Mobiquity's Losses Mount, Revenue Plummets Amid Going Concern Doubts

TL;DR

**MOBQW is bleeding cash and revenue, making it a highly speculative bet with significant risk of total loss.**

AI Summary

Mobiquity Technologies, Inc. (MOBQW) reported a significant decline in revenue and a substantial increase in net loss for the nine months ended September 30, 2025. Revenue plummeted to $160,795 from $1,096,218 in the prior year, representing an 85.3% decrease. The net loss widened to $6,685,887, a 117.7% increase from $3,071,366 in the same period of 2024. Operating expenses surged by 74.9% to $6,157,017, primarily driven by a 69.5% increase in general and administrative expenses to $5,614,905. The company's cash position significantly deteriorated, with cash on hand falling to $361,894 at September 30, 2025, from $1,159,933 at December 31, 2024. This resulted in net cash used in operations of $4,127,980 for the nine months, up from $1,798,860 in 2024. The accumulated deficit reached $232,319,408, and the company reported a working capital deficit of $2,569,531, raising substantial doubt about its ability to continue as a going concern.

Why It Matters

Mobiquity's severe revenue decline and escalating losses signal deep operational challenges, raising red flags for investors about the company's viability. The explicit 'going concern' warning indicates a high risk of insolvency, potentially wiping out shareholder value. For employees, this could mean job insecurity, while customers might face service disruptions or a lack of future innovation. In the competitive advertising and data intelligence market, Mobiquity's struggles could allow rivals like The Trade Desk or Magnite to further consolidate market share, impacting the broader industry landscape.

Risk Assessment

Risk Level: high — The company explicitly states 'substantial doubt about the Company's ability to continue as a going concern' due to a net loss of $6,685,887 and net cash used in operations of $4,127,980 for the nine months ended September 30, 2025. Furthermore, it has an accumulated deficit of $232,319,408 and a working capital deficit of $2,569,531, with cash on hand of only $361,894.

Analyst Insight

Investors should avoid MOBQW given the explicit going concern warning, massive accumulated deficit, and severe cash burn. Existing shareholders should consider divesting to mitigate further losses, as the company's ability to secure additional capital is uncertain.

Financial Highlights

revenue

$160,795

total Assets

$5,566,802

total Debt

$1,182,786

net Income

$(6,685,887)

gross Margin

62.1%

cash Position

$361,894

revenue Growth

-85.3%

Key Numbers

• $160,795 — Revenue (85.3% decrease for nine months ended Sep 30, 2025, compared to $1,096,218 in 2024)
• $(6,685,887) — Net Loss (117.7% increase for nine months ended Sep 30, 2025, compared to $(3,071,366) in 2024)
• $(4,127,980) — Net Cash Used in Operations (Increased from $(1,798,860) in 2024 for nine months ended Sep 30, 2025)
• $361,894 — Cash on Hand (As of September 30, 2025, down from $1,159,933 at December 31, 2024)
• $(232,319,408) — Accumulated Deficit (As of September 30, 2025, indicating significant historical losses)
• $(2,569,531) — Working Capital Deficit (As of September 30, 2025, indicating short-term liquidity issues)
• $6,157,017 — Total Operating Expenses (74.9% increase for nine months ended Sep 30, 2025, compared to $3,520,726 in 2024)
• 22,867,746 — Common Shares Outstanding (As of November 11, 2025)

Key Players & Entities

• Mobiquity Technologies, Inc. (company) — registrant
• Advangelists, LLC (company) — wholly owned subsidiary
• Mobiquity Networks, Inc. (company) — wholly owned subsidiary
• SEC (regulator) — Securities and Exchange Commission
• $160,795 (dollar_amount) — revenue for nine months ended September 30, 2025
• $6,685,887 (dollar_amount) — net loss for nine months ended September 30, 2025
• $4,127,980 (dollar_amount) — net cash used in operating activities for nine months ended September 30, 2025
• $232,319,408 (dollar_amount) — accumulated deficit as of September 30, 2025
• $361,894 (dollar_amount) — cash on hand as of September 30, 2025
• $2,569,531 (dollar_amount) — working capital deficit as of September 30, 2025

FAQ

Risk Factors

• Deteriorating Liquidity and Going Concern Doubt [high — financial]: The company's cash on hand has fallen to $361,894 as of September 30, 2025, a significant decrease from $1,159,933 at December 31, 2024. This, coupled with a working capital deficit of $2,569,531 and net cash used in operations of $4,127,980 for the nine months ended September 30, 2025, raises substantial doubt about Mobiquity Technologies' ability to continue as a going concern.
• Significant Revenue Decline [high — financial]: Revenue for the nine months ended September 30, 2025, plummeted by 85.3% to $160,795, a stark contrast to $1,096,218 in the same period of 2024. This dramatic decrease indicates a severe contraction in the company's core business operations.
• Widening Net Loss [high — financial]: The net loss for the nine months ended September 30, 2025, increased by 117.7% to $6,685,887, up from $3,071,366 in the prior year. This substantial increase in losses exacerbates the company's financial distress.
• Surging Operating Expenses [medium — operational]: Total operating expenses increased by 74.9% to $6,157,017 for the nine months ended September 30, 2025, compared to $3,520,726 in the prior year. A significant portion of this increase is attributed to a 69.5% surge in general and administrative expenses to $5,614,905.
• Accumulated Deficit [high — financial]: The company's accumulated deficit reached $232,319,408 as of September 30, 2025. This indicates a long history of unprofitability and significant cumulative losses since the company's inception.

Industry Context

Mobiquity Technologies operates in the advertising and data intelligence sector, utilizing AI for programmatic media, audience targeting, and behavioral insights across various digital and physical platforms. The industry is characterized by rapid technological advancements, data privacy concerns, and intense competition from established players and emerging AI-driven solutions.

Regulatory Implications

As an advertising and data intelligence company, Mobiquity Technologies is subject to evolving data privacy regulations (e.g., GDPR, CCPA) and advertising standards. Non-compliance can lead to significant fines and reputational damage, impacting its ability to operate and attract clients.

What Investors Should Do

1. Review the company's cash burn rate and runway to assess the immediate liquidity situation and potential need for further financing.
2. Analyze the sustainability of the current business model given the drastic revenue decline and increasing operating expenses.
3. Monitor any disclosures regarding potential restructuring, cost-cutting measures, or new capital infusions to address the going concern issues.

Key Dates

• 2025-09-30: End of Nine Months Reporting Period — Key financial results for the period, including revenue, net loss, and cash position, were reported, highlighting significant financial deterioration and raising going concern issues.
• 2025-12-31: Previous Fiscal Year End — Provided a baseline for comparison, showing a substantial decrease in cash on hand from $1,159,933 to $361,894 by September 30, 2025.

Glossary

Going Concern

An accounting assumption that a company will continue to operate for the foreseeable future. If there is substantial doubt about this, it must be disclosed. (The company's financial condition raises substantial doubt about its ability to continue as a going concern, a critical disclosure for investors.)

Accumulated Deficit

The total cumulative net losses of a company since its inception, less any cumulative net income. (A large accumulated deficit of $232,319,408 indicates a long history of unprofitability for Mobiquity Technologies.)

Working Capital Deficit

Occurs when a company's current liabilities exceed its current assets, indicating potential short-term liquidity problems. (Mobiquity Technologies has a working capital deficit of $2,569,531, signaling immediate challenges in meeting its short-term obligations.)

Net Cash Used in Operations

The amount of cash a company has spent on its core business operations during a period. (An increase in net cash used in operations to $4,127,980 for the nine months ended September 30, 2025, shows the company is burning cash at an accelerated rate.)

Year-Over-Year Comparison

Compared to the nine months ended September 30, 2024, Mobiquity Technologies has experienced a severe 85.3% decline in revenue, falling from $1,096,218 to $160,795. This has been accompanied by a substantial increase in net loss, up 117.7% to $6,685,887, and a significant rise in operating expenses by 74.9%. The company's cash position has also weakened considerably, with cash on hand dropping by over $798,000.

Key Financial Figures

• $250,000 — he amount insured by the FDIC, which is $250,000. On September 30, 2025, and December 31

Filing Documents

• mobiquity_i10q-093025.htm (10-Q) — 1492KB
• mobiquity_ex3101.htm (EX-31.1) — 8KB
• mobiquity_ex3102.htm (EX-31.2) — 7KB
• mobiquity_ex3201.htm (EX-32.1) — 4KB
• mobiquity_ex3202.htm (EX-32.2) — 3KB
• 0001683168-25-008438.txt ( ) — 7093KB
• mobq-20250930.xsd (EX-101.SCH) — 53KB
• mobq-20250930_cal.xml (EX-101.CAL) — 41KB
• mobq-20250930_def.xml (EX-101.DEF) — 254KB
• mobq-20250930_lab.xml (EX-101.LAB) — 425KB
• mobq-20250930_pre.xml (EX-101.PRE) — 358KB
• mobiquity_i10q-093025_htm.xml (XML) — 935KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Consolidated Financial Statements

Item 1. Consolidated Financial Statements 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 34

Quantitative and Qualitative Disclosures

Item 3. Quantitative and Qualitative Disclosures 45

Controls and Procedures

Item 4. Controls and Procedures 45

OTHER INFORMATION

PART II. OTHER INFORMATION 47

Legal Proceedings

Item 1. Legal Proceedings 47 Item lA. Risk Factors 47

Changes in Securities

Item 2. Changes in Securities 47

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 56

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 56

Other Information

Item 5. Other Information 56

Exhibits

Item 6. Exhibits 56

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Mobiquity Technologies, Inc. Consolidated Balance Sheets September 30, December 31, 2025 (Unaudited) 2024 Assets Current Assets Cash $ 361,894 $ 1,159,933 Accounts receivable, net 124,571 47,916 Prepaid and other current assets 580,277 768,622 Total Current Assets 1,066,742 1,976,471 Property and equipment, net 2,968 4,417 Goodwill 1,352,865 1,352,865 Capitalized software development costs, net 2,644,213 3,184,562 Investment 500,014 – Total Assets $ 5,566,802 $ 6,518,315 Liabilities and Stockholders' Equity Current Liabilities Accounts payable and accrued expenses $ 2,412,324 $ 2,528,463 Accrued interest - related party 15,677 6,000 Contract liabilities 25,486 25,486 Debt, current portion, net 1,182,786 673,915 Total Current Liabilities 3,636,273 3,233,864 Total Liabilities 3,636,273 3,233,864 Commitments and Contingencies (Note 8) – Stockholders' Equity AAA preferred stock; $ 0.0001 par value, 1,250,000 shares authorized, 31,413 shares issued and outstanding 3 3 Preferred stock Series E; $ 0.0001 par value, 70,000 shares authorized, 61,688 shares issued and outstanding 6 6 Preferred stock Series H; $ 0.0001 par value, 770,000 shares authorized, no shares issued and outstanding – – Common stock; $ 0.0001 par value, 100,000,000 shares authorized, 22,749,888 and 18,721,240 shares issued, 22,747,371 and 18,718,723 shares outstanding 2,268 1,872 Treasury stock, at cost, $ 0.0001 par value 2,517 shares outstanding ( 1,350,006 ) ( 1,350,006 ) Additional paid-in capital 235,597,666 230,266,097 Accumulated deficit ( 232,319,408 ) ( 225,633,521 ) Total Stockholders' Equity 1,930,529 3,284,451 Total Liabilities and Stockholders' Equity $ 5,566,802 $ 6,518,315 See accompanying notes to the consolidated financial statements 3 Mobiquity Technologies, Inc. Consolidated Three Months Ended Ni

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (UNAUDITED) NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS Mobiquity Technologies, Inc. and its operating subsidiaries ("Mobiquity," "we," "our" or "the Company"), are an advertising and data intelligence company that utilizes AI to deliver programmatic media, audience targeting, and real-time behavioral insights across mobile, CTV, digital out-of-home, social media and in-venue screens. Through its subsidiaries, Advangelists, Mobiquity Networks and Mobiquity.ai and several strategic partnerships, Mobiquity powers innovative campaigns—bridging digital and physical environments to drive engagement through contextually relevant, data-driven advertising. Mobiquity Technologies, Inc. was incorporated in the Schedule of subsidiaries Company Name New York Advangelists, LLC Delaware Mobiquity Networks, Inc. Mobiquity Networks, Inc. is a wholly owned subsidiary of Mobiquity Technologies, Inc., commencing operations in May 2018. Mobiquity Networks started and developed as a mobile advertising technology company focused on driving foot-traffic throughout its indoor network and has evolved and grown into a next generation data intelligence company. Mobiquity Networks, Inc. operates our data intelligence platform business. Advangelists, LLC Advangelists LLC is a wholly owned subsidiary of Mobiquity Technologies, Inc., acquired through a merger transaction in December 2018, and operates our ATOS platform business. Liquidity, Going Concern and Management's Plans These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying consolidated financial

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