Business
Paltalk, Inc. Reports Second Quarter 2021 Financial Results
Approximately 50% Increase in Second Quarter Net Income Compared to Prior Year Period; Completed Uplisting to the Nasdaq Capital Market, Ticker Remains “PALT”
About this update from Intelligent Protection Management Corp.
[{"type":"text","content":"Approximately 50% Increase in Second Quarter Net Income Compared to Prior Year Period; Completed Uplisting to the Nasdaq Capital Market, Ticker Remains “PALT”\nJERICHO, N.Y., Aug. 10, 2021 (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 second quarter of 2021. FINANCIAL AND BUSINESS HIGHLIGHTS: Revenue for the three months ended June 30, 2021 increased by 1% to $3.4 million, compared to the three months ended June 30, 2020. This growth was driven primarily by an increase in technology service revenue of $0.1 million; revenue for the six months ended June 30, 2021 increased by 11% to $6.8 million, compared to the six months ended June 30, 2020; Income from operations for the three months ended June 30, 2021 was $0.6 million which includes a non-cash impairment of approximately $0.2 million, an increase of $46 thousand compared to the three months ended June 30, 2020; while income from operations for the six months ended June 30, 2021 increased by $0.8 million compared to the six months ended June 30, 2020; and Net income for the three months ended June 30, 2021, achieved $0.8 million, an increase of $0.3 million compared to the three months ended June 30, 2020; net income for the six months ended June 30, 2021, totaled $1.7 million an increase of $1.6 million compared to the six months ended June 30, 2020. LIQUIDITY AND CAPITAL RESOURCES: Achieved positive cash flow from operations of $0.6 million for the six months ended June 30, 2021, an improvement of $189 thousand compared to the six months ended June 30, 2020;Cash and cash equivalents totaled $6.5 million at June 30, 2021, an increase of $0.9 million compared to December 31, 2020; andCurrently, the Company has no long-term debt on its balance sheet. SUBSEQUENT EVENTS: Completed an uplist of our common stock to The Nasdaq Capital Market on August 3, 2021, under the Company’s current ticker symbol “PALT”; and Raised net proceeds of approximately $3.5 million in connection with our 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 shar...