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Tapinator Releases First Quarter 2018 Results
Tapinator Releases First Quarter 2018 ResultsPR NewswireNEW YORK, May 16, 2018NEW YORK, May 16, 2018 /PRNewswire/ --Revenue increased 9% to $889 thousand from $813 thousand year-over-year Adjusted EBITDA* increased 290% to $160 thousand from $41 thousand year-over-year Cash Increased to $1.6 million from $247 thousand in prior period Tapinator, Inc. (OTCQB: TAPM), a developer and publisher of mobile games and applications on the iOS, Google Play, Amazon and Ethereum platforms today announced financial results for its first quarter ended March 31, 2018 and the filing of its quarterly report with OTC Markets.For the quarter ended March 31, 2018, Tapinator achieved revenue of approximately $889,000, bookings of $883,000, net loss of approximately $916,000, and adjusted EBITDA* of approximately $122,000, representing year-over-year changes of 9%, -9%, 65% and 194%, respectively. Quarterly revenue of $888,688; up 9% year-over-yearQuarterly bookings of $883,078; down 9% year-over-year*Quarterly Net loss of 915,880, up 65% year-over-yearQuarterly adjusted EBITDA of $160,106; up 290% year-over-year*$1,595,789 in cash as March 31, 2018; up 547% from $246,755 as of December 31, 2017* A table has been included in this press release with non-GAAP adjustments to the Company's revenue resulting in bookings (a non-GAAP measure) and non-GAAP adjustments to the Company's net loss, resulting in positive adjusted EBITDA (a non-GAAP measure) for the relevant periods.Andrew Merkatz, President & CFO of Tapinator, commented on the quarterly results, "We are pleased to have successfully completed our fundraising efforts during the first quarter of 2018. We closed a fully subscribed private placement for which we received net proceeds of approximately $2.6 million, a portion of which we used to eliminate the Company's debt in its entirety. Having emerged from these efforts completely debt-free and adequately capitalized, we are now fully focused on building sustainable, organic revenue growth via our primary Full-Featured Games strategy, and demonstrating continued year-over-year adjusted EBITDA improvements. Given the robust launch schedule for our new Full-Featured Games detailed below, we expect a majority of our revenue growth to be delivered in the third and fourth quarters of this year. Based on our year-to-date performance, we have provided updated annual financial guidance later in this release."Ilya Nikolayev, CEO of Tapinator, added, "Our Full-Featured games pipeline for this year is aggressive with five new game launches scheduled for the second half of 2018. We look forward to delivering best-in-class experiences that are focused on long-term engagement and monetization. We are especially excited about Dice Mage Duel, the latest addition to our hit Dice Mage series, and two new games that we have yet to announce. We recognize that our Rapid-Launch games business is past its peak and that the growth of our Full-Featured games is increasingly important. For this reason, the two games that we have yet to announce focus on proven, evergreen categories where, we believe, we can establish long-term financial success. Finally, we recognize that the blockchain gaming market is currently in its infancy. But, we believe that gaming is one of the most promising verticals for blockchain technology and that franchise-type games may be built as decentralized, Ethereum applications. We look forward to the launch of BitPainting later this month, as we seek to establish a leadership position within this quickly developing industry."Product Highlights The Company ended Q1 with 386 active games, of which 23 were released in the quarter. As of March 31, 2018, Tapinator had 98 titles in its portfolio that had each achieved at least one million downloads, up from 94 games that had reached this milestone at the end of 2017.The Company continues to have significant conviction regarding its Full-Featured Games business and has a robust development pipeline planned for 2018. The Company's goal for its Full-Featured business is to create franchise-type games that have product lifespans of at least five to ten years. In order to accomplish this, the Company believes that it needs to achieve average player lifetime values (LTVs) that exceeds the customer acquisition cost, at scale. The Company has been able to achieve this, at certain download volumes, for two products: "Video Poker Classic" and "Solitaire Dash." The Company believes that, in 2018, it will be able to continue to scale both of these products as well as launch new games that can achieve these coveted metrics. As an extension of its Full-Featured Games business, the Company is also seeking to establish early leadership within the nascent blockchain gaming category through its newly established, Revolution Blockchain subsidiary. In addition to two games for 2018 that we have not yet announced, the Company is particularly enthused about the significant potential of the following 2018 game releases and updates:Fusion Heroes (released May 10, 2018 and featured within iOS App Store within "New Games We Love"): craft your own Mech and dominate in fierce Heads-Up combat. Build a mighty robo-hero to take on endless hordes of battle-droids with an arsenal cannons, missiles, lasers and more. From the wreckage of battle, scavenge and recruit an army of allies. Take on missions, find loot, and battle to victory in this fast-paced action RPG.BitPainting (scheduled for early-access release May, 2018): a crypto-collectibles product for the global art market where players vie to build beautiful and unique collections of iconic virtual art on the blockchain.Solitaire Dash 2.0 (scheduled for release July 2018): our horse-racing themed tri-peaks solitaire game will be receiving a significant update for its 2.0 version. The user interface is being completely redesigned in the form of a map to visually represent player progress. Players will have many additional ways to increase earning potential and in-game rewards, including improved streak bonuses and "sponsorships" that will be awarded for completing in-game content. We will also be introducing new level types, which will have their own unique obstacles, power-ups and mechanics. Finally, card streaks, an important component of the game, will be getting a major overhaul, along with unique rewards for attaining certain milestones. In short, Solitaire Dash 2.0 will combine the proven systems of top grossing card games with its own unique features to create a best-in-class solitaire product. Dice Mage Duel (scheduled for release September 2018): with this upcoming sequel to the critically acclaimed Dice Mage and Dice Mage 2 games, magical dice dueling is back! Battle other mages in this turn-based multiplayer card game. Summon monsters, conjure spells, and roll mystic dice! Collect cards, find and upgrade powerful loot to become the ultimate Dice Mage.Divide & Conquer (scheduled for release October 2018): an arena-style synchronous, multiplayer strategy game. This game offers a unique combination of fast, synchronous multiplayer battles and long-term progress via upgrades ...Full story available on Benzinga.com
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