Business
Paltalk, Inc. Reports Third Quarter 2022 Financial Results
Sequential Quarterly Reduction in Operating Expenses Cash Balance of $15.5 Million at Quarter End JERICHO, NY, Nov. 07, 2022 (GLOBE NEWSWIRE) -- via
About this update from Intelligent Protection Management Corp.
[{"type":"text","content":"Sequential Quarterly Reduction in Operating Expenses Cash Balance of $15.5 Million at Quarter End JERICHO, NY, Nov. 07, 2022 (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 third quarter ended September 30, 2022. Key Financial Highlights for: Three Months Ended September 30, 2022 Revenue decreased 22% to $2.6 million compared to the prior year period;Net loss increased 157% to $1.1 million compared to the prior year period;Adjusted EBITDA loss of $0.8 million compared to Adjusted EBITDA income of $0.3 million for the prior year period;Repurchased 207,000 shares of common stock pursuant to the Stock Repurchase Plan at an average price per share of $1.73, or an aggregate amount of $359,000, during the three months ended September 30, 2022;Determined that, based on performance as of September 30, 2022 and pursuant to the Securities Purchase Agreement entered into in connection with the ManyCam acquisition, it was likely that gross sales during the earn-out period would exceed $600,000 but be less than $700,000, resulting in a recorded liability in the amount of $150,000 for payment to Visicom; andSales and marketing expenses decreased 23% compared to the second quarter of 2022, which had the effect of increasing Adjusted EBITDA 14% compared to the prior quarter. Nine Months Ended September 30, 2022 Revenue decreased 19% to $8.2 million compared to the prior year period;Net loss of $2.9 million compared to net income of $1.3 million for the prior year period;Adjusted EBITDA loss of $2.2 million compared to Adjusted EBITDA income of $1.5 million for the prior year period;Cash balance of $15.5 million at September 30, 2022; after utilizing $2.9 million, including $0.2 million of expenses, for the acquisition of the ManyCam assets and $0.6 million in repurchasing common stock pursuant to our stock repurchase plan (“Stock Repurchase Plan”);Repurchased 317,089 shares of common stock pursuant to the Stock Repurchase Plan at an average price per share of $1.80, or an aggregate amount of $572,000, during the nine months ended September 30, 2022;Deferred revenue increased 8% to $2.1 million compared to 12/31/2021; andThe Company has no lo...