Tapinator Announces Q2 2022 Financial Results

Tapinator, Inc. (OTC: TAPM) (“Tapinator,” the “Company,” “we,” “our” or “us”), a developer and publisher of category leading games for mobile platforms and a collector and publisher of fine art NFTs, today announced unaudited financial results for the three and six months ended June 30, 2022, and the filing of its quarterly report for the periods ended June 30, 2022 and 2021.

The quarterly report and financial statements have been published on OTC Markets and may be found at http://www.otcmarkets.com/stock/TAPM/disclosure. The results provided below replace, in their entirety, any guidance or projections previously issued by the Company.

For the three months ended June 30, 2022, Tapinator achieved revenue of approximately $1.4 million, bookings* of approximately $1.3 million, net loss of approximately $77,000 and adjusted EBITDA* of approximately $292,000.  The Company’s revenue, bookings*and adjusted EBITDA* represent year-over-year declines of 2%, 12% and 22%, respectively.  For the quarter, the Company also announced basic and fully diluted net loss per share of $0.03 per share.

For the six months ended June 30, 2022, Tapinator achieved revenue of approximately $3.1 million, bookings* of approximately $3.0 million, net income of approximately $733,000 and adjusted EBITDA* of approximately $786,000.  The Company’s annual revenue, bookings*, net income and adjusted EBITDA* represent year-over-year improvement of 17%, 9%, 62% and 37%, respectively.  For the six-month period, the Company also announced basic and fully diluted net earnings per share of $0.26 per share.

Current Outlook
While we continue to have conviction regarding our mobile games business, and specifically our Category Leading Games, as indicated in the previous quarter, we are facing macroeconomic headwinds and witnessing an industry wide slowdown as compared to the significant growth experienced during the pandemic era.  We believe we are relatively well positioned to weather such slowdown given our focus on evergreen game types within the social casino genre and our historic focus on cost control.  Our investments within the NFT space are more speculative and volatile, and we have recently begun tempering these investments, given market conditions.  However, we continue to believe there could be substantial long-term opportunities for the Company within the nascent Web3 markets representing the intersection of NFTs, digital art, gaming and the emerging metaverse and we will continue to explore these opportunities. At this time, we are not providing financial guidance.

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