Tapinator Announces Q 3 2022 Financial Results.

NEW YORK: 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 nine months ended September 30, 2022, and the filing of its quarterly report for the periods ended September 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 September 30, 2022, Tapinator achieved revenue of approximately $1.3 million, bookings* of approximately $1.2 million, net income of approximately $144,000 and adjusted EBITDA* of approximately $204,000. The Company's revenue, bookings*, net income and adjusted EBITDA* represent year-over-year declines of 14%, 31%, 73% and 56%, respectively. For the quarter, the Company also announced basic and fully diluted net income per share of $0.05 per share.

For the nine months ended September 30, 2022, Tapinator achieved revenue of approximately $4.4 million, bookings* of approximately $4.2 million, net income of approximately $877,000 and adjusted EBITDA* of approximately $990,000. The Company's annual revenue represent year-over-year improvement of 5%, while the Company's bookings*, net income and adjusted EBITDA* represent year-over-year declines of 7%, 11% and 4%, respectively. For the nine-month period ended September 30, 2022, the Company also announced basic and fully diluted net earnings per share of $0.31 and $0.30 per share, respectively.

*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 adjusted EBITDA (a non-GAAP measure) for the relevant periods.

Financial Highlights

Three Months Ended

Nine Months Ended

September 30

September 30

2022

2021

% Ch.

2022

2021

% Ch.

GAAP Results:

Revenue

$1,306,117

$1,524,983

-14 %

$4,383,148

$4,161,325

5 %

Operating Income

$71,689

$343,599

-79 %

$617,848

$707,699

-13 %

Net Income

$143,864

$528,342

-73 %

$877,088

$981,788

-11 %

Net Income margin %

11 %

35 %

20 %

24 %

Net Income Per Share - Basic

$0.05

$0.19

-74 %

$0.31

$0.35

-11 %

Net Income Per Share - Diluted

$0.05

$0.18

...