mPhase Technologies turned profitable in Q3 on improvement in key business (OTCMKTS:XDSL)

mPhase Technologies turned profitable in Q3 on improvement in key business (OTCMKTS:XDSL)

Due to increased vacation-related queries over the last month, Travel Buddhi division of mPhase Technologies (OTCPK:XDSL +3.8%) is progressing with its white label travel solution with 60 travel agent customers already onboard during the early sign-up period and new agent customers signing each week, marking the beginning of the software as a service ((SaaS)) revenue cycle for Travel Buddhi.

New customer engagement division, CloseComms, has re-packaged and re-priced its platform in order to expand its global sales strategy by focusing on building key partnerships with brands such as Meraki, IBM, Cisco, NCR, Coca-Cola, and other international QSR partners and segment’s prices on a per location basis is expected to create an additional recurring revenue stream.

The company has paid off ~$169K convertible notes due during August 2020.

CEO Bhatnagar said, “We are already beginning to see business conditions improve, so programs and conversations that were put on hold during the pandemic are resuming. Turning profitable last quarter was a major milestone, but the strength of our core business is enabling us to fund a large portion of our growth through our own resources. We have guided to annual revenue of more than $30M and we see the potential for organic growth over the next year. We are making great progress on our product development programs and look forward to sharing more details in coming weeks.”

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