Tapinator, Inc. Announces Unaudited Financial Results for the First Quarter Ended March 31, 2016; Provides Earnings Guidance for the Full Year of Fiscal 2016
May 05, 2016 at 09:10 am EDT
Share
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.
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.
Tapinator, Inc. Announces Unaudited Financial Results for the First Quarter Ended March 31, 2016; Provides Earnings Guidance for the Full Year of Fiscal 2016