Business
Paltalk, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results
Continued Sequential Quarterly Improvement in Net Loss and Reduced Operating Expenses JERICHO, NY, March 23, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire –
About this update from Intelligent Protection Management Corp.
[{"type":"text","content":"Continued Sequential Quarterly Improvement in Net Loss and Reduced Operating Expenses JERICHO, NY, March 23, 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 fourth quarter and year ended December 31, 2022. Key Financial Highlights for Fourth Quarter Ended December 31, 2022 Compared to Prior Year Period Revenue decreased 10% to $2.8 millionSubscription revenue decreased by 8% to $2.7 millionAdvertising revenue decreased 47% to $0.1 millionNet loss increased 9276% to $0.5 million Adjusted EBITDA loss increased 112% to $0.5 millionRepurchased 287,719 shares of common stock during the three months ended December 31, 2022 pursuant to our stock repurchase plan at an average price per share of $1.48, or an aggregate amount of approximately $426,000 Key Financial Highlights for Year Ended December 31, 2022 Compared to Prior Year Period Revenue decreased 17% to $11.0 millionSubscription revenue decreased over 13% to $10.7 millionAdvertising revenue decreased over 27% to $0.3 millionNet loss increased 357% to $3.4 millionAdjusted EBITDA loss increased 307% to $2.6 millionRepurchased 604,808 shares of common stock during the year ended December 31, 2022 pursuant to our stock repurchase plan at an average price per share of $1.65, or an aggregate amount of approximately $998,000 Deferred revenue increased 18% to $2.3 million compared to the prior year periodThe Company had $14.7 million in cash and no long-term debt on its balance sheet as of December 31, 2022 Business Highlights for the Year Ended December 31, 2022 Partnered with Hive Automated Content Moderation Solutions to roll out new content moderation software for increased user experienceLaunched a mobile backgammon game with interactive real-time voice and videoClosed an asset acquisition of ManyCam, a live streaming software and virtual camera that allows users to deliver professional live videos on streaming platforms, video conferencing app and distance learning toolsReleased ManyCam version 8.0, an update with vast improvements over prior versionsEngaged Roth Capital Partners, LLC to assist with strategic initiative of potential mergers and acquisitions that focus on bu...