SINGAPORE - (NewMediaWire) - October 23, 2024 - Mobile-health Network Solutions (Nasdaq: MNDR) (“MaNaDr” or “the Company”), a leading Asia-Pacific telehealth provider, today announced that for the fiscal year 2024 ended June 30, 2024, the Company had revenue of $14.0 million, a $6.1 million, or 77 percent, improvement on revenue of $7.9 million for fiscal 2023. This improvement was due to increased revenue of $6.0 million contributed by the Company’s telemedicine and other services segment, and $0.1 million by MNDR’s sale of medicine and medical devices segment.

Cost of revenue increased by $4.7 million, or 69 percent, in fiscal 2024, mainly due to a 70 percent increase in the number of telemedicine cases compared to fiscal 2023.

Cash used in operating activities in fiscal 2024 was $6.4 million as compared to $2.2 million in fiscal 2023.

The Company’s gross profit increased by $1.4 million, or 132 percent, to $2.5 million during FY 2024, mainly due to the 77 percent year-over-year increase in revenue and an increase in gross profit margin to 18.2 percent during FY24 from 13.9 percent during FY23.

Due however to a $13.9 million, or 316 percent, increase in total operating expenses in fiscal 2024 compared to the previous fiscal year, the company incurred a net loss of $15.6 million, or $(.56) per share, for fiscal 2024, as compared to a net loss of $3.2 million, or $(.13) per share, for fiscal 2023.

The largest contributor to the $13.9 million increase in fiscal 2024 total operating expenses was a $9.1 million non-cash, share-based compensation expense during that year, compared to zero for fiscal 2023. This expense consisted primarily of share-based payments to employees pursuant to the Company’s established Employee Incentive Plan and to non-employees in consideration for IPO-related and business development services rendered to the Company.

Fiscal 2024’s increase in total operating expenses also comprised a $3.0 million increase in selling, general, and administrative expenses mainly due to increases in IPO-related professional fees, IT-related cloud server maintenance expenses, traveling, business development, and insurance expenses; an increase of $1.6 million in salaries and benefits for staff who contributed significantly to the Company’s successful IPO and fiscal 2024 increase in revenue; and a $0.1 million increase in depreciation and amortization expenses arising from a new office lease entered during FY 2024.

Cash and cash equivalents at June 30, 2024, and June 30, 2023, was $6.7 million and $2.2 million, respectively. The total weighted number of shares outstanding was 27,808,375 at June 30, 2024, and 25,482,000 at June 30, 2023.

“We are proud to have achieved substantial improvements in both our total revenue and total number of telemedicine cases during fiscal 2024,” said co-CEO Dr. Siaw Tung Yeng, PBM, Senior Consultant Family Physician. “Looking forward to fiscal 2025, we are confident that the non-cash, share-based compensation to non-employees and IPO-related portions of our total operating expenses will decline sharply from fiscal 2024 levels, thus significantly boosting our bottom line.”

Co-CEO Dr. Rachel Teoh Pui Pui, PBM, Family Physician, added, “Our unique identity as an affordable, quality, 24/7 provider of telehealth services offering nearly all types of medical specialists available on a near-instantaneous basis is establishing an ever-wider footprint in Singapore and across southeast Asia. We believe this growth will continue to accelerate in the years ahead.”

To view the F-1 filing detailing complete details of the Company’s fiscal 2024 financial performance, please go to https://investors.manadr.com/sec-filings or consult the SEC website at https://www.sec.gov/edgar/search/#/ciks=0001976695&entityName=Mobile-health%2520Network%2520Solutions%2520(MNDR)%2520(CIK%25200001976695)

About Mobile-health Network Solutions

Ranked #41 in the Financial Times 2024 listing of 500 High-growth Asia-Pacific Companies, we are the first telehealth provider from the Asia-Pacific region to be listed in the US. Through our MaNaDr platform, we offer personalized and reliable medical attention to users worldwide. Our platform allows our community of healthcare providers to have a broader reach to users through virtual clinics without any start-up costs and the ability to connect to a global network of peer-to-peer support groups and partners. Our range of seamless and hassle-free telehealth solutions includes teleconsultation services, prescription fulfillment and other personalized services such as weight management programs and gender-specific care. For more information, please visit https://investors.manadr.com/.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's ability to execute our strategies, manage growth and maintain our corporate culture; the Company's future business development, financial conditions and results of operations; expectations regarding demand for and market acceptance of our products and services; changes in technology; economic conditions; the growth of the telehealth solutions industry in Singapore and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in Singapore and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statements contained in this press release speak only as of the date hereof, and Mobile-health Network Solutions specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

For media inquiries, please contact:

Mobile-health Network Solutions Investor Relations Contact:
2 Venture Drive, #07-06/07 Vision Exchange
Singapore 608526
(+65) 6222 5223
Email: investors@manadr.com

Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com

Statement of Operations

Year Ended June 30,

2024

2023

2022

2024 to 2023

2023 to 2022

USD

USD

USD

% Change

% Change

Revenue

      13,968,535

      7,874,886

      6,988,849

                 77.4

                 12.7

Cost of revenue

     (11,430,162)

    (6,779,892)

    (5,053,743)

                 68.6

                 34.2

Gross profit

        2,538,373

      1,094,994

      1,935,106

               131.8

                (43.4)

Operating expenses:

Salaries and benefits

        4,045,692

      2,389,892

      1,038,877

                 69.3

               130.0

Depreciation and amortization

           149,078

           94,816

           87,094

                 57.2

                   8.9

Selling, general and administrative

        4,927,584

      1,898,986

         615,473

               159.5

               208.5

Share-based compensation

        9,119,764

                   -  

                   -  

               100.0

                     -  

Total operating expenses

      18,242,118

      4,383,694

      1,741,444

               316.1

               151.7

Other income:

Government incentives

                     -  

           27,892

             2,357

              (100.0)

            1,083.4

Other income, net

             81,759

           47,448

           62,453

                 72.3

                (24.0)

Total other income, net

             81,759

           75,340

           64,810

                   8.5

                 16.2

(Loss) income before income tax expense

     (15,621,986)

    (3,213,360)

         258,472

               386.2

           (1,343.2)

Income tax credit (expense)

             19,194

                   -  

       (165,775)

               100.0

              (100.0)

Net (loss) income

     (15,602,792)

    (3,213,360)

           92,697

               385.6

           (3,566.5)

Foreign currency translation, net of income tax

           139,230

         396,262

       (114,433)

                (64.9)

              (446.3)

Comprehensive loss

     (15,463,562)

    (2,817,098)

         (21,736)

               448.9

          12,860.5

Balance Sheet

 As of June, 30

2024

2023

 US$

 US$

ASSETS

Current assets

Cash and cash equivalents

             6,707,695

           2,225,806

Accounts receivable, net

                111,066

                74,315

Inventories, net

                163,993

              146,381

Other current assets

                222,737

              164,410

Amount due from related parties

                  83,563

              106,897

Total current assets

             7,289,054

           2,717,809

Non-current assets

Plant and equipment, net

                216,047

              178,799

Intangible assets, net

                  18,952

                70,783

Operating leases right-of-use assets

                370,607

              393,198

Other assets

                  55,955

                81,950

Total non-current assets

                661,561

              724,730

TOTAL ASSETS

             7,950,615

           3,442,539

LIABILITIES

Current liabilities

Accounts payable

             1,671,201

           1,358,816

Accruals and other payables

             1,078,094

              826,167

Amount due to officers

                133,544

              133,586

Amount due to related parties

                  35,367

                26,915

Operating lease liabilities, current

                240,090

              154,604

Total current liabilities

             3,158,296

           2,500,088

Non-current liabilities

Amount due to officers

                516,946

              994,708

Other liabilities

                          -  

                73,763

Operating lease liabilities

                135,920

              241,179

Total non-current liabilities

                652,866

           1,309,650

TOTAL LIABILITIES

             3,811,162

           3,809,738

SHAREHOLDERS’ EQUITY (DEFICIT)

Ordinary shares, Class A, $0.000004 par value, 6,250,000,000 shares authorized, 22,413,462 and 13,403,750 shares issued and outstanding as of June 30, 2024 and 2023, respectively

                         89

                       53

Ordinary shares, Class B, $0.000004 par value, 6,250,000,000 shares authorized, 12,078,250 shares issued and outstanding as of June 30, 2024 and 2023, respectively

                         49

                       49

Additional paid-in capital

           28,466,888

           8,496,710

Accumulated deficit

          (24,755,793)

         (9,153,001)

Accumulated other comprehensive income

                428,220

              288,990

Total shareholders’ equity (deficit)

             4,139,453

            (367,199)

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

             7,950,615

           3,442,539

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