Tingo Group, Inc. (NASDAQ:TIO) Q3 2023 Earnings Call Transcript

Tingo Group, Inc. (NASDAQ:TIO) Q3 2023 Earnings Call Transcript November 17, 2023

Operator: Greetings, and welcome to the Tingo Group Third Quarter 2023 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include forecasts, estimates, or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on the future holds, they’re not guarantees and are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as the date of this presentation.

A woman examining her finances and a mortgage payment plan on her laptop.

Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of the new information or future events. Throughout today’s discussion, we will attempt to present some important factors relating to our business that may affect our predictions. You should also review our most recent Form 10-Q filed today and Form 10-K for a more complete discussion of these factors and other risks, particularly under the heading Risk Factors. A press release detailing these results crossed the [wires] this morning and is available in the Investor Relations section of our company’s website, tingogroup.com. Your host today, Kenneth Denos, Tingo Group Co-Chief Executive Officer, will present results of operations for the quarter ended September 30, 2023.

At this time, I will turn the call over to Tingo Group Co-Chief Executive Officer, Kenneth Denos. Please go ahead.

Kenneth Denos: Thank you, operator, and good morning, everyone. I'm pleased to welcome you to today's third quarter 2023 financial results conference call. Despite the challenges we have encountered over the past few months, namely, the short-seller attack in June which had a negative impact on customer confidence, the significant devaluation of Nigeria's currency following the lifting of certain foreign exchange restrictions, a period of economic stagnation and high inflation in Nigeria following the government elections in February 2023, and subsequent change of presidential administrations in May, I am proud of our progress and achievements over the past 3 months and excited about our future prospects for the remainder of the year and beyond.

For those of you joining us for the first time, I would like to take a moment to introduce Tingo Group. Tingo Group is a diverse Fintech and Agri-Fintech Group of Companies with operations in Africa, Southeast Asia, and the Middle East. We significantly expanded and somewhat transformed the company when we acquired 100% of Tingo Mobile Limited on November 30, 2022, and then acquired Tingo Foods Plc on February 7, 2023, before subsequently changing our name to Tingo Group Inc. on February 27, 2023. As of today, the Tingo Group is comprised of the following businesses: Tingo Mobile, which is a leading fintech and agri-fintech business in Africa that operates through a device as a service and smartphone USSD platform model; Tingo Foods, which offtakes crops from Tingo Mobile's substantial and growing customer base of farmers, and processes those crops into finished food and beverage products; Tingo DMCC, which operates the commodity trading platform and export business from the Dubai Multi Commodity Center, and deals in both raw agricultural commodities from our Tingo Mobile farmers as well as finished food products from Tingo Foods; TingoPay, a super app supported by a Pan-Africa partnership with Visa.

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