Agoracom Blog

VIDEO – CEO’s $1 Million $FOBI Investment YTD Bolsters Confidence Following Remarkable Q3 Revenue and Q4 Outlook

Posted by AGORACOM-JC at 4:45 PM on Thursday, June 15th, 2023

Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) has released a mid-year corporate update highlighting several significant initiatives and achievements.

Insider Buying and Warrant Exercises: Fobi has received over $1 million in insider buying and $300,000 in recent warrant exercises, demonstrating strong shareholder confidence in the company’s growth strategies. CEO Rob Anson personally invested over $1 million in the company year-to-date.

Record Q3 Revenues and Guidance: Fobi reported record Q3 2023 revenues of $1,255,093, a 298% year-over-year increase and a 151% sequential increase. The company’s guidance for Q4 2023 indicates confidence in hitting revenue targets.

M&A Success and Growth: Fobi’s strategic M&A activities have contributed to its record revenue. The acquisition of Passworks and the appointment of Colby McKenzie as Chief Revenue Officer are expected to accelerate growth and drive further acquisitions in the second half of 2023.

Strengthening Senior Management Team: Fobi welcomed Jason Tong as the new CFO to support its expanding team and evolving business trajectory. David Nicholls, a former Anheuser-Busch InBev executive, joined as VP of Liquor Beverage, enhancing Fobi’s senior management team and liquor beverage strategy.

Largest Recorded Revenue Deal: Fobi signed a $10 million licensing agreement with BevWorks Brands, the company’s largest recorded revenue deal. Fobi’s technology solutions will support BevWorks’ growth strategy in consolidating independent beverage manufacturers.

Wallet Pass Success and Enterprise Opportunities: Fobi’s wallet pass technologies, particularly through its subsidiaries Passcreator and Passworks, have driven revenue growth. The company is expanding beyond its traditional DIY-focused platform and seeing increased interest from larger-scale enterprise customers.

Qples Achievements: Qples, a subsidiary of Fobi, has seen significant growth in providing in-store mobile advertising solutions and digital media solutions. The launch of AI-8112 Universal Digital Coupons and the increase in client growth have been notable milestones.

Global Brand Exposure: Fobi gained significant brand exposure during the RBC Canadian Open, thanks to an epic finish and “incident” involving Fobi partner Adam Hadwin.

Overall, the mid-year update highlights Fobi’s financial success, M&A activities, strategic appointments, and global brand exposure, showcasing the company’s progress and growth in the AI and digital transformation space.

Now sit back, relax and watch this powerful interview with $FOBI CEO Rob Anson.


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