Business
Paltalk, Inc. Reports Third Quarter 2021 Financial Results
6th Consecutive Quarter of Greater Than $3.3 Million Revenue and Positive Adjusted EBITDA Driven by Recurring Subscription Revenue Over $21 Million of Cash on
About this update from Intelligent Protection Management Corp.
[{"type":"text","content":"6th Consecutive Quarter of Greater Than $3.3 Million Revenue and Positive Adjusted EBITDA Driven by Recurring Subscription Revenue Over $21 Million of Cash on Balance Sheet Following October Capital Raise Jericho, NY, Nov. 09, 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 third quarter ended September 30, 2021. Key Financial Highlights for Three Months Ended September 30, 2021 Compared to Prior Year Period Revenue increased 2% to $3.4 millionAdvertising revenue increased 75% to $0.2 millionAdjusted EBITDA of $0.3 millionNet loss decreased $1.2 million to $0.4 millionOperating cash flow positive by $0.5 millionInvesting cash flow positive of $0.5 million from sale of digital tokens Business Highlights for the Three Months Ended September 30, 2021 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 Subsequent Events 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 Management CommentaryJason Katz, Chairman and CEO of Paltalk, commented, “We continue to be pleased with our quarterly results which again are consistent and solid due to our recurring revenue subscription model. This marks our sixth consecutive quarter of revenue in the $3.3 – 3.5 million range and Adjusted EBITDA of $0.3 – 0.5 million range. Our overall engagement remains strong, as users continue to seek out and utilize our platforms to connect with other people with common interests.” Katz continued, “We are thrilled with our recent capital raise that brought in an additional $11.5 million cash at a price that was 150% above where we had raised money in August when we uplisted to Nasdaq. We...