Focus on Revenue Growth and Debt Reduction
Vancouver, BC. June 05, 2023 – Marble Financial Inc. (CSE: MRBL; OTC: MRBLF; FSE:2V0) (“Marble” or the “Company”), an AI-driven financial technology company, is pleased to announce its financial results for the first quarter of 2023. The Company’s performance during this period highlights its commitment to revolutionizing the use of real-time financial data, empowering businesses, and consumers to make informed financial decisions and fostering stronger relationships within the industry.
Key financial highlights for Q1 2023 include:
- Total revenues increased by 7% to $324,910 over the comparative first quarter in 2022 and increased over 193% compared to the previous quarter ending December 31, 2022.
- Verification fees from our proprietary open banking platform, Inverite Verification Inc., increased by 53% over the comparative quarter in 2022 and showed continued growth of 5% over the previous quarter ending December 31, 2022.
- SaaS fees grew by 86% revenue over the comparative quarter in 2022 and were consistent with the previous quarter ending December 31, 2022. Loan interest decreased by 68% compared to the comparative quarter in 2022 as the Company winds down its Fast-Track loan program and focusses on growing its other revenue streams.
- Operating expenses decreased by 14% as compared to the comparative quarter in 2022 and decreased 17% compared to the previous quarter ending December 31, 2022.
- Settled $803,000 of convertible debentures and outstanding interest that matured December 31, 2022, through the issuance of new debentures.
Subsequent events and updates:
Marble is pleased to also provide the following previously disclosed strategic initiatives:
- Settled $5,150,830 in bond principal and accrued interest through a combination of debt forgiveness and the issuance of 44,298,850 common shares. In addition, bondholders also agreed to waive accrued interest from Q1 2022, strengthening Marble’s balance sheet.
- The Company’s affiliate partner program grew to 167 affiliate partners, an increase of 30%, year over year.
- Management cease trade order revoked as of May 31, 2023.
Karim Nanji, Marble’s CEO comments: “We remain committed to revolutionizing the use of real-time financial data and empowering businesses and consumers to make informed decisions. Our market expansion using innovative SaaS solutions, driven by artificial intelligence and machine learning, enables us to continue to deliver improved revenue while reducing costs. With our cutting-edge technology platforms and strategic partnerships, we are poised to continue driving growth and success in the industry.”
A comprehensive discussion of Marble’s financial position and results of operations is provided in the financial statements and management’s discussion and analysis for the three-month periods ended March 31, 2023, filed on SEDAR.
About Marble Financial Inc. (CSE: MRBL; OTC: MRBLF; FSE:2V0):
Marble is a leading provider of software-as-a-service (SaaS) solutions that empower businesses to acquire and use real -time financial data to better transact with consumers. Along with enabling smarter marketing ROI for partners seeking increased conversion rates to those consumers that require further monitoring, predictive financial recommendations, and guidance to rehabilitate them to transact in the future. Utilizing Marble’s proprietary and proven artificial intelligence data-driven technology platforms, Inverite, Accumulate.ai and MyMarble, businesses and consumers are empowered in real-time, access to a 360 financial profile that includes credit and banking data. Marble leverages machine learning, artificial intelligence, predictive financial recommendations, risk scores and open-banking strategies to put the power of financial data into the hands of businesses and consumers, promoting more robust relationships and higher intent toward future engagements.
For further information about Marble Financial, please visit: mymarble.ca
Mike Marrandino, Executive Chairman
T:(855) 661-2390 ext. 104 Email: [email protected]
Neither the Canadian Securities Exchange nor its regulations services providers have reviewed or accept responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements and information (“FLSI”) within the meaning of applicable securities laws. FLSI may include expectations, anticipations, beliefs, opinions, plans, intentions, estimates, forecasts, projections, guidance or other similar statements and information that are not historical facts. FLSI is subject to certain risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, and is based on assumptions, the occurrence or inaccuracy of which, as the case may be, could cause actual results to differ materially from those indicated or implied in FLSI. Accordingly, readers should not place undue reliance or value on FLSI. Although the Company believes that the expectations reflected in any FLSI in this news release are reasonable at the present time, it can give no assurance that such FLSI will prove to be correct. Any FLSI in this news release is expressly qualified in its entirety by this cautionary statement. Any FLSI in this press release is made as of the date hereof and the Company undertakes no obligations to publicly update or revise any FLSI, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.