San Francisco, CA, Aug. 25, 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, announced its financial results for the 4th fiscal quarter and fiscal year ending March 31, 2023 (FY23). RocketFuel will hold an investor call on Thursday, August 31, 2023 to discuss its financial results and recent developments.
Fiscal Year 2023 Results
The numbers are the results of RocketFuel’s first 10 months of operations (June 2022 – March 2023). Revenues for FY23 were $203,199, compared to $30,504 for the previous fiscal year, an increase of 660%. In the fourth quarter (Q4FY23) alone, the company generated over $110,000 in revenue, showcasing its consistent growth trajectory. RocketFuel successfully doubled its revenue per quarter on average during its first year of operation, highlighting strong initial demand for its products.
Peter Jensen, RocketFuel’s CEO, stated: “Doubling our revenue per quarter can be attributed to the growing number of customers who use crypto to pay for products with our merchants.” “Several of these customers are high-profile $1B+ companies who have returned to buy additional products as we are expanding our product portfolio from one to four products.”
Fiscal Year 2024 outlook
The company has seen the growth continue in its Q1FY24 and is currently processing more than 3,000 payment transactions per day, representing a 20x increase in less than three months. Further details will be discussed in the IR call below.
Peter Jensen stated: “During the spring of 2023, we introduced two new products: Pay-In and our recent blockchain-based gift card product. These products are driving the accelerated growth from existing and new customers.” Based on current growth, we’re maintaining our previously increased guidance of $5M revenue and $8M ARR by the end of FY24 (Mar 31 2024).
Recent Developments Investor Call
|Date:||Thursday, August 31, 2023|
|Time:||11:00 AM ET|
|Dial-In Phone Numbers:||Dial-in: +1 253 215 8782|
About RocketFuel, Inc.
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 payouts, B2B cross-border crypto payment solutions, invoicing and a crypto payments service, and is developing a point-based loyalty program. 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, 2023. 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.
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