Net Element, Inc. (NASDAQ: NETE) has made significant strides toward
continued growth in the global payments market in recent months. In the first
quarter of 2015, the company recorded $5.5 million in total revenue, which was
a year-over-year increase of approximately 15 percent. Net Element’s efforts to
improve its balance sheet in recent quarters have been equally impressive. Over
the past five quarters, the company has reduced its outstanding debt from
approximately $31 million at the end of 2013 to just over $4 million as of its
latest financial filing. Moving forward, this fiscal flexibility should provide
Net Element with an opportunity to maximize its overall market share across a
collection of vital sectors.
“We’re pleased with our continued growth in revenues and reduced costs
for the first quarter of 2015,” Oleg Firer, chief executive officer of Net
Element, stated in a news release. “Going forward we will continue to focus on
increased gross margins through acquisitions and providing additional, higher
margin services such as Aptito.”
Aptito, a wholly-owned subsidiary of the company, provides complete
business management solutions and cloud-based point of sale services to the
hospitality sector. In 2014, the platform was awarded the silver medal at the
Best in Biz Awards for its innovative approach to restaurant payments. Building
on its early success, Net Element has continued to improve the platform in
recent weeks. Earlier this month, the company announced the launch of an
updated version of Aptito, integrating EMV chip technology and Apple Pay™ into
its transactional processing platform.
“These upgrades provide a competitive edge to the product and should
facilitate Aptito sales efforts and increase transactional revenue,” continued
Firer. “By delivering these tools our goal is to help grow the business of our
customers and assure greater transactional volume for Net Element.”
Net Element has also made strides toward growth through acquisition.
Through the pending acquisition of PayOnline, Net Element addresses the growing
market for mobile payment solutions. On Thursday, the company announced the
addition of iOS compatibility to PayOnline’s proven mobile payments network.
According to a study by the company, approximately 19 percent of online
payments processed during the first quarter of 2015 were completed via mobile
device, and, among those, 59 percent were completed using iOS, further
demonstrating the massive growth potential for Net Element in the future.
Building on continued financial improvement and market share growth,
Net Element is in a formidable position to strive for sustainable investor
returns in the months to come.
For more information, visit www.netelement.com
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