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Net Element, Inc. (NETE) Reports 55% YOY Increase in Net Revenues for First Nine Months of 2016
Earlier today, Net Element, Inc. (NASDAQ: NETE) reported its financial results from the fiscal quarter and nine-month period ended September 30, 2016. Among the highlights, the company achieved year-over-year net revenue growth of 11 percent for the three-month period, recording $14,009,652. This performance was attributed primarily to organic growth in its North America Transaction Solutions segment. Through an emphasis on value-added offerings for small and medium-sized businesses, Net Element’s North America Transaction Solution segment was up 43 percent over the prior year, recording revenues of $3.4 million.
“Our results are a reflection of our ability to implement our business objectives in a dynamic environment,” Oleg Firer, chief executive officer of Net Element, stated in this morning’s news release. “We continue to be excited about our strategic initiatives for the remainder of the year.”
For the first nine months of 2016, Net Element achieved overall net revenue growth of 55 percent, as compared to the same period in 2015, driven by strong organic growth across its North America Transaction Solution segment, as well as its mobile and online solutions segments. Revenue from the company’s North America Transaction Solution segment was up 53 percent through the first nine months of the year to $29.4 million. Likewise, net revenues from Net Element’s mobile solutions segment were up 43 percent year-over-year, while its online solutions division posted a 92 percent increase in net revenues over 2015.
Net Element’s strong growth hasn’t gone unnoticed. Earlier this year, the company was recognized as one of the South Florida Business Journal’s Top 25 Fastest-Growing Technology Companies. Setting the stage to build on this performance, Net Element has continued to expand its presence in the mobile and online payments space in recent months. In late September, the company announced that wholly-owned subsidiary PayOnline had signed an agreement with Dunkin’ Donuts (NASDAQ: DNKN) to enable payment acceptance for online ordering and delivery services for the chain’s Russian locations. Weeks later, Net Element’s PayOnline subsidiary entered an agreement with ExLine, Kazakhstan’s market leader in courier services, to enable online payment acceptance.
The company’s management team will be discussing these milestones, as well as Net Element’s newly-released financial results, in a conference call on November 15, 2016 at 8:30 AM ET. To access the call, investors should dial +1 (877) 303-9858 (or for international callers +1 (408) 337-0139) and reference the password 18929736. For those unable to attend the call, a recorded replay will also be made available on Net Element’s investor relations website at www.netelement.com/en/ir.
For more information, visit www.NetElement.com
