RocketFuel Blockchain sees Q3 revenue $646,000 vs. $42,000 last year

RocketFuel Blockchain provided a pre-announcement of expected revenue for its third fiscal quarter ended December 31, 2023. The company’s growth is marked by significant increases in revenue and the expansion of its customer base. For FQ3, RocketFuel is pre-announcing anticipated revenue of $646,000, a 24X increase from the $42,000 revenue generated in the same quarter last year. The substantial growth experienced by RocketFuel can be attributed to the introduction of two new products, the acquisition of multiple large new customers, as well as the increased adoption of the company’s products by existing customers and partners. This combination has fueled an average revenue growth of 100% quarter over quarter for the past 7 quarters. For the calendar year 2023, RocketFuel processed 525,000 transactions across approx. 125,000 unique customers. “While we are pleased with our continued customer traction and revenue expansion, we also saw some challenges in FQ3” said Peter Jensen, RocketFuel CEO. “Continued regulatory uncertainty and a general slowdown in capital markets have made it harder to raise capital than it was two years ago. As we continue to increase our revenue, we need additional capital to take advantage of the opportunity ahead of us and become cash flow positive. We also had some partner-related issues that prevented our merchants from utilizing our solutions to maximum capacity. Most of these have been addressed, and we’ve recently seen a further increase in volume and revenue for those products. In addition, one of our larger customers have had some challenges on their revenue side which impacted our FQ3., We have a healthy pipeline and we feel good about continuing our pattern of doubling our revenue on average every quarter, driven by new products, customers, and adoption as long as there are no major unexpected challenges.”