RocketFuel Blockchain Reports Record Growth for Core E-Commerce Product in FQ3 Ended December 31, 2022
Revenue ramp driven by 13X increase in number of processed transactions
The conference call is scheduled for Tuesday 4 April at 4:30 p.m. ET
San Francisco, CA, April 03, 2023 (GLOBE NEWSWIRE) — RocketFuel Blockchain, Inc. (OTCQB: RKFL ) (“RocketFuel” or the “Company”), a global provider of payment solutions via ACH wire transfers, Bitcoin and other cryptocurrencies, today announced its financial and operational results for the third fiscal quarter ended December 31, 2022 and provided estimates for the results for the fourth fiscal quarter ending March 31, 2023.
Results for accounting quarter 3
Total revenue grew to $42,408 for the third fiscal quarter ending December 31, 2022 (fiscal quarter 3). Revenue for RocketFuel’s core e-commerce product, which enables online merchants to accept payments via ACH wire transfers, Bitcoin and other cryptocurrencies, grew 68.3% over the previous quarter. Growth was driven by an increase in the number of transactions processed (1,421% compared to the previous quarter) and an increase in transaction volume (257% compared to the previous quarter).
Preliminary results for accounting quarter 4
RocketFuel expects revenue for fiscal year 4 to be approximately $101,000, representing 238% of last quarter’s revenue. The growth is driven by continued growth in the e-commerce business (73% revenue growth compared to the previous quarter) as well as the production release of two additional products: B2B cross-border payments and the recently announced payments product. These two new products each generated more revenue than the e-commerce product and thus lay the foundation for a diversified product and revenue portfolio that will continue to drive overall revenue growth. The company also saw its first 6-figure software license deal that will be recognized in this and future quarters.
In March 2023, RocketFuel announced its crypto payment product that allows businesses to pay their employees and consultants via ACH wire transfers, Bitcoin and other cryptocurrencies, using mobile phones.
In the future, the company expects to continue to expand its revenue portfolio with more products that provide value to current and future customers. One of them has the potential to generate revenue in the current quarter (Fiscal Q1 2023 ending June 30, 2023).
Management commentary
“We continue to see an increase in the number of merchants of our payment partners going live, leading to a 13-fold increase in the number of processed crypto payment transactions. Our sales strategy of selling indirectly through payment service providers and other partners is paying off,” says Peter Jensen, CEO in RocketFuel
“We had an increased number of merchants go live in the quarter, including our second with over $1 billion in combined revenue, which shows that we have a solid enterprise solution. As soon as they turned on the ability to pay with crypto, we immediately saw some of their customers switched from paying by credit card to crypto and the transactions started rolling in. As more and more of their customers see the benefits of paying with their cryptocurrencies. over credit cards our share of this total revenue of 1 billion dollar increase. Furthermore, we are expanding our footprint with our customers by introducing new products and revenue streams to optimize their financial operations. This quarter, several of our existing customers increased their engagement and signed up for our newly released products: B2B cross border and Payouts. These two new products became our biggest revenue generators in one quarter, and we believe there is tremendous demand and revenue potential as more of our existing and future customers adopt them. We expect to launch our fourth revenue stream in the current quarter and expect this product to immediately contribute to our overall revenue. As our business evolves, our team is also advancing our capital markets strategy to increase our visibility, awareness and shareholder value,” Jensen added.
“Our new payout product helps businesses make payments in crypto or FIAT currencies to freelancers, vendors, creators and employees. RocketFuel Payout is a natural extension to Rocketfuel E-commerce, allowing sellers to receive payments in crypto and bank transfer. Merchants will be able to offer both deposit and withdrawal services in digital as well as FIAT currencies from one, single integrated solution. We expect the product to be live in fiscal year 1.”
Third fiscal quarter 2022 conference call
RocketFuel will hold a shareholder update on Tuesday, April 4 to discuss its Q3 FY2023 results.
Date: Tuesday 4 April 2023
Time: 4:30 p.m. ET
Link: https://audience.mysequire.com/webinar-view?webinar_id=89e934b4-4d84-46c4-a0f5-da2ccbd14bd2
About RocketFuel
RocketFuel is a global payment solutions company that provides online customers with a simple, user-friendly, one-click payment process that accepts payments by wire transfer, Bitcoin and 160+ cryptocurrencies. RocketFuel delivers a highly secure and efficient shopping cart experience with significantly low merchant fees, along with the benefits of no chargebacks and no card declines. RocketFuel also offers B2B cross-border crypto payment solutions and a crypto payout service. More information about RocketFuel is available at: www.rocketfuel.inc
Disclaimer for forward-looking statements:
The company believes that this press release contains forward-looking statements as this term is defined in the Private Securities Litigation Reform Act of 1995. Terms such as “may”, “may”, “would”, “should”, “could”, “project”, “estimate” , “pro forma”, “predict”, “potential”, “strategy”, “anticipate”, “attempt”, “develop”, “plan”, “help”, “believe” “continue”, “intend”, “expect”, “future” and terms of similar meaning (including the negative of any of these terms) may identify forward-looking statements. Such forward-looking statements, including but not limited to statements regarding management’s plans and objectives for future operations, are based on management’s current expectations and are subject to risks and uncertainties that could cause results to differ materially from the forward-looking statements. Actual results and the timing of certain events and circumstances may differ materially from those described in forward-looking statements as a result of these risks and uncertainties. Factors that could affect or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, market acceptance of the Company’s products and services; competition from existing products or new products that may appear; the implementation of the company’s business model and strategic plans for the business and our products; estimates of the company’s future revenues, expenses, capital needs and financing needs; current and future government regulations; and developments related to the company’s competitors. Readers are cautioned not to rely on forward-looking statements because of the risks and uncertainties associated with them. For additional information regarding such risks and uncertainties, you are encouraged to review the Company’s filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the fiscal year ended March 31, 2022 and quarterly. Reports on Form 10-Q for the quarters ended June 30, September 30, 2022 and December 31, 2022. The Company undertakes no obligation to update any forward-looking statements as a result of new information or future events or developments, except when required by law.
For more information, please contact:
Company:
Investors:
Ben Yankowitz, CFO
Source: RocketFuel Blockchain
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