Business
RDE, Inc. Reports Record Year-to-Date Financial Results with 39% Growth to $3.4 Million Revenue for the Nine Month Ended September 30, 2022
Restaurant.com Digitally Connects 182,500 Restaurants to 7.8 Million Consumers ATLANTA, GA, Nov. 09, 2022 (GLOBE NEWSWIRE) -- RDE, Inc. (OTCQB: RSTN) (the
About this update from Giftify, Inc.
[{"type":"text","content":"Restaurant.com Digitally Connects 182,500 Restaurants to 7.8 Million Consumers ATLANTA, GA, Nov. 09, 2022 (GLOBE NEWSWIRE) -- RDE, Inc. (OTCQB: RSTN) (the “Company”), the owner and operator of Restaurant.com, the nation’s largest restaurant-focused digital deals brand, today announced financial and operational results for the third quarter and nine months ended September 30, 2022. Key Financial Highlights for: Three Months Ended September 30, 2022 Compared to Prior Year Period Revenue decreased 3% to $0.8 millionGross profit increased 4% to $0.8 millionGross margin increased 580 basis points to 95.3%Operating loss decreased 17% to $0.6 millionNet loss decreased 16% to $0.6 millionCash balance of $1.6 million Nine Months Ended September 30, 2022 Compared to Prior Year Period Revenue increased 39% to $3.4 millionGross profit increased 28% to $2.8 millionGross margin decreased 660 basis points to 81.2%Operating loss decreased 67% to $1.6 millionNet loss decreased 88% to $0.5 million Subsequent to the End of the Third Quarter Ended September 30, 2022 Partnered with Falcon Virtual to Provide Additional Value-Add Services to its Network of RestaurantsPartnered with Advertise Purple to Expanded Affiliate Marketing Expected to Accelerate Registered and Active Users Management Commentary Ketan Thakker, Chief Executive Officer of RDE, Inc., commented, “We are very pleased with our quarterly and year-to-date results, as we achieved record revenue growth of 39% to $3.4 million revenue through the end of September 2022. We have successfully complemented our 182,500 restaurant partners and 7.8 million customers with business partnerships such as our agreement with a national mobile telephone provider to coupon codes to their mobile phone application users that are verified nurses and teachers. We were thrilled with the results and seek additional business partnerships with other providers.” Thakker, continued, “Our customer data continues to further support that consumers are returning to in-person activities whether dining at restaurants, going to shows, or attending concerts. This is significant to us as our platform has been expanding partnerships to include additional areas of entertainment beyond restaurants. We continue to focus on retention and monetization, which will lead to increased user engagement and revenue opportunities. As our...