Mint Wireless posts $4.2 million net loss

Mint Wireless posts $4.2 million net loss

The results revealed operating revenues of $2.2 million, up 124 per cent

Mint Wireless has recorded a $4.2 million underlying net loss in its full year results as it seek to ramp up its rollout of the company's mobile payment platform in A/NZ.

The results revealed operating revenues of $2.2 million, up 124 per cent from the previous corresponding period as a result of the company investing in additional sales and marketing resources.

The company has renegotiated its existing short-term finance facilities into working capital facilities (totalling $6 million) for an additional two years, expiring September 2016.

According to a company statement this has resulted in a strong balance sheet and a significant reduction in gearing levels and future interest expense.

"As the company continues to grow its sales pipeline, there are a number of strategic opportunities, including opportunities within the financial services industry," according to a company statement.

"It should be noted that typical sales cycle for medium to large opportunities is between six to 12 months due to the strategic nature of these opportunities.

"The company is pleased with with its progress and is completely focused on delivering shareholder value.

"The company is also on track to deliver a robust and innovative product road map incorporating market leading initiatives that will continue to differentiate Mint in the market place and capitalise on upcoming technologies such as NFC, wallets and proximity payments."

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Tags Mint WirelessNFCfull-year resultswalletsproximity payments


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