Tapinator, Inc. announced unaudited financial results for the first quarter ended March 31, 2016. Tapinator recorded gross revenues of $848,613 and a net loss of $402,820 for the three-month period ended March 31, 2016. This compares to revenue of $411,883 and a net income of $5,840 for the same period in 2015. The net loss was attributable to a decrease in operating income, coupled with increases in primarily non-cash financing related charges associated with the company's $2.0 million convertible debenture financing completed during the second quarter of 2015. For the three-month period ended March 31, 2016, the company generated operating income of $6,893, as compared to operating income of $62,240 for the comparable three-month period in 2015. The reduction in operating income is primarily due to increases in amortization of capitalized software development, general & administrative costs, and marketing & public relations costs. For the three-month period ended March 31, 2016, the Company achieved adjusted EBITDA of $220,510, as compared to adjusted EBITDA of $111,682 for the comparable three-month period in 2015. The increase in adjusted EBITDA is primarily due to operating leverage on the higher level of revenues.

Tapinator expects to achieve annualized revenue growth in 2016 in the range of 50%-75%, resulting in a forecasted revenue range of $3.7 million - $4.3 million for the year. The company expects to achieve near break-even results at the operating income level, and is targeting an adjusted EBITDA (a non-GAAP measure) percentage of 22% for 2016. Assuming, the company achieves break-even results at the operating income level, the company expects to incur net losses in 2016 of approximately $1.6 million, primarily as a result of financing related charges associated with the Company's $2.0 million convertible debenture financing completed during 2015, including $1.5 million in expected non-cash charges.