Miivo AI reports nearly 560% revenue growth as product commercialization gains momentum

We've deployed it across uh 4,000 businesses that have signed up to our platform. We then launched three AI uh products.

All right, welcome back inside our Proactive News Room and joining me now is Alex De Mounie. He is the CEO of Mivo AI.

And Alex, great to see you again. How are you?

It's great to see you too, Steve. I'm doing very well. Thank you.

Good. Well, the company out with uh with a substantial growth in revenue and that's that's obviously a uh a big number that jumps off, 560%.

So, uh I'll leave it to you now to talk to us a little bit about what you're seeing. It's very good.

Yeah, absolutely. Absolutely. I mean, look, our our our year end Steve is in May.

Right? So the revenue that we've announced is from June to August, which is our financial Q1.

And we've generated more revenue in those three months than we have in the entire year.

Right? So and and and this is mainly because of two reasons, right? So we're we're seeing existing customers

moving from a lower price plan to a higher price plan, and that's telling us that they're deriving value in our platform and in our offering.

And we're also acquiring new customers, right?

So, we see this at both as an early indication that our business model is working. And the fact that this is monthly recurring revenue that we are booking, right?

Because they're signing on on a subscription basis, it gives us predictability in terms of our commercials and we also have this retention model that creates opportunities for us to introduce

additional products and services to our existing client base.

Alex, this is really no surprise to you. You and I have been talking over the last year or so that you've been building towards this and and and really starting to the model of the company is to get to this recurring revenue and where you are right now.

So it sounds like the the plan that you've implemented is really working.

Yeah, absolutely. I mean, we're we're we're definitely delivering on what we're promising and what we're committing to.

You know, we spoke uh about this earlier Steve about you kind of Mivo and, you know, developing and testing our AI technology. We've deployed it across uh 4,000 businesses that have signed up to our platform.

We then launched three AI uh products. Uh we've offered customized solutions on the back of those products, which we charge on a monthly

which we charge a monthly subscription for and that's what gives us the recurring revenue. And the recurring revenue is really what's important here because we're not relying on one-off projects,

right? We're we're we're booking revenue on a monthly basis and we're seeing an upward trajectory in terms of that revenue.

Yeah. And and and that really sort of is a a way that you can uh differentiate yourself from from those uh that you're competing against as well.

And that's and obviously the model seems to be working.

Yeah, yeah, for sure. I mean, you know, uh recurring revenue is definitely our our North star, you know, growing it, uh growing our subscription base.

I mean, the the the nice thing about this is is that, you know, by by retaining customers within our system, you know, we're sitting on a large data set of customers as well as expertise to then continuously build and test more products that they're asking us for.

Yeah. How do you keep this going? What's sort of the plan for the next six months and the rest of this year, obviously?

Yeah, I mean, look what we're going to do Steve is that we're we're going to continuously build and nurture the distribution network that we've put into place uh to be able to service customers in multiple markets.

Right? Uh these distribution partners themselves could become potential acquisition targets in the future to complement our organic growth, but that's if it makes sense to our business model, right?

But from a from a product development standpoint, um, you know, by operating in several markets, by working with a broad range of customers, it definitely creates new opportunities for us to be able to introduce new products through the global network that we've been building.

And the products that we're building, Steve, always have a measurable impact on a business.

So, two businesses, for example, that we've worked with have already turned profitable using our technology, and we're helping other companies turn AI native.

So we're going to be continuously strengthening our business model and our offering uh uh uh to a wide spectrum of small and medium-sized enterprises.

All right, we look forward to continuing to follow the story as it develops for sure.

Alex, thanks so much. Congratulations. Uh 560% revenue growth, very exciting for you and the team.

Thank you Steve, it's great talking with you.

All right, there's Alex De Mounie. He is the CEO of Mivo AI.