MGO Global Inc. Common Stock (NASDAQ:MGOL) Q3 2023 Earnings Call Transcript

MGO Global Inc. Common Stock (NASDAQ:MGOL) Q3 2023 Earnings Call Transcript November 17, 2023

Operator: Good afternoon, ladies and gentlemen, and welcome to MGO Global's Third Quarter Results Webcast. Joining us from MGO are Maximiliano Ojeda, Co-Founder, Chairman and CEO; and MGO's Chief Financial Officer, Vincent Ottomanelli. Before I turn the floor over to them, I remind you that during today's call statements that are not historical facts, including any projections, statements regarding future events or future financial performance or statements of intent or belief are forward-looking statements and are covered by the safe harbor disclaimers contained in the company's public filings with the SEC. Actual outcomes and results may differ materially from what is expressed in or implied by these forward-looking statements. With that said, I'd now like to introduce Max. Max, the floor is yours.

Maximiliano Ojeda: Thank you very much, Karen. I also like to thank all of you for listening this afternoon. For both the third and 9 months reporting period this year as compared to last year, MGO has succeeded in delivering revenue growth of 948% and 1,017%, respectively. We believe that this performance is a direct reflection of our growth initiatives, producing highly favorable top line results and testifying to our team's hard work and the trust of our customers. Moving through the holiday season and into the new year, we expect to perpetuate our success by driving leverage in our operating efficiencies, expanding product categories for each of our brands, better aligning our cost structure with revenue growth and executing marketing strategies that will fuel higher customer conversion rates and increase per customer order values for both the Messi store and Stand Flagpoles.

MGO, it's also focused on capitalizing on our shared service platform and infrastructure to support the addition of potential new brands, addressing niche markets to our portfolio through possible acquisitions, brand collaborations and organic incubation initiatives, all of which are in the works. Since going public in January of this year, we have embarked on a journey that has presented and continues to present us with value learnings and future growth opportunities. Our unique high-quality products and world-class team, has serve us as the foundation of our strategy to become a leading direct-to-consumer digital commerce company, all while navigating the challenges posed by a difficult capital market environment, inflationary pressure impacting consumers, geopolitical conflicts and a volatile macroeconomic backdrop.

A fashionable retail store showcasing the company's apparel products.

Despite these challenges, our focus has not changed in our financial and operational goals for the year appear to be on track as a result. Vinnie, could you now please provide our listeners with some insights into our third quarter results.

Vincent Ottomanelli: Sure, Max. Good afternoon to all of you listening in on today's webcast. Earlier today, we filed our third quarter 2023 report on Form 10-Q with the SEC. If you have not had a chance to review it, you may access it on sec.gov or via MGO's Investor Relations section on our website under SEC filings. I encourage everyone to read our 10-Qs and other filings with the SEC to ensure you have a full understanding of our business, financial results and other important information disclosed. I'll begin by sharing performance highlights from our statement of operations for the 3 and 9 months ended September 30, 2023, compared to the same reporting period in the prior year. Q3 2023 total revenues increased 948% to approximately $1.46 million, which is up from approximately $140,000 reported in the Q3 of last year.

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