Business
Paltalk, Inc. Reports Fourth Quarter and Full Year 2020 Financial Results
Positive Net Income for Q4 and Full Year and Cash Flow Positive for Full Year JERICHO, NY, March 23, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Paltalk,
About this update from Intelligent Protection Management Corp.
[{"type":"text","content":" Positive Net Income for Q4 and Full Year and Cash Flow Positive for Full Year JERICHO, NY, March 23, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Paltalk, Inc., formerly known as PeerStream, Inc., (“Paltalk,” the “Company,” “we,” “our” or “us”) (OTCQB: PALT), a leading communications software innovator that powers multimedia social applications, today announced financial and operational results for the fourth quarter and full year ended December 31, 2020. During the fourth quarter and full year ended December 31, 2020, the Company executed key components of its business objectives, which resulted in the following: 2020 Fourth Quarter Financial Highlights: Revenue for the three months ended December 31, 2020 was $3.4 million, an increase of 33% compared to the three months ended December 31, 2019. This growth was driven primarily by an increase in subscription revenue of $0.5 million, or 19%, compared to the same period in the prior year; Achieved net income from continuing operations for the three months ended December 31, 2020 of $0.5 million, an increase of $8.4 million, or 107%, compared to the three months ended December 31, 2019; and Reduced operating expenses by 72%, or $7.5 million, compared to the three months ended December 31, 2019. These reductions were a result of the Company’s streamlined operating plan, which eliminated costs associated with our secure communications business headcount as well as overall operating expenses. 2020 Full Year Financial Highlights: Revenue for the year ended December 31, 2020 was $12.8 million, a decrease of 16% compared to revenue of $15.3 million for the year ended December 31, 2019. This decrease is primarily a result of the decrease in technology service revenue, which was associated with our secure communications business, and was offset by growth of our subscription revenue of approximately 5%; Net income from continuing operations for the year ended December 31, 2020 was $1.2 million compared to a loss of $8.6 million for the year ended December 31, 2019, an improvement of 114%; Adjusted EBITDA, a non-GAAP measure, was $2.0 million for the year ended December 31, 2020 compared to Adjusted EBITDA of $135 thousand for the year ended December 31, 2019; and Revenue per subscriber increased by approximately 5% when compared to December 31, 2019, while our active subscribers were rela...