Fobi Announces $922,823 In Second Quarter Revenue

Americas Uncategorized

Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the “Company” or “Fobi”), a leading data intelligence company using artificial intelligence to help clients turn real-time data into actionable insights and personalized customer engagement is pleased to announce its second quarter (October 1st, 2021 to December 31st, 2021) financial results.


Key Financial and Operational Highlights for Q2:


  1. Revenue increased for the third consecutive quarter from $147,533 in 2021 Q4, to $580,317 in 2022 Q1, to now $922,823 in 2022 Q2.
  2. Total assets increased significantly to: $15,160,705 (Dec 31) versus $11,682,344 (Sept 30) due in large part to:
    1. 2 successful M&A acquisitions (Qples, PassWallet) Intellectual Property grew from $171,792 (June 30, 2021), to $5,381,637 (Dec 31, 2021).
    2. Accounts Receivable is up from $844,000 to $1,861,768 million which is expected to be collected before the end of the calendar year. 
  3. Cash position remains strong at $4,805,694, and the company continues to raise significant amounts from warrants exercised in the period for $1.1 million and stock options exercised for $1.06 million.
  4. The comprehensive net loss for the three (3) month period ending Dec 31, 2021, was $5,059,006, which included $2,872,519 of non-cash items.
  5. Accrued liabilities increased from $684,338 to $1,168,078.


Fobi CEO Rob Anson stated, “I am very pleased with the overall growth and solidified strength of the company. We have now reported our third consecutive quarter with continued growth and as we are currently are benefiting from a solid business development pipeline, we expect to see a boost in accelerated momentum carrying forward well through the remainder of 2022.”


The link to the SEDAR filing is here.


Fobi will hold a Webinar to explain the Q2 Financial Results on Monday, March 7th, at 9:00am PST, 12 noon EST.  Registration for this webinar is here.


This is available on the Fobi Website and on the Fobi AI Verified Forum on AGORACOM for shareholder discussion, questions, and engagement with management


Fobi is a cutting-edge data intelligence company that helps our clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits. Fobi’s unique IoT device has the ability to integrate seamlessly into existing infrastructure to enable data connectivity across online and on-premise platforms creating highly scalable solutions for our global clients. Fobi partners with some of the largest companies in the world to deliver best-in-class solutions and operates globally in the retail, telecom, sports & entertainment, casino gaming, and hospitality & tourism industries.