Tapinator Announces Q2 2024 Financial Results
Tapinator (OTC: TAPM) announced Q2 2024 financial results, reporting a 16% year-over-year revenue increase to $1.2 million. However, bookings decreased 8% to $1.1 million. The company's net income dropped significantly to $2,000 from $83,000 in the previous year, while Adjusted EBITDA decreased 44% to $119,000. For the six months ended June 30, 2024, Tapinator achieved revenue of $2.4 million and bookings of $2.3 million, with net income of $146,000 and Adjusted EBITDA of $262,000. The company faced challenges in Q2, particularly with its core Category Leading Games, which saw a 5% decrease in bookings. Tapinator is adjusting its marketing strategy and focusing on ramping up daily active users for its latest game, Blackjack Live Casino. The company is also developing two new AI-related products set to launch later this year.
Tapinator (OTC: TAPM) ha annunciato i risultati finanziari del secondo trimestre del 2024, segnalando un aumento del fatturato del 16% rispetto all'anno precedente, raggiungendo 1,2 milioni di dollari. Tuttavia, le prenotazioni sono diminuite dell'8%, arrivando a 1,1 milioni di dollari. Il reddito netto dell'azienda è crollato a 2.000 dollari, rispetto ai 83.000 dollari dell'anno precedente, mentre l'Adjusted EBITDA è sceso del 44%, arrivando a 119.000 dollari. Nei sei mesi terminati il 30 giugno 2024, Tapinator ha registrato un fatturato di 2,4 milioni di dollari e prenotazioni di 2,3 milioni di dollari, con un reddito netto di 146.000 dollari e un Adjusted EBITDA di 262.000 dollari. L'azienda ha affrontato delle difficoltà nel secondo trimestre, in particolare con i suoi giochi leader di categoria, che hanno visto un calo delle prenotazioni del 5%. Tapinator sta modificando la sua strategia di marketing e concentrandosi sull'aumento degli utenti attivi quotidiani per il suo ultimo gioco, Blackjack Live Casino. L'azienda sta anche sviluppando due nuovi prodotti legati all'intelligenza artificiale che verranno lanciati entro la fine dell'anno.
Tapinator (OTC: TAPM) anunció los resultados financieros del segundo trimestre de 2024, reportando un aumento del 16% en los ingresos interanuales, alcanzando los 1.2 millones de dólares. Sin embargo, las reservas disminuyeron un 8% a 1.1 millones de dólares. El ingreso neto de la empresa cayó significativamente a 2,000 dólares desde los 83,000 dólares del año anterior, mientras que el EBITDA ajustado disminuyó un 44% a 119,000 dólares. Para los seis meses finalizados el 30 de junio de 2024, Tapinator logró ingresos de 2.4 millones de dólares y reservas de 2.3 millones de dólares, con un ingreso neto de 146,000 dólares y un EBITDA ajustado de 262,000 dólares. La empresa enfrentó desafíos en el segundo trimestre, particularmente con sus juegos líderes en la categoría, que experimentaron una disminución del 5% en las reservas. Tapinator está ajustando su estrategia de marketing y enfocándose en aumentar los usuarios activos diarios para su último juego, Blackjack Live Casino. La compañía también está desarrollando dos nuevos productos relacionados con la IA que se lanzarán más adelante este año.
Tapinator (OTC: TAPM)는 2024년 2분기 재무 결과를 발표하며 전년 대비 16% 증가한 120만 달러의 수익을 기록했습니다. 그러나 예약은 8% 감소하여 110만 달러에 불과했습니다. 회사의 순이익은 지난해 83,000달러에서 2,000달러로 크게 감소했습니다, 조정된 EBITDA는 44% 감소하여 119,000달러에 이르렀습니다. 2024년 6월 30일 종료된 6개월 동안 Tapinator는 240만 달러의 수익과 230만 달러의 예약을 달성했으며, 순이익은 146,000달러, 조정된 EBITDA는 262,000달러입니다. 회사는 2분기에 특히 카테고리 선도 게임에서 예약이 5% 감소하는 등 어려움에 직면했습니다. Tapinator는 마케팅 전략을 조정하고 최신 게임인 Blackjack Live Casino의 일일 활성 사용자 수를 증가시키기 위해 집중하고 있습니다. 또한, 회사를는 올해 말 출시될 두 개의 새로운 AI 관련 제품을 개발하고 있습니다.
Tapinator (OTC: TAPM) a annoncé les résultats financiers du deuxième trimestre 2024, rapportant un augmentation de 16 % des revenus d'une année sur l'autre, atteignant 1,2 million de dollars. Cependant, les réservations ont diminué de 8 %, atteignant 1,1 million de dollars. Le revenu net de l'entreprise a chuté de manière significative à 2,000 dollars contre 83,000 dollars l'année précédente, tandis que l'EBITDA ajusté a diminué de 44 % pour atteindre 119,000 dollars. Pour les six mois se terminant le 30 juin 2024, Tapinator a réalisé un chiffre d'affaires de 2,4 millions de dollars et des réservations de 2,3 millions de dollars, avec un revenu net de 146,000 dollars et un EBITDA ajusté de 262,000 dollars. L'entreprise a rencontré des défis au deuxième trimestre, notamment avec ses jeux leaders de catégorie, qui ont connu une diminution de 5 % des réservations. Tapinator ajuste sa stratégie marketing et se concentre sur l'augmentation du nombre d'utilisateurs actifs quotidiens pour son dernier jeu, Blackjack Live Casino. L'entreprise développe également deux nouveaux produits liés à l'IA qui devraient être lancés plus tard cette année.
Tapinator (OTC: TAPM) hat die Finanzergebnisse für das 2. Quartal 2024 veröffentlicht und berichtet von einem Umsatzanstieg von 16% im Vergleich zum Vorjahr auf 1,2 Millionen Dollar. Allerdings sanken die Buchungen um 8% auf 1,1 Millionen Dollar. Der Nettoeinkommen des Unternehmens fiel erheblich auf 2.000 Dollar von 83.000 Dollar im Vorjahr, während das bereinigte EBITDA um 44% auf 119.000 Dollar zurückging. Für die sechs Monate bis zum 30. Juni 2024 erzielte Tapinator einen Umsatz von 2,4 Millionen Dollar und Buchungen von 2,3 Millionen Dollar, mit einem Nettoeinkommen von 146.000 Dollar und einem bereinigten EBITDA von 262.000 Dollar. Das Unternehmen sah sich im 2. Quartal insbesondere bei seinen führenden Kategorie-Spielen mit einem Rückgang der Buchungen um 5% Herausforderungen gegenüber. Tapinator passt seine Marketingstrategie an und konzentriert sich darauf, die täglichen aktiven Nutzer für sein neuestes Spiel, Blackjack Live Casino, zu steigern. Das Unternehmen entwickelt auch zwei neue KI-bezogene Produkte, die noch in diesem Jahr auf den Markt kommen sollen.
- Revenue increased 16% year-over-year to $1.2 million in Q2 2024
- Six-month revenue grew 16% to $2.4 million
- Launching Android version of Blackjack Live Casino on Google Play
- Developing two new AI-related products for launch later in 2024
- Bookings decreased 8% year-over-year to $1.1 million in Q2 2024
- Net income dropped 97% to $2,000 from $83,000 in Q2 2023
- Adjusted EBITDA decreased 44% year-over-year to $119,000 in Q2 2024
- Core Category Leading Games bookings declined 5% in Q2 2024
- Marketing strategy not yielding desired results, requiring adjustments
- Revenue Increases
16% Year-Over-Year to$1.2 Million - Bookings* Decrease
8% Year-Over-Year to$1.1 Million - Net Income of
$2 k$83 k - Adjusted EBITDA* Decreases
44% Year-Over-Year to$119 k - Basic and Fully Diluted EPS of
$0.00
The quarterly report and financial statements have been published on OTC Markets and may be found at http://www.otcmarkets.com/stock/TAPM/disclosure. The results provided below replace, in their entirety, any guidance or projections previously issued by the Company.
For the three months ended June 30, 2024, Tapinator achieved revenue and bookings* of approximately
For the six months ended June 30, 2024, Tapinator achieved revenue and bookings* of approximately
*A table has been included in this press release with non-GAAP adjustments to the Company's revenue resulting in bookings (a non-GAAP measure) and non-GAAP adjustments to the Company's net income, resulting in adjusted EBITDA (a non-GAAP measure) for the relevant periods.
Financial Highlights
Three Months Ended | Six Months Ended | ||||||
June 30 | June 30 | ||||||
2024 | 2023 | % Ch. | 2024 | 2023 | % Ch. | ||
GAAP Results: | |||||||
Revenue | 16 % | 16 % | |||||
Operating Income (loss) | ( | -133 % | ( | -104 % | |||
Net Income | -97 % | -49 % | |||||
Net Income margin % | 0 % | 8 % | 6 % | 14 % | |||
Net Income Per Share – Basic | |||||||
Net Income Per Share – Diluted | |||||||
Weighted avg. common shares outstanding - basic | 2,725,439 | 2,725,439 | 2,725,439 | 2,725,439 | |||
Weighted avg. common shares outstanding - diluted | 2,725,439 | 2,725,439 | 2,725,439 | 2,725,450 | |||
Non-GAAP Results: | |||||||
Bookings: | |||||||
Category Leading Games | -5 % | 2 % | |||||
Rapid-Launch Games | 17,437 | 53,703 | -68 % | 42,117 | 121,763 | -65 % | |
Total Bookings | -8 % | -2 % | |||||
Adjusted EBITDA | -44 % | -22 % | |||||
Adjusted EBITDA Margin % | 10 % | 20 % | 11 % | 16 % | |||
(1) Percentage change not meaningful. | |||||||
Ilya Nikolayev, CEO of Tapinator, commented, "Q2 2024 was a challenging quarter for us. Despite a
In May and July, we launched major update 1.3 and 1.4, respectively, to our latest game, Blackjack Live Casino. Later this month, we will be launching the Android version of this game on Google Play. Overall, we are very focused on ramping up the daily active user (DAU) count for this title and, between improvements to the game and the launch on Google Play, we are hopeful that we'll be able to scale the player base.
As we have noted previously, while creating the live host experience for Blackjack Live Casino, we spent significant time exploring the voice and chat capabilities of AI. We are currently working on two new products - one at the intersection of chat and AI; the other at the intersection of mobile gaming and AI. Both products utilize the core expertise that our team has in mobile app development, and we plan on launching both products later this year.
Non-GAAP Financial Measures*
We have provided in this release the non-GAAP financial measures of Bookings and adjusted EBITDA as a supplement to the measures of Revenue and Operating which are prepared in accordance with
- Bookings do not reflect that we defer and recognize online game revenue over the estimated life of durable virtual goods;
- Adjusted EBITDA does not include the impact of stock-based expense, impairment of previously capitalized software or intangible assets previously acquired, gain on digital asset dividends & airdrops, gain on sale of digital assets and gain on sale of investments;
- Adjusted EBITDA does not reflect income tax expense;
- Adjusted EBITDA does not include other income or expenses, which includes foreign exchange gains and losses, interest income or expense, and gain on extinguishment of debt;
- Adjusted EBITDA excludes depreciation and amortization of intangible assets and impairment of capitalized software. Although depreciation, amortization, and impairment of capitalized software are non-cash charges, the assets being depreciated, amortized, or impaired may have to be replaced in the future; and
- Other companies, including companies in our industry, may calculate adjusted EBITDA differently or not at all, which will reduce their usefulness as a comparative measure.
Because of these limitations, you should consider Bookings and adjusted EBITDA, along with other financial performance measures, including Revenue, Net Income (Loss), Basic and Diluted Net Income (Loss) Per Share, Cash Flow from Operations, Operating Income (Loss), and our other financial results presented in accordance with GAAP.
NFT500 Supplemental Information – Summary Collection Metrics*
Totals as of | Q1 2024 | Q2 2024 | Cumulative | |
# of NFTs Collected | 724 | 1 | 0 | 725 |
# of NFTs Sold | -292 | -24 | -19 | -335 |
# of NFTs Held, Cumulatively | 432 | 409 | 390 | 390 |
Cost of NFTs Collected | $ 2,925,228 | $ 2,925,228 | ||
Proceeds from Sale of Collected NFTs | (1,600,482) | (300,315) | (96,344) | $ (1,997,141) |
Proceeds from Sale of Digital Asset Dividends & Airdrops | (185,816) | - | - | (185,816) |
Cost of NFTs Collected, Net of Sales Proceeds | $ 1,138,930 | $ (300,315) | $ (96,344) | $ 742,271 |
* We are no longer actively investing in the NFT ecosystem, and we have been selectively selling digital assets under market conditions as market conditions allow and that we deem appropriate. |
Reconciliation of GAAP to Non-GAAP Results
Three Months Ended | Six Months Ended | ||||
June 30 | June 30 | ||||
2024 | 2023 | 2024 | 2023 | ||
Reconciliation of Revenue to Bookings: | |||||
Revenue | |||||
Change in deferred revenue | (123,784) | 143,757 | (192,904) | 194,187 | |
Bookings | |||||
Reconciliation of Net Income to Adjusted EBITDA: | |||||
Net income | |||||
Interest income, net | (1,133) | (1,864) | (2,139) | (2,310) | |
Income tax expense, net | 11,100 | 17,200 | 28,600 | 54,900 | |
Loss on Impairment of digital assets | - | - | 101,283 | - | |
Amortization of capitalized software development costs | 140,899 | 129,548 | 260,005 | 229,885 | |
Depreciation and amortization of other assets | 2,951 | 3,212 | 6,163 | 6,425 | |
Gain on sale of digital assets | (37,319) | (19,166) | (277,802) | (239,884) | |
Gain on sale of investments | - | (3,596) | - | (3,596) | |
Stock-based compensation | - | 2,916 | - | 5,832 | |
Adjusted EBITDA | |||||
About Tapinator
Tapinator Inc. (OTC: TAPM) develops and publishes Category Leading Games for mobile platforms. Tapinator's library includes more than 300 titles that, collectively, have achieved over 500 million mobile downloads, including notable properties such as Video Poker Classic, Keno Vegas, and Blackjack Live Casino. We generate revenues from our mobile games via consumer transactions, including in-app purchases and subscriptions, and through the sale of branded advertisements. Founded in 2013, we are headquartered in
Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Tapinator, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "goal," "seek," "plan," "feel," "hope," "opinion," "may," "will," "expect," "anticipate," "estimate," "intend," "target," and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are intended to identify forward-looking statements. These forward-looking statements include, among other things, our hope that we will be able to scale the player base for Blackjack Live Casino based on improvements to the game and its launch on Google Play and our plan to launch two new products relating to Blackjack Live Casino - one at the intersection of chat and AI and the other at the intersection of mobile gaming. Forward-looking statements are subject to risks and uncertainties that could cause our future results, performance, or achievements to differ significantly from those expressed or implied by the forward-looking statements. Except as required by law, Tapinator undertakes no obligation to update or revise any forward-looking statements. The quoting and trading of the Company's common stock on the OTC Marketplace is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with the Company's operations or business prospects. As a result, there may be volatility in the market price of the shares of the Company's common stock for reasons unrelated to operating performance. Moreover, the OTC Marketplace is not a stock exchange, and trading of securities on it is often more sporadic than trading of securities listed on a national securities exchange. Accordingly, stockholders may have difficulty reselling any of their shares. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company, please see the Company's Supplemental Information Report as filed with the OTC Markets on October 20, 2021 and as updated from time to time.
CONTACT:
Tapinator Investor Relations
investor.relations@tapinator.com
914.930.6232
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SOURCE Tapinator, Inc.
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