MGO Global Announces First Quarter 2023 Financial Results

Company Leadership to Host Corporate Update Via Audio Webcast This Afternoon at 4pm ET

MIAMI, FL / BUENOS AIRES, ARGENTINA / LONDON, UK / NEW YORK, NY / ACCESSWIRE / May 16, 2023 / MGO Global Inc. (NASDAQ:MGOL), operator of The Messi Store, ("MGO" or the "Company" or "MGO Global"), today announced its financial results for the three months ended March 31, 2023.

Financial Highlights for Three Months Ended March 31, 2023 Compared to Three Months Ended March 31, 2022

• Revenues increased 238% to $334,701 for the three months ended March 31, 2023, compared to $99,077 for the same three month period in 2022.
  • Revenue generated from sales of Messi Brand apparel, accessories and homewares totaled $289,533, representing 87% of total revenues for the first quarter of 2023 - up from $99,077 reported for the three months ended March 31, 2022.
  • Revenue generated from sales of residential flagpoles and other related products sold through the Company's new Americana Liberty subsidiary totaled $45,147, or 13% of total sales, for the first quarter of 2023.
• After factoring total operating expenses of $1,403,045, the operating loss for the three months ended March 31, 2023 increased 119% to $1,202,356 as compared to an operating loss of $572,173 after accounting for $639,577 in total operating expenses for the three months ended March 31, 2022.
• For the three months ended March 31, 2023, net loss increased 258% to $1,158,056, or $0.09 loss per share, inclusive of $62,069 in net losses attributable to non-controlling interest; as compared to a net loss after factoring the net loss attributable to noncontrolling interest of $65,655, of $511,071, or $0.05 loss per share, for the three months ended March 31, 2022.

For more detailed information on MGO's first quarter 2023 financial results, please refer to the Quarterly Report filed on Form 10-Q with the U.S. Securities and Exchange Commission, accessible at www.sec.gov or on MGO's website, www.mgoglobalinc.com.

Maximiliano Ojeda, Co-Founder, Chairman and CEO of MGO, stated, "2023 is off to a solid start following the successful completion of our Initial Public Offering in mid-January. In this period of economic uncertainty, we believe that our financial position gained strength and is a strategic advantage and one that we look forward to capitalizing on as we advance our efforts to build MGO into a major digital commerce company. Our first quarter results reflect that we wasted no time on executing several key growth initiatives centered on swiftly scaling our business through integration of AI-powered marketing programs and expansion of our portfolio of digital-native consumer lifestyle brands. I believe that we have the right strategies in place to drive growth in coming quarters as the year continues to unfold."

Corporate Update Webcast

As a reminder, MGO's leadership will host a formal corporate update via audio webcast this afternoon beginning at 4:00 PM Eastern Time.

To access the webcast, please go to https://www.webcaster4.com/Webcast/Page/2957/48382. If you have any difficulty connecting to the webcast, please contact Dodi Handy, Director of Communications at MGO, by calling 407-960-4636. A replay of the webcast will be available on the Company's website at https://www.mgoglobalinc.com/investor-relations/ within 24 hours following the conclusion of the live webcast.

About MGO Global Inc.

Founded in October 2018 and headquartered in Florida with remote employees and specialty contractors in London, New York and Latin America, MGO Global is a performance-driven lifestyle brand portfolio company focused on direct-to-consumer (DTC) digital commerce. Guided by its deep understanding of data analytics, personality-driven trust and algorithm-driven marketing and distribution, coupled with its leadership's track records of success and industry relationships and expertise, in late 2018, the Company launched its first DTC brand - The Messi Store, which offers a premium line of functional and sporty casual wear, accessories and homewares inspired by legendary pro soccer player Leo Messi and created by Ginny Hilfiger. For more information on MGO Global, please visit www.mgoglobalinc.com.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and The Messi Brand and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of Coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, successfully managing and perpetuating the Company's licensing rights with Leo Messi Management, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.

CONTACT INFORMATION:

FOR MEDIA AND INVESTOR RELATIONS

MGO Global Inc.
Dodi Handy, Director of Communications
Phone: +1 407-960-4636
Email: dhandy@mgoteam.com

SOURCE: MGO Global