Business
Paltalk, Inc. Reports Fourth Quarter and Full Year 2021 Financial Results
Annual Revenue Growth of 3% Led to Full Year Net Income of $1.3 Million Cash Balance of $21.6 Million, Board of Directors Approves a Stock Repurchase Plan
About this update from Intelligent Protection Management Corp.
[{"type":"text","content":"Annual Revenue Growth of 3% Led to Full Year Net Income of $1.3 Million Cash Balance of $21.6 Million, Board of Directors Approves a Stock Repurchase Plan JERICHO, NY, March 23, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Paltalk, Inc., (“Paltalk,” the “Company,” “we,” “our” or “us”) (Nasdaq: PALT), a leading communications software innovator that powers multimedia social applications, today announced financial and operational results for the fourth quarter and year ended December 31, 2021. Key Financial Highlights for Fourth Quarter Ended December 31, 2021 Compared to Prior Year Period Revenue decreased 9% to $3.1 million, due to the decrease in technology service revenue in the fourth quarter of 2021Subscription revenue remained flat at $3.0 millionAdvertising revenue increased 18% to $0.1 millionAdjusted EBITDA loss of $0.2 millionNet (loss) income decreased $0.5 million to ($5) thousandCash flow from operations was $0.2 million Key Financial Highlights for Year Ended December 31, 2021 Compared to Prior Year Period Revenue increased 3% to $13.3 millionSubscription revenue increased 3% to $12.4 millionAdvertising revenue increased 39% to $0.5 millionAdjusted EBITDA of $1.3 millionNet income decreased 3% to $1.3 millionCash flow from operations was $1.3 million Business Highlights for the Year Ended December 31, 2021 Raised gross proceeds of approximately $11.6 million, before deducting underwriting discounts, commissions and other offering expenses,in connection with an underwritten public offering of 1,552,500 shares of common stock (which includes the full exercise of the underwriter’s over-allotment option) at a price to the public of $7.50 per share; Completed an uplist of common stock to The Nasdaq Capital Market; Raised net proceeds of approximately $3.5 million in connection with an underwritten public offering of 1,333,310 shares of common stock (which includes the full exercise of the underwriter’s over-allotment option) at a price to the public of $3.00 per share;Sold approximately 36.9 million Props tokens for total proceeds of $0.9 million;Launched Paltalk Feed message board functionality aimed at increasing user engagement; andImplemented a new rewards program, Paltalk Rewards Points, to grow user engagement with loyalty and retention benefits. Subsequent Events Selected yellowHEAD, an AI-powered performance marke...