Revenue ramp driven by 840% increase in transactions
The conference call is scheduled for Thursday 17 November at 4:30 p.m. ET
San Francisco, CA, Nov. 15, 2022 (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 financial and operational results for the second fiscal quarter ended September 30, 2022.
Revenue grew 515% to $41,815 for the second fiscal quarter ended September 30, 2022 compared to the previous quarter. Growth was driven by an 840% increase in the number of transactions processed in Q2 compared to Q1. The turnover for the second quarter was higher than the four previous quarters combined.
Management commentary
“We are very pleased with our over 5x increase in revenue for the quarter, driven by our recent acceleration in transactions, which we expect to continue for the foreseeable future,” said Peter Jensen, CEO of RocketFuel.
“As more and more of our payment partners’ merchants go live, we saw the number of crypto payment transactions grow exponentially, resulting in a significant increase in revenue from previous quarters. Our sales strategy of selling indirectly through payment service providers and other partners is paying off. Our e-commerce transactions increased 840% from fiscal year 1 to fiscal year 2, and transaction growth accelerated toward the end of the quarter and has continued since.
“We had an increased number of merchants go live in the quarter, including at least one with over $1 billion in total revenue. As soon as they turned on the ability to pay with crypto, we immediately saw some of their customers switch from paying with credit cards 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 $1 billion revenue will increase. We follow the same proven model of startups like Amazon, Salesforce and others by focusing on revenue and growth. And we’re seeing it work. As our business evolves, our team is also advancing our capital markets strategy to increase our visibility, awareness and shareholder value,” Jensen concluded .
Important highlights for the quarter includes:
Company Highlights for Q2 FY2023 Quarter Ended September 30, 2022
- Partnered with ACI Worldwide to deliver the next generation loyalty program for ACI’s 80,000 merchants
- Partnered with PaymentCloud to offer “Pay With Crypto” to its merchants
- Along with Genius X Accelerator launch pad for token offering to support loyalty program
- Delivered MVP of new B2B cross-border settlement solution
- Received license to operate as a Virtual Asset Provider (VASP) in the EU, enabling a wide range of crypto and fiat conversion and exchange services
After end of Second Fiscal Quarter ended 30 September 2022
- Launched the world’s first loyalty program for crypto payments at the Money2020 show in Las Vegas
RocketFuel will hold a shareholder update on Thursday, November 17 at 4:30 PM ET to discuss Q2 FY2023 results.
Second fiscal Quarterly conference 2022
Date: Thursday 17 November 2022
Time: 4:30 p.m. ET
Link:
About RocketFuel BlockchainInc.
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 120+ cryptocurrencies. RocketFuel provides a highly secure and efficient shopping cart experience with significantly lower fees for merchants, along with the benefits of no chargebacks and no card declines. RocketFuel’s solutions focus on improved privacy for customers that eliminate the risk of data breaches while improving speed, security and ease of use. Shoppers at RocketFuel-powered online stores enjoy seamless checkout and forget the clunky shopping cart paradigm of the past. RocketFuel sellers can implement new impulse buying schemes and generate new sales channels not available in other current e-commerce solutions. More information about RocketFuel is available at: www.RocketFuelBlockchain.com
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; implementing the company’s business model and strategic plans for our business and 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 and September 30, 2022. The Company undertakes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by the law.
For more information, please contact:
Company:
[email protected]
Investors:
Ben Yankowitz, CFO
[email protected]
ClearThink Investor Relations
[email protected]
