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Net Element, Inc. (NETE)

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10.84+1.53 (+16.43%)
At close: 4:00PM EDT

10.95 +0.11 (1.01%)
After hours: 5:53PM EDT

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Previous Close9.31
Open10.21
Bid10.95 x 1000
Ask11.14 x 1400
Day's Range9.86 - 11.20
52 Week Range2.03 - 20.08
Volume309,332
Avg. Volume392,293
Market Cap56.457M
Beta (5Y Monthly)2.06
PE Ratio (TTM)N/A
EPS (TTM)-1.34
Earnings DateAug 11, 2021 - Aug 16, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • Net Element Reports Full Year 2020 Financial Results, Updates Shareholders on Pending Merger with Mullen Technologies
    GlobeNewswire

    Net Element Reports Full Year 2020 Financial Results, Updates Shareholders on Pending Merger with Mullen Technologies

    MIAMI, March 31, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Net Element, Inc. (NASDAQ:NETE) (“Net Element” or the “Company”), today reports its financial results for the calendar year ended December 31, 2020, and updates shareholders on the pending merger with privately-held Mullen Technologies, Inc. (“Mullen”), a Southern California-based electric vehicle (“EV”) company, in a stock-for-stock reverse merger in which, subject to consummation, Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger Company. Mullen has completed its required financial audits and both companies are working to finalize the Form S-4 which is expected to be filed with the Securities and Exchange Commission. “We would like to reassure our shareholders that we continue working diligently on the pending merger with Mullen as we move to finalize Form S-4 and the proxy statement for our shareholders,” commented Net Element’s Executive Chairman Oleg Firer. “The Company has been focused on minimizing operational expenses in the payments business pending its divestiture, subject to requisite stockholders’ approval, as part of the merger with Mullen.” Results of Operations for the Year Ended December 31, 2020 Compared to the Year Ended December 31, 2019 We reported a net loss attributable to common stockholders of approximately $5.9 million or ($1.34) loss per share for the year ended December 31, 2020 as compared to a net loss of approximately $6.5 million or ($1.60) loss per share for the year ended December 31, 2019. This resulted in a decrease in net loss attributable to stockholders of approximately 9% primarily due to a decrease of approximately $2.3 million in selling, general, and administrative expenses, partially offset by an increase in non-cash compensation of approximately $0.7 million. There were no goodwill impairment charges during the year ended December 31, 2020, as compared to an impairment charge of approximately $1.3 million recorded at December 31, 2019. The following table sets forth our sources of revenues, cost of revenues and gross margins for the years ended December 31, 2020 and 2019. Source of RevenuesTwelve MonthsEndedDecember 31,2020MixTwelve MonthsEndedDecember 31,2019MixIncrease /(Decrease)North American Transaction Solutions$ 62,556,69895.2%$ 61,778,00295.0%$778,696 International Transaction Solutions 3,148,4244.8% 3,221,6095.0% (73,185)Total$ 65,705,122100.0%$ 64,999,611100.0%$705,511 Cost of RevenuesTwelve MonthsEndedDecember 31,2020% ofrevenuesTwelve MonthsEndedDecember 31,2019% ofrevenuesIncrease /(Decrease)North American Transaction Solutions$ 53,593,34285.7%$ 52,395,75284.8%$1,197,590 International Transaction Solutions 2,268,06172.0% 2,325,95872.2% (57,897)Total$ 55,861,40385.0%$ 54,721,71084.2%$1,139,693 Gross MarginTwelve MonthsEndedDecember 31,2020% ofrevenuesTwelve MonthsEndedDecember 31,2019% ofrevenuesIncrease /(Decrease)North American Transaction Solutions$ 8,963,35614.3%$ 9,382,25015.2%$(418,894)International Transaction Solutions 880,36328.0% 895,65127.8% (15,288)Total$ 9,843,71915.0%$ 10,277,90115.8%$(434,182) Net revenues consist primarily of service fees from transaction processing. Net revenues were approximately $65.7 million for the year ended December 31, 2020 as compared to approximately $65.0 million for the year ended December 31, 2019. Cost of revenues represents direct costs of generating revenues, including commissions, mobile operator fees, interchange expense, processing and non-processing fees. Cost of revenues for the year ended December 31, 2020 were approximately $55.9 million as compared to approximately $54.7 million for the year ended December 31, 2019. The increase in cost of revenues in 2020 as compared to 2019 of approximately $1.1 million was in line with the increase in net revenues for our North American Transaction Solutions segment. Gross Margin for the year ended December 31, 2020 was approximately $9.8 million, or 15.0% of net revenue, as compared to approximately $10.3 million, or 15.8% of net revenue, for the year ended December 31, 2019. The primary reason for the decrease in the gross margin percentage was primarily the result of the competitive pressure in our industry, relating to costs that cannot be passed through to our merchants. Operating Expenses Analysis: Total operating expenses were approximately $14.3 million for the year ended December 31, 2020, as compared to total operating expenses of approximately $15.8 million for the year ended December 31, 2019. Total operating expenses for the year ended December 31, 2020 consisted of selling, general and administrative expenses of approximately $7.0 million, non-cash compensation of approximately $2.7 million, bad debt expense of approximately $1.6 million, and depreciation and amortization expense of approximately $3.0 million. For the year ended December 31, 2019, total operating expenses consisted of general and administrative expenses of approximately $9.3 million, non-cash compensation of approximately $2.1 million, bad debt expense of approximately $1.4 million, and depreciation and amortization expense of approximately $3.1 million. The components of our selling, general and administrative expenses are reflected in the table below. Selling, general and administrative expenses for the years ended December 31, 2020 and 2019 consisted of operating expenses not otherwise delineated in the accompanying audited consolidated statements of operations and comprehensive loss, as follows: Twelve months ended December 31, 2020 CategoryNorth American Transaction SolutionsInternational Transaction SolutionsCorporate Expenses & EliminationsTotalSalaries, benefits, taxes and contractor payments$ 1,688,782 $ 437,112 $ 1,349,831 $ 3,475,725 Professional fees 330,250 152,604 977,017 1,459,871 Rent 80,310 62,702 113,808 256,820 Business development 204,181 7,649 10,901 222,731 Travel expense 7,860 68,110 174,905 250,875 Filing fees - - 83,567 83,567 Transaction gains - 55,320 - 55,320 Office expenses 258,414 23,732 91,996 374,142 Communications expenses 141,621 158,248 90,879 390,748 Insurance expense - - 169,457 169,457 Other expenses 5,591 9,203 261,994 276,788 Total$ 2,717,009 $ 974,680 $ 3,324,355 $ 7,016,044 Twelve months ended December 31, 2019 CategoryNorth American Transaction SolutionsInternational Transaction SolutionsCorporate Expenses & EliminationsTotalSalaries, benefits, taxes and contractor payments$ 1,230,858 $ 516,737 $ 3,021,665 $ 4,769,260 Professional fees 520,019 259,349 1,607,185 2,386,553 Rent - 80,107 221,987 302,094 Business development 226,633 1,747 44,452 272,832 Travel expense 133,300 46,403 105,422 285,125 Filing fees - - 103,760 103,760 Transaction losses - (61,200) - (61,200)Office expenses 302,764 23,981 64,897 391,642 Communications expenses 151,033 199,862 84,651 435,546 Insurance expense - - 150,408 150,408 Other expenses 22,804 10,308 272,652 305,764 Total$ 2,587,411 $ 1,077,294 $ 5,677,079 $ 9,341,784 Variance CategoryNorth American Transaction SolutionsInternational Transaction SolutionsCorporate Expenses & EliminationsTotalSalaries, benefits, taxes and contractor payments$ 457,924 $ (79,625)$ (1,671,834)$ (1,293,535)Professional fees (189,769) (106,745) (630,168) (926,682)Rent 80,310 (17,405) (108,179) (45,274)Business development (22,452) 5,902 (33,551) (50,101)Travel expense (125,440) 21,707 69,483 (34,250)Filing fees - - (20,193) (20,193)Transaction gains - 116,520 - 116,520 Office expenses (44,350) (249) 27,099 (17,500)Communications expenses (9,412) (41,614) 6,228 (44,798)Insurance expense - - 19,049 19,049 Other income (17,213) (1,105) (10,658) (28,976)Total$ 129,598 $ (102,614)$ (2,352,724)$ (2,325,740) The total decrease of approximately $2.3 million in selling, general and administrative expenses for the year ended December 31, 2020 as compared to the prior year was primarily due to the staffing reductions necessary and the reduction of compensation of certain employees and executives of the Company, including independent consultants and other professionals, due to the effects of the COVID-19 pandemic on our operations. Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure To supplement its consolidated financial statements presented in accordance with United States generally accepted accounting principles (“GAAP”), the Company provides additional measures of its operating results by disclosing its adjusted net loss attributable to Net Element, Inc. stockholders. Adjusted net loss attributable to Net Element stockholders is calculated as net loss attributable to Net Element stockholders excluding non-cash share-based compensation. The Company discloses this amount on an aggregate and per-share basis. These measures meet the definition of non-GAAP financial measures. The Company believes that application of these non- GAAP financial measures is appropriate to enhance the understanding of the Company’s investors regarding its historical performance through the use of a metric that seeks to normalize period-to-period earnings. A reconciliation of these non-GAAP financial measures with the comparable financial measures calculated in accordance with GAAP for the year ended December 31, 2020, and December 31, 2019, is presented in the following tables. GAAPShare-based CompensationImpairment Charge Relating toGoodwillAdjusted Non- GAAPTwelve months ended December 31, 2020 Net loss attributable to Net Element Inc stockholders$ (5,941,434)$ 2,718,152 $ - $ (3,223,282)Basic and diluted earnings per share$ (1.34)$ 0.61 $ - $ (0.73)Basic and diluted shares used in computing earnings per share 4,420,777 4,420,777 Twelve months ended December 31, 2019 Net loss attributable to Net Element Inc stockholders$ (6,458,382)$ 2,050,862 $ 1,326,566 $ (3,080,954)Basic and diluted earnings per share$ (1.60)$ 0.51 $ 0.33 $ (0.76)Basic and diluted shares used in computing earnings per share 4,041,957 4,041,957 Use of Non-GAAP Financial Measures Non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP measures exclude significant expenses that are required by GAAP to be recorded in the Company's financial statements and are subject to inherent limitations. About Net Element Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the U.S. and selected emerging markets. On August 5, 2020, Net Element announced the execution of a definitive agreement (the “Merger Agreement”) to merge with privately-held Mullen Technologies, Inc. (“Mullen”), a Southern California-based electric vehicle company in a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company (the “contemplated merger”). That contemplated merger is subject to customary closing conditions, regulatory approvals and shareholder approval for both companies. Additional Information and Where to Find It In connection with the contemplated merger, Net Element plans to file with the U.S. Securities and Exchange Commission (the “SEC”) proxy statement on Schedule 14A (the “Proxy Statement”), the registration statement on Form S-4, as well as other relevant materials regarding the contemplated merger. Following the filing of the definitive Proxy Statement and the registration statement on Form S-4 with the SEC, Net Element will provide access to the definitive Proxy Statement, a proxy card and the registration statement on Form S-4 to each stockholder entitled to vote at the special meeting relating to the contemplated merger and the transactions contemplated in the Merger Agreement requiring the Net Element’s stockholders’ approval. Net Element stockholders are urged to carefully read the Proxy Statement, the registration statement on Form S-4 and other materials relating to the contemplated merger (and any amendments or supplements thereto) and any other relevant documents filed with the SEC when they become available because they will contain important information. The definitive proxy statement, the preliminary proxy statement, the registration statement on Form S-4 and other relevant materials regarding the contemplated merger (when they become available), and any other documents filed by Net Element with the SEC, may be obtained free of charge at the SEC’s website (http://www.sec.gov) or at the Company’s website (http://www.netelement.com). Forward-Looking Statements Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to what the ultimate impact of the COVID-19 pandemic will have on the Company and its operations, whether the Company will obtain shareholder or other regulatory approvals for the consummation of the merger with Mullen, including the receipt and timing of required approvals and satisfaction of other conditions to the closing of the proposed merger and the related transactions contemplated in the merger agreement, whether the Company will achieve growth or achieve its goals and when the Company will reach profitability. Additional examples of such risks and uncertainties include, but are not limited to (i) Net Element's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element's ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element's ability to successfully expand in existing markets and enter new markets; (iv) Net Element's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element's business; (viii) changes in government licensing and regulation that may adversely affect Net Element's business; (ix) the risk that changes in consumer behavior could adversely affect Net Element's business; (x) Net Element's ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; and (xii) adverse effects of potentially deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element with the Securities and Exchange Commission. Net Element anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing the Company’s plans and expectations as of any subsequent date. Contact:Net Element, Inc.Tel. +1 (786) 923-0502Media@NetElement.comwww.NetElement.com Corporate Communications:InvestorBrandNetwork (IBN)Los Angeles, Californiawww.InvestorBrandNetwork.com310.299.1717 OfficeEditor@InvestorBrandNetwork.com

  • Mullen Set to Rock ’n' Roll in Memphis
    GlobeNewswire

    Mullen Set to Rock ’n' Roll in Memphis

    Memphis, Tennessee, to Become US Manufacturing Hub for Mullen’s EVs Memphis, Tennessee Mullen Automotive plans to create up to 800 jobs and deliver 100,000 EV vehicles over a 5-year period. BREA, Calif., March 19, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Mullen Technologies Inc. (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, which previously announced a definitive agreement to merge with Net Element, Inc. (NASDAQ: NETE) in a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company, announces its intent to execute a long-term lease on an 820,000-square-foot facility in Memphis, Tennessee. With the help of local and state incentives from the city of Memphis and the state of Tennessee, respectively, Mullen plans to create up to 800 jobs and deliver 100,000 vehicles over a five-year period, commencing in Q4 of 2023. The 2P6 SUV crossover (formerly MX-05) will be the first in Mullen’s line of fully electric vehicles that will be manufactured at this facility. Mullen is currently working on midstage design efforts for the 2P6 in Southern California. Once completed, Mullen will begin building prototype vehicles in its newly acquired facility in Tunica, Mississippi, for initial engineering development and certification. Simultaneously, Mullen will spend the next 33 months creating the necessary infrastructure and installing the required machinery and equipment for the Memphis facility to support large-scale EV production. “Memphis moved the world when an alternative new sound known as rock ’n’ roll came from a recording studio on Union Avenue, and we continue to move the world by positioning Memphis to be considered as the new home to an alternative electric vehicle manufacturer in Mullen Technologies,” said Ted Townsend, chief economic development officer for the Greater Memphis Chamber. “This is only the beginning of fulfilling our promise to attract new businesses in innovative industry sectors that will bring good-paying jobs – 800 of them to be exact in this case – to the community. We will continue to aggressively seek this type of growth in advanced automotive manufacturing for Memphis and Shelby County, while at the same time continuing to pursue other industries that create good-paying, sustainable jobs.” “Tennessee Valley Authority (TVA) and Memphis Light, Gas & Water (MLGW) congratulate Mullen Technologies on the decision to locate its new electric vehicle operations in Memphis. Attracting quality jobs and investment from innovative companies like Mullen is central to TVA’s mission to serve the people of the Valley. We are proud to partner with EDGE, City of Memphis, Shelby County and the Memphis Chamber to help further that mission and support economic growth in the region,” said John Bradley, TVA senior vice president of economic development.“Memphis’ location makes it a primary logistical hub for distribution throughout the U.S. and will provide Mullen with key strategic advantages. The local and state-level administrations are both fully supportive of our manufacturing plan and are showcasing their commitment with significant financial incentives that will help us grow along with the city and state over the next decade,” said John Taylor, VP of Manufacturing for Mullen.“Shelby County is the home of hard work and innovation, and we are open for business. We are excited about the substantial announcement that Mullen Technologies is considering Memphis as the location for their electric vehicle manufacturing operation. We would be honored to welcome Mullen Technologies and hundreds of quality jobs to our community,” said Lee Harris, mayor of Shelby County.“Having a project of this magnitude and in the electric vehicle industry is extremely exciting for Memphis,” said Mayor Jim Strickland. “I’m looking forward to working with the Mullen Technologies team to make this project happen and bring more good-paying jobs to our city.” “Our Tunica and Memphis facility arrives at a very important time for Mullen,” said David Michery, CEO and chairman of Mullen Technologies. “Our pilot facility in Monrovia, California, has now been moved to Tunica, Mississippi. Tunica is more cost-effective and efficient, with close proximity to Memphis. Ultimately, this will produce significant savings in time and money.” “The Memphis factory provides us with the necessary manufacturing footprint to take Mullen to the next level while also helping us create an economic powerhouse in the region. This is a critical point for us and will be very mutually beneficial for Mullen, Memphis and the state of Tennessee,” Michery added. On March 11, 2021, Mullen announced the purchase of a facility located 50 miles away from Memphis, Tennessee, in Tunica, Mississippi, which will provide advanced engineering and manufacturing capabilities. Both facilities will support Mullen’s manufacturing requirements for the next 10-plus years. About Mullen Technologies:Mullen Technologies is a Southern California-based licensed vehicle manufacturer that operates in various verticals, focusing on the automotive industry: Mullen Automotive, Mullen Energy, Mullen Auto Sales, Mullen Funding Corp. and CarHub. Each of these divisions provides Mullen with a diversity of products and services within the automotive industry. For more information, please visit: www.MullenUSA.com. Forward-Looking Statements: This press release contains "forward-looking statements." Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions, as well as statements in future tense, often signify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the proposed production date of the MX-05 midsize and perceived advantages and future deployment of the solid-state polymer battery technology. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information that the Company has when those statements are made or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including any changes in the laws, rules and regulations relating to any aspects of the Company's business operations; general economic, market and business conditions, including capital market developments; the actions and developments of the Company's competitors and the effects of competition in the EV industry on the demand for, and price of, the Company's current and proposed products and services; various business opportunities that the Company; and factors beyond the Company's control. As a result of these and other risks, uncertainties and assumptions, forward-looking events and circumstances discussed herein might not occur in the way the Company expects, or at all. Accordingly, you should not place reliance on any forward-looking information or statements. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. All forward-looking statements herein are qualified by reference to the cautionary statements set forth in this section. Corporate Communications: InvestorBrandNetwork (IBN) Los Angeles, California www.InvestorBrandNetwork.com 310.299.1717 Office Editor@InvestorBrandNetwork.com Attachment Memphis, Tennessee