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| Statement |
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| At the end of the quarter, we engaged Cleverbridge, a growth engine for global technology companies, Cleverbridge's robust suite of global payment and e-commerce capabilities empowers Paltalk to optimize international geographic markets while minimizing risk and administrative work |
| Our pipeline of opportunities continues to be strong as we generate leads internally and externally with our investment banking partner, Roth Capital |
| We are excited to have Geoff Cook join our Board as he has successfully accomplished what we intend to do, which is grow via strategic acquisitions to enhance shareholder value |
| As we continue to prudently execute on our revenue growth plans, we believe we are well positioned for profitability with our current expense infrastructure |
| We are pleased to offer such outstanding capabilities to our current and prospective international subscribers, particularly in Europe |
| We also generated positive cash flow from operations for the quarter |
| It's chargeback prevention algorithms have earned at one of the highest trust scores in the payment processing industry |
| We believe Cleverbridge can help us increase our acceptance rates and reduce fraud on a global scale |
| We are pleased with our continued revenue growth and achievement of generating positive cash flow from operations in the third quarter |
| We are very grateful for your interest in our business |
| We believe that current market conditions position us well for potential M&A activities |
| Our efforts to optimize our platforms and streamline our costs have resulted in a significant decrease in operating expenses and an improvement in reducing our operating losses and net losses |
| This remains a priority as we are committed to finding a deal that will enhance shareholder value |
| The third quarter ended September 30, 2023, revenue increased by 5.5% to $2.8 million compared to the same period in the prior year |
| While we don't provide financial data on our products separately, I can tell you that ManyCam has an enterprise use case, and we are working very hard to develop and grow that opportunity |
| The increase in revenue was primarily attributed to an increase in sales of virtual goods revenue from Paltalk, increased revenue from Vumber as well as an increase in ManyCam revenue |
| The first question, what is driving subscription revenue growth and is it sustainable? What percent of growth comes from existing subscribers spending more time and money on your platform, for example, ManyCam or is it reflective of new subscribers and new room topics? Jason Katz We attribute the revenue growth to better revenue per user from existing registered users and more efficient use of paid acquisition of new users |
| Our near-term business objectives are the following with a keen eye on profitability and enhancing shareholder value, leveraging our integration of the ManyCam product into Paltalk through up-selling initiatives, further optimizing marketing spend to effectively realize a positive return on our investment, evaluating ways to optimize and reduce expenses, continuing to explore strategic opportunities, including, but not limited to, potential mergers or acquisitions of other assets or entities that are synergistic to our businesses, continuing to defend our intellectual property |
| The increase in revenue was attributed to an increase in subscription revenue |
| Total revenue for the three months ended September 30, 2023, increased by 5.5% to $2.8 million compared to $2.6 million for the three months ended September 30, 2022 |
| Now I'd like to share a little color on two recent announcements we made that I'm very excited about |
| Total revenue for the nine months ended September 30, 2023, increased by 1.1% to $8.3 million compared to $8.2 million for the nine months ended September 30, 2022 |
| In addition to that, we now believe our newly appointed Director, Geoff Cook, will also bring us valuable M&A insights |
| Have a great day |
| The decrease in loss from operations was primarily attributable to an increase in revenue and reduced operating expenses in connection with the implementation of operating efficiencies |
| The decrease in loss from operations was attributed to increased revenue and reduced operating expenses for the three months ended September 30, 2023 |
| We look forward to leveraging Geoff's experience, knowledge, success and relationships to complement what we are currently doing with our strategic and M&A efforts with Roth Capital |
| The decrease in net loss was attributed to an increase in revenue and decreases in operating expenses as well as increase in other income in connection with the company's recording of a refundable employee retention tax credit |
| Jason Katz Thank you, Kara, and good afternoon, everyone |
| The decrease in net loss was due to the increase in subscription revenue and the reduction of operating expenses |
| Statement |
|---|
| Adjusted EBITDA for the three months ended September 30, 2023, decreased by 83.8% to adjusted EBITDA loss of $0.1 million compared to adjusted EBITDA loss of $0.8 million for the three months ended September 30, 2022 |
| Adjusted EBITDA loss for the nine months ended September 30, 2023, decreased by 63.7% or $1.4 million to an adjusted EBITDA loss of $0.8 million compared to an adjusted EBITDA loss of $2.2 million for the nine months ended September 30, 2022 |
| Loss from operations for the nine months ended September 30, 2023, decreased by 44.8% or $1.3 million to a loss of $1.6 million compared to a loss of $2.9 million for the nine months ended September 30, 2022 |
| The net loss for the three months ended September 30, 2023, decreased 82.7% to $0.2 million compared to a net loss of $1.1 million for the three months ended September 30, 2022 |
| Net loss for the nine months ended September 30, 2023, decreased by 73.1% or $2.1 million to $0.8 million compared to a net loss of $2.9 million for the nine months ended September 30, 2022 |
| Loss from operations for the three months ended September 30, 2023, decreased by 63.3% or $0.7 million compared to a loss of $1.1 million for the three months ended September 30, 2022 |
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