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RealNetworks, Inc. (RNWK) reported third quarter 2022 results with revenue at $11.7 million, a slight decline from $11.9 million in the prior quarter and $14.3 million year-over-year. The company recorded a net loss of $(6.7) million, or $(0.14) per diluted share. Adjusted EBITDA loss worsened to $(5.8) million compared to the previous quarter's loss of $(4.2) million. The company has closed its first large sale for the SAFR Scan product and continues to develop a sales pipeline. A shareholder meeting is scheduled for December 14, 2022 to vote on a pending merger agreement.
RealNetworks, Inc. (Nasdaq: RNWK) will announce its third-quarter financial results for 2022 on November 8, 2022, after market close. A conference call is scheduled for 1:30 p.m. PT / 4:30 p.m. ET that day. Participants can join by calling 1-877-550-1707 (U.S.) or 1-848-488-9020 (international). A replay will be available until November 22, 2022. The live webcast can be accessed through RealNetworks' Investor Relations site.
RealNetworks focuses on AI-driven products, including SAFR for computer vision and KONTXT for natural language processing.
RealNetworks, Inc. (Nasdaq: RNWK) announced its Q2 2022 financial results, reporting revenue of $11.9 million, down from $14.6 million year-over-year, with a net loss of $(5.1) million. The company has entered a definitive merger agreement with CEO Rob Glaser, who will merge RealNetworks into Greater Heights LLC, offering shareholders $0.73 per share. The merger is subject to shareholder approval, with a meeting to vote on the agreement planned for a later date. RealNetworks is transitioning to a decentralized structure and has appointed Paul DiPeso as President of SAFR.
RealNetworks (Nasdaq: RNWK) has reached a definitive agreement for a merger with Greater Heights LLC, an affiliate of founder Robert D. Glaser. Each share will convert to cash consideration of $0.73, reflecting a 55% premium over the stock's closing price before the announcement. The transaction is approved by the Board and requires majority shareholder approval, excluding Glaser's shares. Anticipated to close in Q4, the merger aims to provide liquidity and value to shareholders while focusing on operational efficiencies in a challenging economic climate.
RealNetworks (Nasdaq: RNWK) will announce its financial results for the second quarter of 2022 on July 28, 2022, after market close. A conference call is scheduled for 1:30 p.m. PT, where participants can join by dialing specific numbers for the U.S. and international callers. A replay will be available until August 11, 2022. The company offers AI-powered digital media solutions, including SAFR for computer vision and KONTXT for natural language processing. More details can be found on their Investor Relations site.
RealNetworks (RNWK) announced a CFO transition as Christine Chambers will leave the company on July 31, 2022. Brian McClain, who joined as a strategic advisor on July 6, 2022, will assume the role of Interim CFO starting August 1, 2022. McClain brings 25 years of experience in financial leadership roles within technology and manufacturing sectors. CEO Rob Glaser expressed gratitude toward Chambers for her contributions and optimism regarding McClain’s leadership during the company’s transformation towards software and hardware integration and AI investments.
RealNetworks (Nasdaq: RNWK) announced significant leadership changes on June 28, 2022. Paul DiPeso has been appointed as President of SAFR, bringing over 25 years of experience from companies like Feenics and Tyco. DiPeso aims to leverage SAFR's innovative security solutions to enhance market position. Concurrently, Mike Ensing will transition to a strategic advisor role effective July 1, 2022, after significant contributions as President and COO since early 2020. CEO Rob Glaser praised Ensing's foundational work during challenging times for the company.
RealNetworks (RNWK) announced a pilot program with Vodafone Germany for Vodafone CallProtect, aimed at combating fraudulent calls using its KONTXT AI technology.
This service will provide users with alerts on potential scam calls, utilizing a database of known spam numbers. The pilot is set for six months and is free for existing Vodafone Secure Net users in Germany. The initiative responds to the rising fraudulent call activities exacerbated by the pandemic, showcasing RealNetworks' commitment to enhancing customer protection and service performance.
RealNetworks, Inc. (Nasdaq: RNWK) announced an unsolicited proposal from its Founder and CEO, Rob Glaser, to acquire all outstanding shares not owned by him at $0.67 per share. Glaser currently holds 38% of the stock. In response, RealNetworks' board has formed an independent special committee to review the proposal and other alternatives. The committee will include independent directors Erik Prusch and Bruce Jaffe and will seek independent advisors for the evaluation process. There is no guarantee that the review will lead to a transaction, and business operations will continue unaffected during this period.
