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Tapinator Reports Second Quarter 2018 Financial Results
Tapinator Reports Second Quarter 2018 Financial ResultsRevenue year-to-date increased 13% to $1.62 million from $1.43 million year-over-yearCash increased to $1.34 million from $247 thousand as of December 31, 2017Game portfolio surpasses 100 games that have each recorded 1 million+ player downloadsPR NewswireNEW YORK, August 14, 2018NEW YORK, August 14, 2018 /PRNewswire/ -- Tapinator, Inc. (OTCQB:TAPM), a developer and publisher of mobile games and applications on the iOS, Google Play and Amazon platforms today announced financial results for the quarter and six months ended June 30, 2018 and the filing of its quarterly report.For the quarter ended June 30, 2018, Tapinator achieved revenue of approximately $734,000, bookings of $717,000, net loss of approximately $557,000, and adjusted EBITDA* of approximately $10,000, representing year-over-year changes of 18%, -5%, 70% and 126%, respectively. For the six-month year-to-date period ended June 30, 2018, Tapinator achieved revenue of approximately $1,622,000, bookings of $1,600,000, net loss of approximately $1,473,000, and adjusted EBITDA* of approximately $170,000, representing year-over-year changes of 13%, -7%, 39% and 4,744%, respectively.Quarterly HighlightsQuarterly revenue of $733,673; up 18% year-over-yearQuarterly bookings of $ 716,880; down 5% year-over-year*Quarterly net loss of $557,052, up 70% year-over-yearQuarterly adjusted EBITDA of $10,193; up 126% year-over-year*Year-To-Date HighlightsSix-month revenue of $1,622,361; up 13% year-over-yearSix-month bookings of $1,599,958; down 7% year-over-year*Six-month net loss of $1,472,932, up 39% year-over-yearSix-month adjusted EBITDA of $170,297 up 4,744% year-over-year*$1,340,296 in cash as June 30, 2018; up 443% 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 results, "Overall, our year-to-date results have met our expectations. We now have a clean balance sheet and a pure-play strategy focused on Full-Featured Mobile Games and Applications with evergreen characteristics that can become 'Forever Franchises' for Tapinator. We have fundamentally proven this plan with Video Poker Classic and Solitaire Dash and we look forward to further expanding upon this strategy for the remainder of 2018 and 2019 with both new and existing titles."Ilya Nikolayev, CEO of Tapinator, added, "We have five new mobile game and application launches planned for the remainder of 2018. In particular, we are excited about Dice Mage Duel and our two freemium subscription products. As we previously mentioned, Dice Mage Duel is the multiplayer sequel to the original Dice Mage and Dice Mage 2 titles. Each predecessor game was featured as a "New Game We Love" on iOS, and has great player reviews (average score above 4.5 out of 5.0). We have high expectations for Dice Mage Online based on the performance of its predecessors and the significant improvements we have made to this multiplayer version of the title. Our first freemium subscription product, Dot to Dot – Relaxing Puzzles, has just soft launched in Canada. Through Dot to Dot, a user can create beautiful pictures by connecting dots, as part of a meditative, relaxing experience. Once the pictures are formed, the user can bring them to life through our unique coloring functionality. We have seen the success of coloring applications as top grossing, subscription apps and believe that dot-to-dot gameplay is complementary without competing head-on with existing incumbents. We will soon be announcing the details around our second freemium subscription product. For now, we can disclose that, similar to Dot to Dot, the application targets a large market with evergreen functionality and, we believe, has top grossing potential." Product HighlightsThe Company ended Q2 with 404 active mobile games, of which 18 were released in the quarter. As of June 30, 2018, Tapinator had 101 mobile titles in its portfolio that had each achieved at least one million downloads, up from 94 mobile games that had reached this milestone at the end of 2017. Full-Featured Games:The Company continues to have significant conviction regarding its Full-Featured Games and Applications business. The Company's strategy for its Full-Featured business is to create franchise-type products that are evergreen in nature (also known as "Forever Franchises"). In order to achieve this objective, the Company is attempting to develop products that achieve customer lifetime values (LTVs) that exceed 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 improve core metrics and scale both of these games via marketing, as well as launch new products that can join Video Poker Classic and Solitaire Dash as Forever Franchises. Our Full-Featured product highlights include: Solitaire Dash 2.0 (released on June 14, 2018): our horse-racing themed tri-peaks solitaire game received a significant update for its 2.0 version. The user interface was completely redesigned in the form of a map to visually represent player progress. This redesign has resulted in a map featuring 324 unique levels across 18 racetracks. Players now have many additional ways to increase earning potential and in-game rewards, including purses for completing racetracks and "sponsorships" that are awarded for completing in-game content. In short, Solitaire Dash 2.0 now combines the proven systems of top grossing card games with its own unique features to create a best-in-class solitaire product. Early results from the game update have exceeded management's expectations and have resulted in D1 – D14 player retention improvements of 31%-59% from previously strong baseline metrics. Pursuant to the global distribution deal that we announced yesterday with Cheetah Mobile, we now plan to further accelerate product development of Solitaire Dash to fully leverage the additional marketing resources that we expect will be applied to the title as a result of this exciting partnership.Dot to Dot – Relaxing Puzzles (soft launch in Canada in August 2018, global launch in October 2018): Through this freemium subscription product, a user can create beautiful pictures by connecting dots, as part of a meditative, relaxing experience. Once the pictures are formed, the user can bring them to life by using our unique coloring functionality.Freemium Subscription Product 2 (scheduled for global launch September 2018): we will be providing a more detailed application description as the release date approaches.Dice Mage Duel (soft launch in Canada in August 2018, global launch in October 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. The first two Dice Mage games have strong short-term retention and average revenue per daily active user (ARPDAU). Management believes that the introduction of multiplayer game-play along with other key changes to the game will result in strong long-term retention thereby providing the opportunity to profitably scale the product. Video Poker Classic 2.0 (scheduled for launch December 2018): Video Poker Classic is one of the top three video poker games on iOS and has over 10,000 reviews with an average score of 4.7 out of 5.0. One of the reasons for the title's success is its consistency with a real-world casino experience. Our upcoming 2.0 version will maintain this consistency while adding functionality and game types that players have shown to appreciate in a casino setting. Rapid-Launch Games:As communicated over the past eighteen months, we previously recognized that our Rapid-Launch Game product line had peaked, thus we have chosen to pivot the strategic focus of Tapinator to our Full-Featured Games business, where we believe the opportunity to be greater and more sustainable. While our Rapid Launch games library continues to be significant in scale and provide a long tail of meaningful revenue to the Company, recent changes in the Google Play store have reduced the discovery of our existing Rapid Launch Games and have likely made the introduction of new Rapid Launch Games to be more challenging. As a result of these changes, we expect to see a materially negative impact on our Rapid Launch Game results for the remainder of this year. This impact is included in our updated 2018 guidance provided below.Blockchain Games:In January of this year, we announced the creation of a new subsidiary to develop and publish distributed apps and games that leverage blockchain technology. Since then, we have launched two fully functioning pilot products, Dark Winds and BitPainting. We recognized that the blockchain gaming market was in its infancy. To that end, we previously communicated to our shareholders that we did not expect these efforts to contribute materially to our 2018 revenues. We are extremely proud of the high quality of both of these pilot products and how they were ...Full story available on Benzinga.com
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