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MPHASE REPORTS RECORD THIRD QUARTER REVENUE AND FIRST PROFITABLE QUARTER IN COMPANY HISTORYGaithersburg, MD, May 20, 2020 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (OTC: XDSL) (“mPhase” or the “Company”) today reported record financial results for its third fiscal 2020 quarter and nine-month period ended March 31, 2020. In conjunction with this release, the Company is also providing additional details on its business initiatives for the remainder of calendar year 2020. For Q3/2020, management is noting the following items of importance:
“We are very proud to achieve the first profitable quarter in company history only one-year after taking over mPhase,” said CEO Anshu Bhatnagar. “We’ve guided to $30 million in annual revenue off of our critical testing business and are tracking to that forecast almost perfectly. We will be raising our guidance after we assess the timing of revenue from our acquisition of CloseComms Limited (“CloseComms”), which we announced just a few days ago. We are at the very beginning of the revenue cycle at CloseComms, so this will add a second stream of recurring revenue, which we believe will provide mPhase double digit sequential quarterly growth as deployments begin to increase. We also expect to generate growth in our core learning and testing business, so we are on the cusp of a new growth cycle at mPhase.” Key items of interest for calendar year 2020 include:
As previously reported, mPhase continues to experience only modest disruption from the global COVID-19 pandemic. Based on current sales activity across its divisions, the company expects continued growth through the remainder of fiscal and calendar year 2020. However, as the Company cannot predict the scope or duration of the COVID-19 pandemic, in the event of any negative financial impact to its results of operations, such impact cannot be reasonably estimated but could ultimately be material and last for an extended period of time. About mPhase Technologies mPhase is a technology driven, innovative development company that creates and commercializes products and applications that impact everyday people. The Company is assembling industry-leading teams specializing in artificial intelligence, machine learning, software, consumer engagement, and other advanced technologies. Additional information can be found at the mPhase website, www.mphasetech.com. Please follow us on twitter: @mPhase_Tech for the latest updates. Safe Harbor Statement This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Contacts: Investor Contact: |