Mobile Streams (MOS) , a mobile content and data intelligence company, announced audited results for the year ended June 30 2023 (FY23).
During the year, revenues for Streams Data, MOS' data insight and intelligence platform, nearly doubled to £1,525k from £799k in FY22. Likewise, group revenues for the year rose 79% to £1.8m from £1.0m last year. While legacy revenues declined to £105k from £223k, revenues from new sources jumped to £1,719k from £799k. Loss before tax widened to £3.8m from £2.5m a year ago and net cash stood at £0.9m on June 30.
Revenues from Stream Data comprised £1,495k from International Gaming Systems (IGS) and £30k from other sources (Streams Bespoke and SaaS, LiveScores and other). New revenues from the sale of NFTs totalled £182k.
The increase in revenue was largely driven by marketing of new products and services, with a substantial increase in marketing spend to £877k. A significant portion of revenue growth also came from a major strategic partnership contract with International Gaming Systems (IGS) announced in January 2022, which has now completed.
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Mobile Streams continued to develop its offerings in 2023 across a wide range of mobile devices in 3 emerging markets, with a strong focus on growing Streams Data, its data insight and intelligence platform, as well as building its new NFT business. The company now offers gaming content to a global audience through its LiveScores and mobilegaming.com platforms, with long-standing carrier relationships in India, Argentina and Mexico.
During the year, Mobile Streams announced several multi-year contracts to be the exclusive global producer and provider of NFTs for a number of football teams and sports individuals, delivered both through their websites and MOS' platforms. Since the completion of the IGS contract on June 30th, the group has continued its transition from the sale of legacy products to new product offerings, including NFTs. Most recently, MOS announced its entry into a new business segment in Mexico, being publishing, online sports betting, online casino operations and media ownership. These new ventures present significant opportunities for near-term growth.
Group revenues jumped 79% to £1.8m from the previous year, thanks to a material boost to MOS' marketing budget to £877k from last year's £246k. Gross profit shrunk to £12k from last year's £450k with margins down to 1%, reflecting the inclusion of significant upfront royalties on NFT contract revenues. However, as these royalties are for multi-year contracts, margins are expected to increase significantly in the coming years.
Subsequently, management remains confident that MOS can become cash generative within the next 12 months as the level of trade in the new segments continues to build. The company released a cashflow projection indicating its cash balance of £0.9m on June 30, plus expected cashflows including £675k proceeds from a recent fundraise, will cover its working capital requirements for the "foreseeable future".
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