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Net Element Reports Second Quarter 2020 Financial Results

MIAMI, Aug. 13, 2020 (GLOBE NEWSWIRE) -- via NetworkWire -- Net Element, Inc. (NASDAQ: NETE) (a??Net Elementa?? or the a??Companya??), a global technology and value-added solutions group that supports electronic payments acceptance in a multichannel environment including point-of-sale (a??POSa??), e-commerce and mobile devices, today reports its financial results for the second quarter ended June 30, 2020.Second Quarter 2020 Financial Results

Total transaction volume decreased to $717.9 million, as compared to $950.2 million for the same comparable period.



Net revenue decreased to $13.7 million, as compared to $16.5 million for the same comparable period in 2019.



North American Transactions Solutions revenue decreased to $13.0 million, as compared to $15.7 million for the same comparable period.



International Transaction Solutions revenue decreased slightly to $0.74 million, as compared to $0.75 million in 2019.



Operating expenses decreased to $2.2 million, as compared to $5.2 million for the same comparable period.



Gross margin decreased to $2.2 million, as compared to $2.6 million for the same comparable period.

"The COVID-19 pandemic continued to negatively impact our financial results during the second quarter of this year. Our ability to adapt quickly by implementing safety protocols to protect our employees has been successful so far, and we are happy to report we have had zero cases of COVID-19 among our employees. We also implemented cost-cutting initiatives while boosting support for our merchants through e-commerce solutions, contactless payment alternatives and online food ordering for restaurants," commented Oleg Firer, CEO of Net Element. "We continue working diligently to increase shareholder value as we continue to work toward the proposed merger with Mullen Technologies Inc.a??Results of Operations for the Three Months Ended June 30, 2020, Compared to the Three Months Ended June 30, 2019We reported a net loss attributable to common stockholders of approximately $300,000 or $0.08 per share loss for the three months ended June 30, 2020, as compared to a net loss of approximately $1.5 million or $0.37 per share loss for the three months ended June 30, 2019. The decrease in net loss attributable to stockholders of approximately $1.2 million was primarily due to the reorganization of the labor force, including layoffs, which reduced our selling, general and administrative expenses.
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