Haverford, PA, May 12, 2023 (GLOBE NEWSWIRE) -- Investview, Inc. (OTCQB: INVU), a diversified financial technology company that through its subsidiaries and global distribution network provides financial technology, education tools, content, research, and management of digital asset technologies with a focus on Bitcoin mining and the new generation of digital assets, is pleased to announce its financial results for the first quarter ended March 31, 2023.

Summary Consolidated Financial Highlights:

Results of Operations

• Gross Revenue (a Non-GAAP measure) decreased 22.5% to $14.8 million for the three months ended March 31, 2023, as compared to $19.1 million for the three months ended March 31, 2022.
• Net Revenue decreased 23.6% to $13.6 million for the three months ended March 31, 2023, as compared to $17.7 million for the three months ended March 31, 2022.
• Net income from operations decreased 90.8% to $0.4 million (includes $1.0 million of depreciation expense) for the three months ended March 31, 2023, as compared to net income from operations of $4.3 million (includes $0.9 million of depreciation expense) for the three months ended March 31, 2022.
• Net cash used in operating activities was $0.4 million for the three months ended March 31, 2023, a decrease of 109.8% compared to net cash provided by operating activities of $4.1 million for the three months ended March 31, 2022.

Balance Sheet Data

• Cash and cash equivalents at March 31, 2023 were $19.2 million, a decrease of $1.2 million from $20.4 million at December 31, 2022, principally as a result of a security deposit of $2.2 million and the purchase of $0.6 million of new next-generation mining equipment during the current period. Accordingly, fixed assets increased by the same amount, partially offset by depreciation during the period.
• Total assets at March 31, 2023 were $36.3 million, an increase of $0.7 million from $35.6 million of assets at December 31, 2022, mainly due to an increase in prepaid assets and receivables. Our current ratio of 2.07 at March 31, 2023 remains strong, but reflects a decrease of 0.14 from our current ratio of 2.21 at December 31, 2022.
• Outstanding debt was $9.8 million at March 31, 2023, a decrease of $0.7 million from the $10.5 million of debt at December 31, 2022, with total liabilities also decreasing by $0.2 million during the comparative periods.
• Total stockholders' equity was $18.3 million at March 31, 2023, an increase of $0.9 million from the $17.4 million of stockholders' equity at December 31, 2022.

Company CFO, Ralph Valvano, Comments on the First Quarter 2023 Results of Operations

Investview Chief Financial Officer, Ralph Valvano commented, "We experienced erosion in most of our first quarter 2023 operating results due to material industry headwinds. However, we continue to manage our balance sheet by investing in new next-generation equipment and paying down debt, while still maintaining a strong liquid cash position. We remain laser focused on optimizing our operations across both our SAFETek mining and high-performance computing and iGenius business operations. We remain steadfastly committed to effectively managing capital in today's challenging environment and believe we are well positioned to deliver shareholder value during 2023 and beyond."

First Quarter 2023 Operational Highlights

SAFETek Operations SAFETek net revenue for the three months ended March 31, 2023, was $2.1 million, a decrease of 41.5% or $1.5 million over the three months ended March 31, 2022. The decrease in net revenue was a result of the decrease in the value of Bitcoin, an increase in Bitcoin mining difficulty levels and older less efficient Bitcoin mining equipment being taken off-line.

iGenius Operations iGenius net revenue for the three months ended March 31, 2023, was $11.5 million, a decrease of $2.7 million or 19.0%, over the three months ended March 31, 2022; with the decrease mainly attributable to a $2.5 million drop in subscription revenue.

Company President and COO, James Bell, Comments on Operational Highlights

Investview President and COO, James Bell, commented, "Despite a challenging environment in the digital asset space during 2022 and into early 2023, due in large part to material industry headwinds, the decrease in the value of Bitcoin versus previous period, the difficulty level for mining Bitcoin increased by 10% month over month making it more difficult and expensive to mine new blocks, and older less efficient Bitcoin mining equipment being taken off-line for installation of newer generation mining equipment, SAFETek was able to achieve certain strategic milestones. For example, we expanded our Bitcoin mining operation during the month of March as we acquired 1,350 new-generation Bitmain S19 J Pro/Pro series miners and extended our initiative to use low-carbon and renewable energy sources in our mining operations in Europe. This action increased our deployed fleet of next generation miners by approximately 39%, with approximately 450 of these new miners installed and deployed in April and the remaining 900 miners deployed in the first half of May. With the purchase and deployment of these new generation miners in mid-May, the Company will have 100% of its Bitcoin mining operating from the latest generation and highest efficiency mining technology. This expansion when complete is estimated to extend SAFETek's total self-mining operational hash rate capacity to an estimated all-time operating high of 450+ Petahash per Second (equal to .450 EH/s Exahash per Second), representing a nearly 77% year-over-year increase in operational hash rate to SAFETek's online hash rate capacity. In addition, SAFETek expects to continue its efforts toward increasing the efficiency of its energy and direct operational costs by, among others, operating close to 100% of its mining equipment by predominantly environmentally friendly renewable energy sources of hydro and geothermal energy. Furthermore, SAFETek continues to develop and operate its Bitcoin self-mining operation unencumbered and debt-free."

Company CEO, Victor Oviedo, Looking Ahead

Investview Chief Executive Officer Victor M. Oviedo commented, "We continue to adapt to the changing landscape within the digital asset environment. Despite sustained pressure on the price of Bitcoin and increasing headwinds within the digital asset and Bitcoin mining space, we continue to meet every challenge head-on. We responded to our revenue compression by scaling back workforce, developing a plan to rationalize operational and overhead expenses and deploying more efficient miming equipment. However, we recognize that our way to increased profitability on a long-term basis is not through expense reduction. We continue to actively assess the strengths of the organization and consider strategic initiatives by which we can build on those strengths to diversify and grow our business. This includes, among others, a continued focus upon our plans to develop a financial services business that builds upon our proprietary software-based trading platform. At the same time, we continue to recognize that our iGenius distribution network offers a fully-developed international sales and marketing platform that we believe is capable of significant growth. In view of that objective, we are actively evaluating strategic initiatives by which we can expand the mix of products and services offered through our iGenius distribution network to bring unique and differentiated products to market."

Mr. Oviedo continued, "Looking ahead, I continue to be highly optimistic about Investview's future growth prospects, given the strength of its current businesses and balance sheet. I remain committed to finding the right mix of growth initiatives that will leverage the strengths of this organization and, on a long-term basis, reward our loyal shareholder base."

About Investview, Inc.

Investview, Inc., a Nevada corporation, a financial technology (FinTech) services company, operates several different businesses, including a Financial Education and Technology business that delivers a series of products and services involving financial education, digital assets and related technology, through a network of independent distributors; a Blockchain Technology and Crypto Mining Products and Services business including leading-edge research, development and FinTech services involving the management of digital asset technologies with a focus on Bitcoin mining and the new generation of digital assets.

For more information on Investview, please visit: .

Forward-Looking Statements

All statements in this release that are not based on historical fact are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies, and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other comparable terms. These forward-looking statements are based on Investview's current beliefs and assumptions and information currently available to Investview and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Statements made by the Company regarding the operating speed and capacity of its mining servers are based solely on the Company's reliance on manufacturer's technical specifications. Our forward-looking statements also assume that we will be able, at some time in the future, to develop a business within the investment management and brokerage business. This assumes, however, that we are able to either start-up or acquire a registered broker-dealer, although there can be no assurance that we will be able to locate, or secure financing sufficient to acquire, one or more suitable acquisition targets within this business sector, and if we can, there can be no assurance that we will be able to secure the required FINRA approval; particularly given: (i) the inability to secure FINRA consent on an aborted acquisition within the brokerage industry during 2022; and (ii) our ongoing regulatory matters with the SEC. More information on potential factors that could affect Investview's financial results is included from time to time in Investview's public reports filed with the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year-ended December 31, 2022, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. The forward-looking statements made in this release speak only as of the date of this release, and Investview, Inc. assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.

Investor Relations
Contact: Ralph R. Valvano
Phone Number: 732.889.4300
Email: pr@investview.com

Reconciliation of Gross Revenue to Net Revenue
(unaudited)

As used in this report, Gross Revenues are not a measure of financial performance under United States Generally Accepted Accounting Principles ("GAAP"). Gross Revenues are presented as they are used by management to understand the total revenue before certain items such as refunds, incentives, credits, chargebacks and amounts paid to third party providers. The non-GAAP Gross Revenue measure is a supplement to the GAAP financial information. A reconciliation between Gross Revenue (non-GAAP) and Net Revenue is presented in the table below.

Gross Revenue (non-GAAP) to Net Revenue reconciliation for the three months ended March 31, 2023 is as follows:

Gross Revenue (non-GAAP) to Net Revenue reconciliation for the three months ended March 31, 2022 is as follows: