Business
Paltalk, Inc. Reports an Increase in Revenue of 5.5% in Third Quarter 2023
Generated Positive Cash Flow from Operations for Quarter JERICHO, NY, Nov. 07, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Paltalk, Inc. (“Paltalk,” the
About this update from Intelligent Protection Management Corp.
[{"type":"text","content":"Generated Positive Cash Flow from Operations for Quarter JERICHO, NY, Nov. 07, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Paltalk, Inc. (“Paltalk,” the “Company,” “we,” “our” or “us”) (Nasdaq: PALT), a communications software innovator that powers multimedia social applications, today announced financial and operational results for the third quarter ended September 30, 2023. Key Financial Highlights for Third Quarter Ended September 30, 2023 Compared to Prior Year Period Revenue increased 5.5% to $2.8 millionSubscription revenue increased 5% to $2.7 millionAdvertising revenue increased 12% to $0.1 millionNet loss was $0.2 million compared to a net loss of $1.1 million, a decrease of 83%Adjusted EBITDA loss, a non-GAAP measure, was $0.1 million compared to Adjusted EBITDA loss of $0.8 million, a decrease of 84%Positive cash flow from operations for the quarter Key Financial Highlights for Nine Months Ended September 30, 2023 Compared to Prior Year Period Revenue increased 1% to $8.3 millionSubscription revenue increased 1% to $8.1 millionAdvertising revenue decreased 10% to $0.2 millionNet loss was $0.8 million compared to a net loss of $2.9 million, a decrease of 73%Adjusted EBITDA loss, a non-GAAP measure, was $0.8 million compared to Adjusted EBITDA loss of $2.2 million, a decrease of 64%Deferred revenue of $2.2 million as of September 30, 2023The Company had $13.7 million in cash and no long-term debt on its balance sheet as of September 30, 2023 Recent Corporate and Business Highlights Appointed Geoff Cook to Board of Directors; previously, Mr. Cook co-founded and grew The Meet Group and ultimately sold it in 2020 for approximately $500 millionEngaged Cleverbridge to serve international markets and to optimize Paltalk’s geographic reach with global payment processing capabilities Near Term Business Objectives Leveraging our integration of the ManyCam product into Paltalk through upselling initiativesFurther optimizing marketing spend to effectively realize a positive return on our investmentEvaluating ways to optimize and reduce expenses with our infrastructure Continuing to explore strategic opportunities, including, but not limited to, potential mergers or acquisitions of other assets or entities that are synergistic to our businessesContinuing to defend our intellectual property Management Commentary Jason Katz, Chairma...