Business
RDE, Inc. Reports $20.0 Million Revenue, Highlighted by 25% Increase in Gross Profit for the Second Quarter Ended June 30, 2024
Gross Margins Increased 380 Basis Points to 16.3%Cash Balance of $4.7 Million SCHAUMBURG, IL, Aug. 15, 2024 (GLOBE NEWSWIRE) -- RDE, Inc. (Nasdaq: RSTN) (the
About this update from Giftify, Inc.
[{"type":"text","content":"Gross Margins Increased 380 Basis Points to 16.3%Cash Balance of $4.7 Million SCHAUMBURG, IL, Aug. 15, 2024 (GLOBE NEWSWIRE) -- RDE, Inc. (Nasdaq: RSTN) (the “Company”), the owner and operator of leading digital platforms, Restaurant.com and CardCash.com, with a focus on incentives and rewards in retail, dining & entertainment experiences, is pleased to announce its financial and operational results for the first quarter ended June 30, 2024. Key Financial Highlights for the Three Months Ended June 30, 2024 Compared to Prior Year Period Revenue of $20.0 millionGross profit of $3.3 millionGross margin increased 380 basis points to 16.3%Net loss of $7.7 million (Of note, net loss for the three months ended June 30, 2024 included $7.4 million in non-cash and one-time expenses, including $6.2 million in stock option and other non-cash compensation, $0.6 million in amortization of intangible assets, $0.3 million in interest expense and $0.3 million in amortization of capitalized software costs)Modified EBITDA loss of $0.4 millionCash balance of $4.7 millionTotal assets of $40.5 millionShareholders’ equity of $23.8 million Modified EBITDA is a non-GAAP financial measure. Please see the discussion below under the heading “Non-GAAP Financial Measures and Key Metrics” and the reconciliations at the end of this release for additional information concerning this and other non-GAAP financial measures. Management Commentary Ketan Thakker, Chief Executive Officer of RDE, Inc., commented, “Our second quarter and first half 2024 results demonstrate the increased efficiencies we identified and executed upon with the acquisition of CardCash.com at the end of 2023. The increased gross profit and gross margins are meaningful and drive incremental dollars to our operating line, which has been improving with each quarter. Backing out the non-cash and one-time expenses, which were mostly from the CardCash.com acquisition, we operated at near breakeven and reported a Modified EBITDA loss of just $357,229 for the second quarter.” Thakker, continued, “Our recent listing onto Nasdaq on August 7 was a major milestone and one we believe will better enable us to seek strategic opportunities such as additional acquisitions to complement our organic growth. We also believe the national listing allows us to increase our visibility and awareness among the shareho...