Tapinator, Inc. Announces Unaudited Earnings Results for the First Quarter Ended March 31, 2018; Provides Earnings Guidance for the Fiscal Year 2018
May 16, 2018
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Tapinator, Inc. announced unaudited earnings results for the first quarter ended March 31, 2018. For the quarter, the company announced revenue of $888,688 compared to $812,794 for the same period a year ago. The increase in revenue was attributable primarily to an increase in Consumer App Store Transactions, driven by Full-Featured Games business, which was partially offset by a decrease in Advertising revenue, driven by declines in Rapid-Launch Games business. Net loss was $915,880 compared to $554,255 for the same period a year ago. The net loss increase was primarily attributable to $620,417 in non-cash, stock based compensation expense incurred in the most recent quarter. Adjusted EBITDA was $160,106 compared to $41,338 for the same period a year ago. The increase in adjusted EBITDA is primarily due to $620,417 in non-cash, stock based compensation expense incurred in the most recent quarter which is included in net loss and backed out of the adjusted EBITDA figure. Operating loss was $592,671 compared to $178,340 for the same period a year ago. The increase in operating loss was primarily attributable to $620,417 in non-cash, stock based compensation expense incurred in the most recent quarter. Diluted net loss per share was $0.01 compared to $0.01 for the same period a year ago.
For the fiscal year 2018, the company expects unaudited revenue to be in the range of $4,117,000 to $3,931,000, operating loss to be in the range of $2,327,000 to $2,419,000, net loss to be in the range of $2,650,000 to $2,742,000, and adjusted EBITDA to be $548,000 to $456,000.
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.