ways to acquire and retain new customers." Consolidated Financial Summaries (In thousands) Three months ended March 31    2024   2023  $$ % Revenue $1,601   $1,881   ($281)   (15%)   Gross profit $636   $815   ($178)   (22%)   Gross margin 39.8%   43.3%   N/A   (350 bps)   Operating Expenses $2,493   $3,034   ($540)   (18%)   Income (loss) from Operations ($1,857)   ($2,219)   $362   +16%   Net income (loss) ($2,254)   ($2,478)   $224   +9%   Adjusted EBITDA * ($1,653)   ($1,366)   ($287)