Revenue Ramp Driven by 840% Increase in Transactions
Conference Call Scheduled for Thursday, November 17 at 4:30pm ET
San Francisco, CA, Nov. 15, 2022 (GLOBE NEWSWIRE) — RocketFuel Blockchain, Inc. (OTCQB: RKFL) (“RocketFuel” or the “Company”), a global provider of payment solutions via ACH bank transfers, Bitcoin and other cryptocurrencies, today announced financial and operational results for the second fiscal quarter ended September 30, 2022.
Revenue grew by 515% to $41,815 for the second fiscal quarter ended September 30, 2022 over the previous quarter. The growth was driven by an 840% increase in the number of transactions processed in fiscal Q2 vs. fiscal Q1. Fiscal Q2 revenue was higher than the previous four quarters combined.
“We are very pleased with our over 5-fold increase in revenue for the quarter, which is being driven by our recent acceleration in transactions, which we expect to see continue for the foreseeable future,” said Peter Jensen, Chief Executive Officer of RocketFuel.
“As more and more of our payment partners’ merchants go live, we saw the number of crypto payment transactions grow exponentially, resulting in a significant increase in revenue from the previous quarters. Our sales strategy of selling indirectly through payment service providers and other partners is paying off. Our E-Commerce transactions were up 840% from fiscal Q1 to fiscal Q2 and transaction growth accelerated toward the end of the quarter and has continued since.
“We had an increased number of merchants go live in the quarter, including at least one with over $1 billion in overall revenue. As soon as they turned on the ability to pay with crypto, we immediately saw some of their customers switch from paying with credit card to crypto and the transactions started rolling in. As more and more of their shoppers see the benefits of paying with their cryptocurrencies over credit cards, our share of this overall $1 billion revenue will increase. We are following the same proven model for startups such as Amazon, Salesforce and others by focusing on revenue and growth. And we’re seeing it work. As our business progresses, our team is also moving forward with our capital markets strategy in order to increase our visibility, awareness and shareholder value,” Jensen concluded.
Key Highlights for the quarter include:
Business Highlights for the Q2 FY2023 Quarter Ended September 30, 2022
- Partnered with ACI Worldwide to deliver next generation loyalty program for ACI’s 80,000 merchants
- Partnered with PaymentCloud to offer “Pay With Crypto” to its merchants
- Teamed with Genius X Accelerator launchpad for token offering to support loyalty program
- Delivered MVP of new B2B cross-border settlements solution
- Received license to operate as virtual asset service provider (VASP) in the EU, which enables a wide variety of crypto and fiat conversion and exchange services
Subsequent to the End of the Second Fiscal Quarter Ended September 30, 2022
- Launched world’s first crypto payments loyalty program at Money2020 tradeshow in Las Vegas
RocketFuel will be holding a shareholder update call on Thursday, November 17 at 4:30 pm ET to discuss its Q2 FY2023 results.
Second Fiscal Quarter 2022 Conference Call
Date: Thursday, November 17, 2022
Time: 4:30 PM ET
About RocketFuel Blockchain, Inc.
RocketFuel is a global payments solution company that provides online shoppers with a simple, easy-to-use, one-click checkout process that accepts payments with bank transfers, Bitcoin and 120+ cryptocurrencies. RocketFuel delivers a highly secure and efficient shopping cart experience with significantly lower fees for merchants, along with the benefits of no chargebacks and no card declines. RocketFuel’s solutions focus on enhanced customer privacy protection eliminating the risk of a data breach while improving speed, security, and ease of use. Shoppers on RocketFuel powered online stores enjoy seamless check-out and forget the clunky cart paradigm of the past. RocketFuel merchants can implement new impulse buying schemes and generate new sales channels that are unavailable in other present-day e-commerce solutions. More information about RocketFuel is available at: www.RocketFuelBlockchain.com
Forward-Looking Statements Disclaimer:
The Company believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Terms such as “may,” “might,” “would,” “should,” “could,” “project,” “estimate,” “pro-forma,” “predict,” “potential,” “strategy,” “anticipate,” “attempt,” “develop,” “plan,” “help,” “believe,” “continue,” “intend,” “expect,” “future,” and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. Such forward-looking statements, including but not limited to statements regarding the plans and objectives of management for future operations, are based on management’s current expectations and are subject to risks and uncertainties that could cause results to differ materially from the forward-looking statements. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, market acceptance of the company’s products and services; competition from existing products or new products that may emerge; the implementation of the company’s business model and strategic plans for its business and our products; estimates of the company’s future revenue, expenses, capital requirements and need for financing; current and future government regulations; and developments relating to the company’s competitors. Readers are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them. For further information on such risks and uncertainties, you are encouraged to review the Company’s filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the fiscal year ended March 31, 2022 and its Quarterly Reports on Form 10-Q for the quarters ended June 30 and September 30, 2022. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.
For more information, please contact:
Ben Yankowitz, CFO
ClearThink Investor Relations