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Net Element, Inc. (NETE) Grows Q1 Revenues by 13%, Cuts Loss Per Share by 64%
Net Element today posted its first-quarter results and key quarterly milestones, reporting revenue growth of 13% and a sharp cut in net loss per share.
Net revenues were $5.5 million for the first quarter of 2015, an increase of 13% compared to revenues of $4.8 million a year ago.
The company reported a first-quarter 2015 adjusted net loss of $1.6 million, or a loss of $0.04 per share, compared to a loss of $3.5 million, or a loss of $0.11 per share, for the comparable quarter of last year.
Gross Margin for the three months ended March 31, 2015, was $926,135 (17%) as compared to $1,314,985 (27%) for the three months ended March 31, 2014.
Net Element also highlighted several first-quarter achievements, including:
• Executed financing of up to $24 million
• Agreed to acquire global payments innovator PayOnline
• Surpassed 1 million recurring Russia mobile payment subscribers
• Launched UAE-based joint venture to exclusively deliver Net Element payment-as-a-service solutions to Gulf States and India markets
• Provided payment solutions for the 2015 College Football Playoff National Championship presented by AT&T
• Appointed industry veteran Eric Kirk as Aptito Executive Vice President
• Aptito named 2014's most innovative product and wins silver in Best in Biz Awards
• Sales Central version 1.2 released, a cloud-based, proprietary management portal for Net Element sales partners
• Upgraded Aptito mPOS software to version 2.3 powerful all-in-one hospitality solution
“We’re pleased with our continued growth in revenues and reduced costs for the first quarter of 2015,” Net Element CEO Oleg Firer stated in the news release. “Going forward we will continue to focus on increased gross margins through acquisitions and providing additional, higher margin services such as Aptito.”
For more information visit www.netelement.com
