Net Element Inc. (NASDAQ: NETE) Releases Q3 2020 Financial Results Showing Improved Revenues Despite Continued Shutdowns

• NETE results include year-over-year increases in revenue and transaction volume
• 45% of NETE clients in restaurant business, management expects rebound once states reopen
• NETE plans to divest payments processing model to enter EV industry through reverse-merger with privately-held Mullen Technologies Inc.

Net Element (NASDAQ: NETE), a global financial technology and payments processing company, recently posted its Q3 2020 results showing improved revenues despite continued shutdowns in NY and California. The value-added solutions group supports electronic payments acceptance in an omni-channel environment that spans point-of-sale, e-commerce applications and mobile devices for small to medium enterprises in the U.S. and selected emerging markets.

Business closures due to COVID-19 have affected NETE revenues negatively, particularly for the restaurant industry that comprises approximately 45% of its customer base. With most of the business coming from the…

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For more information, visit the company’s website at www.NetElement.com.

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