- Net
Element’s net revenues for Q2 2018 increased nine percent over the
previous year
- Total
processed transactions increased by 41 percent
- Company’s
strategic initiatives anticipated to add more than $6.5 million in gross
profits in the next four years
It’s been a fruitful year for Net Element, Inc. (NASDAQ:
NETE), a global technology-driven group that specializes in mobile payments and
value-added transactional services.
As discussed in an earnings call (http://ibn.fm/RLmQF), Net
Element recently reported strong financial results for the second quarter of
2018, with a nine percent increase in net revenues. Total revenues for Q2 2018
were $32.45 million, up from $29.7 million for the same quarter of the previous
year. Net Element has also seen a marked increase in North American business,
which is chiefly due to organic growth in the company’s North American
Transaction Solutions segment, which was up 15 percent from 2017.
So far during 2018, Unified Payments, a subsidiary of Net
Element, has experienced considerable growth, which has contributed to an
increase in total dollars processed through the company’s North American
Transaction Solutions – up 37 percent to reach $1.62 billion as of June 2018.
Net Element’s International Transaction Solutions increased to $211 million as
of Q2 2018’s conclusion, representing an increase of 20 percent. In all, the
company processed 50.2 million transactions during 2018 as of June, marking an
increase of 41 percent.
During Q2 2018, Net Element also entered the
multitrillion-dollar global B2B payments market through the launch of Netevia Smart Vendor
Payment Solutions. Netevia is a premier omnichannel payments platform that
enables businesses to accept more than 100 forms of cashless payments in
various currencies. The company is also on track to launch blockchain
technology solutions and value-added services.
Net Element has additionally developed Aptito, a payment
service created to address the needs of the restaurant sector, and Unified
Payments, a flexible mobile point-of-sale system that can be utilized by a
broad array of vendors.
The company recently announced that its Unified Payments
subsidiary has partnered with Payment Club, Inc. to launch subscription-based
payment services. In partnership with Unified Payments’ institutional investor
and through the “Team Unified” partnership program and Unified Prosperity
Financing program, Unified Payments arranged a $5 million credit facility to bolster
Payment Club’s growth initiatives, bringing total financing for the endeavor to
$7 million (http://ibn.fm/BbaW8).
It is anticipated that Net Element’s strategic initiatives
will add more than $6.5 million in gross profits in the coming four years. The
company continues to focus on long-term growth and is on track to achieve yet
another year marked by growth and financial improvement.
For more information, visit the company’s website at www.NetElement.com
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