FinancialNewsMedia.com News Alert: NEW YORK, – (http://www.financialnewsmedia.com News Alert) – Tapinator, Inc. (OTC: TAPM), a publisher of mobile games on the iOS, Google Play and Amazon platforms, today announced financial results and the filing of its quarterly report for the period ended September 30, 2016. The quarterly report and unaudited financial statements may be found at http://www.otcmarkets.com/stock/TAPM/filings.
“Tapinator demonstrated strong growth in the third quarter of 2016,” stated Tapinator CEO, Ilya Nikolayev. “Driven by more than 21 million average monthly active users, our third quarter revenues grew 49% year-over-year to approximately $1,083,000, representing our ninth consecutive quarter of at least double-digit year-over-year revenue growth. Our revenue expansion can be attributed primarily to the broadening of our Rapid-Launch Games portfolio and, within our Full-Featured Games division, to the late Q2 launch of Combo Quest 2 on iOS and the continued growth of our Video Poker Classic title across all major mobile platforms. In addition to our strong revenue growth, Tapinator is also pleased to announce adjusted EBITDA (a non-GAAP earnings measure) of approximately $277,000 in the third quarter of 2016, an increase of 276% year-over-year, and our tenth consecutive quarter of positive adjusted EBITDA.
We were very pleased with our third quarter results as we saw significant year-over-year growth in player engagement, revenue and adjusted EBITDA, combined with increased diversification of our revenue base. However, within our Rapid-Launch business, new player downloads on the Google Play platform slowed, beginning midway through the third quarter, causing us to take a more cautious outlook toward our upcoming fourth quarter performance as more fully described in our Forward Guidance below.” Read this and more news for TAPM at http://financialnewsmedia.com/profiles/tapm.html
– Quarterly revenues of $1,083,176; up 49% year-over-year
– Nine-month year-to-date revenues of $2,994,262; up 71% year-over-year
– Quarterly adjusted EBITDA* (a non-GAAP measure) of $277,869; up 276% year-over-year