MPHASE SEES INCREASING DEMAND FOR LEARNING AND TRAINING SERVICES; PROVIDES UPDATE ON POSITIVE BUSINESS TRENDS
Gaithersburg, MD, May 08, 2020 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (OTCQB: XDSL) (“mPhase” or the “Company”) is providing the following update to investors in order to highlight the continued growth trajectory for the Company. mPhase is pleased to report that it is currently experiencing no negative effects in any of its business units during this time of global disruption. The Company continues to back its projections to achieve a $30 million annual revenue run rate during 2020.
The Learning Track division has seen minimal impact from negative trends in the international business environment. This division continues to be a source of growth, with a recent uptick in requests from potential new clients. Learning and testing in mission critical occupations is an irreplaceable part of doing business for many industries and has created a growing base of profitable recurring revenue for mPhase. As a result, management is maintaining its revenue projections for fiscal year 2020 (year end June 30th).
The Travel Buddhi division continues to be on track for the launch of the next phase of the platform. This launch is scheduled for Q1 (summer 2020) and is not included in current revenue projections. This adaptable platform is useful to travelers for any kind of journey, so the full launch could coincide with the return of trip planning in many geographies.
The Company is also pleased to confirm that its battery technology discussions with U.S. Government scientists are continuing. As a reminder, the mPhase always-ready Smart Nano Battery underwent successful tests at government facilities, but was halted due to budget cuts during the prior presidential administration. Due to the tremendous cost savings and reliability advantages of this technology, key scientists involved in those initial tests are seeking to restart the testing process for further evaluation. This is a very important piece of legacy technology from the mPhase patent portfolio.
“We have a steady recurring revenue stream in the critical training space that will put us at a $30 million revenue run rate and make us profitable in future quarters,” explained mPhase CEO Anshu Bhatnagar. “Every company is living with many unknowns right now, so we are lucky to have a strong core business to support us. As a result, our development efforts for new internal and M&A derived revenue streams have been largely uninterrupted. We believe that we will be well positioned and ahead of the curve when global business returns to normal.”
About mPhase Technologies
mPhase is a technology driven, innovative development company that creates and commercializes products and applications that impact everyday people. The Company is assembling industry-leading teams specializing in artificial intelligence, machine learning, software, consumer engagement, and other advanced technologies. Additional information can be found at the mPhase website, . Please follow us on twitter: @mPhase_Tech for the latest updates.
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