Revenue Ramp Driven by 13X Increase in Number of Transactions Processed
Conference Call Scheduled for Tuesday, April 4 at 4:30pm ET
San Francisco, CA, April 03, 2023 (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 its financial and operational results for the third fiscal quarter ended December 31, 2022 and provided estimates of its results for the fourth fiscal quarter ending March 31, 2023.
Fiscal Quarter 3 Results
Total revenue grew to $42,408 for the third fiscal quarter ending December 31, 2022 (fiscal Q3). Revenue for RocketFuel’s core e-commerce product, which enables online merchants to accept payments via ACH bank transfers, Bitcoin and other cryptocurrencies, grew by 68.3% over the previous quarter. The growth was driven by an increase in the number of transactions processed (1421% vs last quarter) and an increase in transaction volume (257% vs last quarter).
Preliminary Fiscal Quarter 4 Results
RocketFuel expects revenues for fiscal Q4 to be approximately $101,000 representing 238% of last quarter’s revenue. The growth is driven by continued growth in its e-commerce business (73% revenue growth over last quarter) as well as the production release of two additional products: B2B cross border payments and its newly announced Payout product. These two new products each generated more revenue than the e-commerce product thus laying the foundation for a diversified product and revenue portfolio that will continue to drive overall revenue growth. The company also saw it’s first 6-figure software license deal which will be recognized in this and future quarters.
In March 2023, RocketFuel announced its crypto payouts product allowing businesses to pay their employees and consultants via ACH bank transfers, Bitcoin and other cryptocurrencies, using a their mobile phones.
Looking forward, the company expects to continue to expand its revenue portfolio with additional products that add value to it’s current and future customers. One of them has the potential to generate revenue in the current quarter (Fiscal Q1 2023 ending June 30, 2023).
Management Commentary
“We continue to see an increase in the number of our payment partners’ merchants going live, leading to a 13-fold increase in the number of crypto payment transactions processed. Our sales strategy of selling indirectly through payment service providers and other partners is paying off” said Peter Jensen, Chief Executive Officer of RocketFuel
“We had an increased number of merchants go live in the quarter, including our second one with over $1 billion in overall revenue, which demonstrates that we have a solid enterprise solution. 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. Furthermore, we’re expanding the footprint with our customers by introducing new products and revenue streams to optimize their financial operations. In this quarter, several of our existing customers increased their engagement and signed up for our newly released products: B2B cross border and Payouts. These two new products became our top revenue producers within one quarter and we believe there is tremendous demand and revenue potential as more of our existing and future customers adopt them. We expect to launch our fourth revenue stream in the current quarter and expect this product to immediately contribute to our overall revenueAs 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 added.
“Our new payouts product helps businesses make payouts in crypto or FIAT currencies to freelancers, vendors, creators and employees. RocketFuel Payout is a natural extension to Rocketfuel E-commerce, which allows merchants to receive payments in crypto and bank transfer. Merchants will be able to offer both Pay-In and Pay-out services in digital as well as FIAT currencies from one, single, integrated solution. We expect the product to be live in fiscal Q1.”
Third Fiscal Quarter 2022 Conference Call
RocketFuel will be holding a shareholder update call on Tuesday, April 4 discuss its Q3 FY2023 results.
Date: Tuesday, April 4, 2023
Time: 4:30 PM ET
Link: https://audience.mysequire.com/webinar-view?webinar_id=89e934b4-4d84-46c4-a0f5-da2ccbd14bd2
About RocketFuel
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 160+ cryptocurrencies. RocketFuel delivers a highly secure and efficient shopping cart experience with significantly low fees for merchants, along with the benefits of no chargebacks and no card declines. RocketFuel also offers B2B cross-border crypto payment solutions and a crypto-payout service. More information about RocketFuel is available at: www.rocketfuel.inc
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, September 30, 2022 and December 31, 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:
Corporate:
Investors:
Ben Yankowitz, CFO
