Tapinator, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Year 2018
August 14, 2018 at 08:30 am EDT
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Tapinator, Inc. reported earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported revenue of $733,673 against $620,096 a year ago. Net loss was $557,052 or $0.01 per share diluted against $1,862,119 or $0.03 per share diluted a year ago. Adjusted EBITDA was $10,183 against adjusted LBITDA of $37,823 a year ago. The increase in revenue is attributable primarily to an increase in Consumer App Store Transactions, driven from within both Full-Featured Games and Rapid-Launch Games, which was partially offset by a decrease in Advertising revenue, driven by declines from within Rapid-Launch Games. The increase in operating loss was primarily attributable to $419,766 in non-cash, stock based compensation expense incurred for the comparable period. The company incurred an operating loss of $553,984, as compared to an operating loss of $267,378 for the comparable three-month period in 2017. The increase in operating loss was primarily attributable to $419,766 in non-cash, stock based compensation expense incurred for the comparable period.
For the six months, the company reported revenue of $1,622,361 against $1,432,890 a year ago. Net loss was $1,472,932 or $0.02 per share diluted against $2,416,376 or $0.04 per share diluted a year ago. Adjusted EBITDA was $170,297 against $3,516 a year ago. The net loss decrease was primarily attributable to $1.59 million of non-cash charges related to debt discount amortization, interest expense and loss on debt extinguishment recorded in the prior period. For the six-month period ended June 30, 2018, the Company incurred an operating loss of $1,146,655, as compared to an operating loss of $445,717 for the comparable six-month period in 2017. The increase in operating loss was primarily attributable to $1,040,182 in non-cash, stock based compensation expense incurred for the comparable periods.
For the year, the company expects revenue of $3,300,000 to $3,600,000. Net loss of range between $2,850,000 to $2,650,000. Adjusted EBITDA of range between $200,000 to $400,000.
Tapinator, Inc. develops and publishes games for mobile platforms. The Companyâs portfolio includes over 300 titles that have over 500 million mobile downloads, including games such as Video Poker Classic and Crypto Trillionaire. It publishes two types of mobile games: Category Leading Games and Rapid-Launch Games. The Company operates NFT500, a digital art collection platform consisting of blue-chip fine art non-fungible tokens (NFTs), consists of approximately 525 fine art NFTs from more than 150 prominent NFT artists, such as Tyler Hobbs, Bored Ape Yacht Club, XCOPY, Helena Sarin, Pindar Van Arman, Monica Rizzolli, Refik Anadol, Manolo Gamboa Naon, Kevin Abosch, Zach Lieberman, Pak, Anne Spalter, Snofro, Hackatao, Bruce Gilden, Justin Aversano, Claire Silver, Zancan, Matt Deslauriers, Dmitri Cherniak, Nick Kuder and Damien Hirst. The Company's Rapid-Launch Games are published primarily under its Tap2Play brand. Its subsidiaries include Tapinator, LLC and Tap2Play, LLC.