Costar Technologies, Inc. Announces Financial Results For the Fourth Quarter and Year Ended December 31, 2022.

COPPELL, Texas: Costar Technologies, Inc. (the "Company") (OTC Markets Group: CSTI) announced today its financial results for the fourth quarter and year ended December 31, 2022.

Financial Results for the Quarter Ended December 31, 2022

Revenues of $12,637, a 14.5% decrease compared to the fourth quarter of 2021.

Operating expenses, excluding a fourth quarter 2022 impairment loss of $2,063, were down 18.6% to $3,636, compared to $4,465 in the fourth quarter of 2021.

GAAP net loss of ($2,188) or ($1.33) per diluted share, compared to GAAP net loss of ($61), or ($0.04) per diluted share, in the fourth quarter of 2021.

Adjusted earnings of $108, or $0.07 per diluted share, compared to $286, or $0.17 per diluted share, for the quarter ended December 31, 2021. Adjusted earnings, a non-GAAP measure, is defined below.

Adjusted EBITDA of $424, compared to $665 for the quarter ended December 31, 2021. Adjusted EBITDA, a non-GAAP measure, is defined below.

Financial Results for the Year Ended December 31, 2022

Revenues of $54,184, a 2.4% increase compared to the prior year.

Operating expenses, excluding a fourth quarter 2022 impairment loss of $2,063, were down 6.2% to $16,508, compared to $17,600 in the prior year.

GAAP net loss of $2,377 or ($1.44) per diluted share, compared to GAAP net income of $4,366, or $2.64 per diluted share, in the prior year.

Adjusted earnings of $749, or $0.45 per diluted share, compared to ($70), or ($0.04) per diluted share, for the year ended December 31, 2021. Adjusted earnings, a non-GAAP measure, is defined below.

Adjusted EBITDA of $1,995, compared to $1,395 for the year ended December 31, 2021. Adjusted EBITDA, a non-GAAP measure, is defined below.

Scott Switzer, the Company's Interim Chief...