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Tapinator Announces Q2 2024 Financial Results

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Revenue Increases 16% Year-Over-Year to $1.2 MillionBookings* Decrease 8% Year-Over-Year to $1.1 MillionNet Income of $2k Compared to Previous Year Net income of $83kAdjusted EBITDA* Decreases 44% Year-Over-Year to $119kBasic and Fully Diluted EPS of $0.00

NEW YORK, Aug. 12, 2024 /PRNewswire/ — Tapinator, Inc. (OTC: TAPM) (“Tapinator,” the “Company,” “we,” “our” or “us”), a developer and publisher of category leading games for mobile platforms, today announced unaudited financial results for the three and six months ended June 30, 2024, and the filing of its quarterly report for the periods ended June 30, 2024 and 2023.

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, 2024, Tapinator achieved revenue and bookings* of approximately $1.2 million and $1.1 million, respectively, and net income and adjusted EBITDA* of approximately $2,000 and $119,000, respectively.  The Company’s quarterly revenue, bookings*, net income and adjusted EBITDA* represent year-over-year change of 16%, -8%, -97% and -44%, respectively.  For the three-month period, the Company also announced basic and fully diluted net income of $0.00 per share.

For the six months ended June 30, 2024, Tapinator achieved revenue and bookings* of approximately $2.4 million and $2.3 million, respectively, and net income and adjusted EBITDA* of approximately $146,000 and $262,000, respectively.  The Company’s revenue, bookings*, net income and adjusted EBITDA* for the six-month period represent year-over-year change of 16%, -2%, -49% and -22%, respectively.  For the six-month period, the Company also announced basic and fully diluted net income of $0.05 per share.

*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 income, resulting in adjusted EBITDA (a non-GAAP measure) for the relevant periods.

Financial Highlights

Three Months Ended

Six Months Ended

June 30

June 30

2024

2023

% Ch.

2024

2023

% Ch.

GAAP Results:

Revenue

$1,207,804

$1,036,982

16 %

$2,443,088

$2,101,835

16 %

Operating Income (loss)

($25,126)

$75,429

-133 %

($3,709)

$93,664

-104 %

Net Income

$2,226

$82,855

-97 %

$146,349

$284,554

-49 %

Net Income margin %

0 %

8 %

6 %

14 %

Net Income Per Share – Basic

$0.00

$0.03

$0.05

$0.10

Net Income Per Share – Diluted

$0.00

$0.03

$0.05

$0.10

Weighted avg. common shares outstanding – basic

2,725,439

2,725,439

2,725,439

2,725,439

Weighted avg. common shares outstanding – diluted

2,725,439

2,725,439

2,725,439

2,725,450

Non-GAAP Results:

Bookings:

Category Leading Games

$1,066,583

$1,127,036

-5 %

$2,208,067

$2,174,259

2 %

Rapid-Launch Games

17,437

53,703

-68 %

42,117

121,763

-65 %

Total Bookings

$1,084,020

$1,180,739

-8 %

$2,250,184

$2,296,022

-2 %

Adjusted EBITDA

$118,724

$211,105

-44 %

$262,59

$335,806

-22 %

Adjusted EBITDA Margin %

10 %

20 %

11 %

16 %

(1) Percentage change not meaningful.

Ilya Nikolayev, CEO of Tapinator, commented, “Q2 2024 was a challenging quarter for us. Despite a 16% increase in year-over-year quarterly revenue, we saw an 5% decrease in bookings for our core Category Leading Games. As we have noted previously, we have expanded our marketing efforts this year and, thus far, this strategy has not yielded desired results. We are currently adjusting our marketing strategy to better align spend with current booking levels. 

In May and July, we launched major update 1.3 and 1.4, respectively, to our latest game, Blackjack Live Casino. Later this month, we will be launching the Android version of this game on Google Play. Overall, we are very focused on ramping up the daily active user (DAU) count for this title and, between improvements to the game and the launch on Google Play, we are hopeful that we’ll be able to scale the player base. 

As we have noted previously, while creating the live host experience for Blackjack Live Casino, we spent significant time exploring the voice and chat capabilities of AI. We are currently working on two new products – one at the intersection of chat and AI; the other at the intersection of mobile gaming and AI. Both products utilize the core expertise that our team has in mobile app development, and we plan on launching both products later this year. 

Non-GAAP Financial Measures*
We have provided in this release the non-GAAP financial measures of Bookings and adjusted EBITDA as a supplement to the measures of Revenue and Operating which are prepared in accordance with United States generally accepted accounting principles (“GAAP”). Management uses Bookings and adjusted EBITDA internally in analyzing our financial results to assess operational performance and liquidity. The presentation of Bookings and adjusted EBITDA is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. We believe that both management and investors benefit from referring to Bookings and adjusted EBITDA in assessing our performance and when planning, forecasting, and analyzing future periods. We believe Bookings and adjusted EBITDA are useful to investors because it allows for greater transparency with respect to key financial metrics we use in making operating decisions and because our investors and analysts use them to help assess the health of our business. Below, we have provided reconciliations between our historical Bookings and adjusted EBITDA to the most directly comparable GAAP financial measures.  Some limitations of Bookings and adjusted EBITDA are as follows:

Bookings do not reflect that we defer and recognize online game revenue over the estimated life of durable virtual goods;Adjusted EBITDA does not include the impact of stock-based expense, impairment of previously capitalized software or intangible assets previously acquired, gain on digital asset dividends & airdrops, gain on sale of digital assets and gain on sale of investments;Adjusted EBITDA does not reflect income tax expense;Adjusted EBITDA does not include other income or expenses, which includes foreign exchange gains and losses, interest income or expense, and gain on extinguishment of debt;Adjusted EBITDA excludes depreciation and amortization of intangible assets and impairment of capitalized software. Although depreciation, amortization, and impairment of capitalized software are non-cash charges, the assets being depreciated, amortized, or impaired may have to be replaced in the future; and Other companies, including companies in our industry, may calculate adjusted EBITDA differently or not at all, which will reduce their usefulness as a comparative measure.

Because of these limitations, you should consider Bookings and adjusted EBITDA, along with other financial performance measures, including Revenue, Net Income (Loss), Basic and Diluted Net Income (Loss) Per Share, Cash Flow from Operations, Operating Income (Loss), and our other financial results presented in accordance with GAAP.

NFT500 Supplemental Information – Summary Collection Metrics*

Totals as of
12/31/2023

Q1 2024

Q2 2024

Cumulative
Totals as of
06/30/2024

# of NFTs Collected

724

1

0

725

# of NFTs Sold

-292

-24

-19

-335

# of NFTs Held, Cumulatively

432

409

390

390

Cost of NFTs Collected

$    2,925,228

$    2,925,228

 Proceeds from Sale of Collected NFTs 

(1,600,482)

(300,315)

(96,344)

$  (1,997,141)

 Proceeds from Sale of Digital Asset Dividends & Airdrops 

(185,816)

–

–

(185,816)

Cost of NFTs Collected, Net of Sales Proceeds

$    1,138,930

$      (300,315)

$      (96,344)

$       742,271

* We are no longer actively investing in the NFT ecosystem, and we have been selectively selling digital assets under market conditions as market conditions allow and that we deem appropriate. 

Reconciliation of GAAP to Non-GAAP Results

Three Months Ended

Six Months Ended

June 30

June 30

2024

2023

2024

2023

Reconciliation of Revenue to Bookings:

Revenue

$1,207,804

$1,036,982

$2,443,088

$2,101,835

Change in deferred revenue

(123,784)

143,757

(192,904)

194,187

Bookings

$1,084,020

$1,180,739

$2,250,184

$2,296,022

Reconciliation of Net Income to Adjusted EBITDA:

Net income

$2,226

$82,855

$146,349

$284,554

Interest income, net

(1,133)

(1,864)

(2,139)

(2,310)

Income tax expense, net

11,100

17,200

28,600

54,900

Loss on Impairment of digital assets

–

–

101,283

–

Amortization of capitalized software development costs

140,899

129,548

260,005

229,885

Depreciation and amortization of other assets

2,951

3,212

6,163

6,425

Gain on sale of digital assets

(37,319)

(19,166)

(277,802)

(239,884)

Gain on sale of investments

–

(3,596)

–

(3,596)

Stock-based compensation

–

2,916

–

5,832

Adjusted EBITDA

$118,724

$211,105

$262,59

$335,806

About Tapinator
Tapinator Inc. (OTC: TAPM) develops and publishes Category Leading Games for mobile platforms. Tapinator’s library includes more than 300 titles that, collectively, have achieved over 500 million mobile downloads, including notable properties such as Video Poker Classic, Keno Vegas, and Blackjack Live Casino.  We generate revenues from our mobile games via consumer transactions, including in-app purchases and subscriptions, and through the sale of branded advertisements. Founded in 2013, we are headquartered in New York, with product teams located in North America and Europe.

Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Tapinator, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “goal,” “seek,” “plan,” “feel,” “hope,” “opinion,” “may,” “will,” “expect,” “anticipate,” “estimate,” “intend,” “target,” and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are intended to identify forward-looking statements. These forward-looking statements include, among other things, our hope that we will be able to scale the player base for Blackjack Live Casino based on improvements to the game and its launch on Google Play and our plan to launch two new products relating to Blackjack Live Casino – one at the intersection of chat and AI and the other at the intersection of mobile gaming. Forward-looking statements are subject to risks and uncertainties that could cause our future results, performance, or achievements to differ significantly from those expressed or implied by the forward-looking statements. Except as required by law, Tapinator undertakes no obligation to update or revise any forward-looking statements. The quoting and trading of the Company’s common stock on the OTC Marketplace is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with the Company’s operations or business prospects. As a result, there may be volatility in the market price of the shares of the Company’s common stock for reasons unrelated to operating performance. Moreover, the OTC Marketplace is not a stock exchange, and trading of securities on it is often more sporadic than trading of securities listed on a national securities exchange. Accordingly, stockholders may have difficulty reselling any of their shares. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company, please see the Company’s Supplemental Information Report as filed with the OTC Markets on October 20, 2021 and as updated from time to time.

CONTACT:
Tapinator Investor Relations
investor.relations@tapinator.com
914.930.6232

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SOURCE Tapinator, Inc.

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Cat® Simulators New Hydraulic Mining Shovel System Builds Operator Skills for Mine Sites

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September 23, 2024

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Simformotion™ LLC, a leader in heavy equipment simulator training solutions, announces the release of the new Cat® Simulators Hydraulic Mining Shovel System.

PEORIA, Ill., Sept. 23, 2024 /PRNewswire-PRWeb/ — Simformotion™ LLC – a leader in heavy equipment simulator training solutions – announces the release of the new Cat® Simulators Hydraulic Mining Shovel System. Operator trainees can utilize the system inside a classroom or at satellite mine locations.

“The new Hydraulic Mining Shovel simulator system is the cornerstone of our Cat Simulators mining models. The system trains students and operators using authentic Cat controls and teaches applications found on real-world job sites,” says CEO Lara Aaron.

The hands-on training system is set in a mining environment and teaches learners how to operate the Hydraulic Mining Shovel, including inspecting the machine, spotting and properly loading trucks, and more. Correct, efficient operation increases safety, production and cost savings. Simulation is a safe alternative to using actual machines for heavy equipment operator training. Students and operators can train anytime and anywhere using simulators — no need to take a costly machine out of production, worry about the weather or, most importantly, worry about the operator’s safety.

“The new Hydraulic Mining Shovel simulator system is the cornerstone of our Cat Simulators mining models. The system trains students and operators using authentic Cat controls and teaches applications found on real-world job sites. We often hear of the struggles to find skilled operators. Cat Simulators systems help companies build their own workforce,” says CEO Lara Aaron.

The Cat Simulators Hydraulic Mining Shovel system is available in multiple languages and includes SimU Campus™, a built-in reporting software that records and generates reports of learners’ simulation sessions and compares their performance to Caterpillar benchmarks. The system features authentic Cat controls, a motion system, exclusive walkaround machine inspection training, and a companion SimScholars™ curriculum, making the training package a unique offering.

The companion SimScholars online curriculum is a one-to-one match with the simulator model and can be used in the classroom or for remote learning. It is an interactive, turn-key solution complete with instructor guides, videos, quizzes and more. Integrate the Cat Simulators Hydraulic Mining Shovel system and its curriculum together for a unique, blended learning experience.

For even more training value and for a more immersive experience, add VR Edition. With the VR headset and patented VR Now technology, users experience a larger view of the virtual environment with greater depth perception. The simulator is portable and easy to move from a training room to a trailer to satellite locations.

About Simformotion™ LLC

©Copyright 2024 Simformotion™ LLC is a leader in heavy equipment simulator training solutions. Simulation can help address initiatives such as safety and production; while ensuring training can be delivered anytime day or night, regardless of weather conditions. Cat Simulators are chosen as training solutions in such markets as mining, construction, forestry, government, and trade and vocational schools. Simformotion™ LLC is a licensee of Caterpillar Inc. As used herein, “Simformotion” means Simformotion™ LLC, a Delaware limited liability company.

About Caterpillar Inc.

About Caterpillar Inc. With 2023 sales and revenues of $67.1 billion, Caterpillar Inc. is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we’ve been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html.

CAT, CATERPILLAR, LET’S DO THE WORK, their respective logos, “Caterpillar Corporate Yellow,” and the “Power Edge” and “Modern Hex” trade dress, as well as corporate and product identity used herein, are trademarks of Caterpillar and may not be used without permission. www.cat.com / www.caterpillar.com Third party trademarks are the property of their respective owners.

Media Contact
Kim Roberts, Simformotion, 1 3096703200, kroberts@simformotion.com, https://simformotion.com/

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SOURCE Simformotion

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GR0 CEO Kevin Miller Snags C-Suite Insiders CEO of the Year Award for Brand Optimization

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September 23, 2024

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GR0 Co-Founder and CEO Kevin Miller Honored for Excellence in Leadership, Innovation, and Industry Impact

LOS ANGELES, Sept. 23, 2024 /PRNewswire-PRWeb/ — Kevin Miller, Co-Founder and CEO of GR0, was awarded CEO of the Year for brand optimization from the prestigious C-Suite Leadership Awards Program. This recognition underscores Miller’s outstanding leadership, innovation, and transformative impact in the digital marketing industry.

Recognized for celebrating excellence in senior executives, the C-Suite Leadership Awards Program highlights remarkable achievements in business. Emphasizing the importance of exceptional leadership, innovation, and industry impact, the program honors high-performing executives who inspire success while shaping the future of their companies.

As Co-Founder and CEO of GR0, Kevin Miller has propelled his company to the forefront of the digital marketing industry. Leveraging extensive expertise from roles at Google and Open Listings, Miller has spearheaded notable successes for GR0, including accolades such as a Platinum dotCOMM award in 2024 and a Best SEO Company award from Clutch in 2021.

Assisting both D2C and B2B clients, GR0 is known for delivering measurable growth and impactful results as a trusted agency for businesses seeking transformative omnichannel digital marketing solutions.

Miller’s dedication to his team and commitment to fostering an exemplary working environment have not gone unnoticed. He was recognized with a Best CEO Award from Glassdoor and was instrumental in GR0 being named a Best Company for Women by Great Place to Work in 2024. These achievements underscore Miller’s holistic approach to leadership, focusing on business success and employee well-being.

For further details on Miller’s remarkable achievements and to explore GR0’s transformative digital marketing strategies, visit GR0’s website.

About GR0: A leading omnichannel digital marketing agency based in Los Angeles, GR0 delivers exceptional growth and impactful results for a diverse clientele. With a record of innovation and recognition in digital marketing, GR0 sets benchmarks and drives success stories for businesses worldwide.

Media Contact

GR0 Agency, GR0, +1 (310) 439-1887, performancepr@gr0.com, gr0.com 

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First Pacific Bank expands its instant payments offerings with Finastra, driving growth

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September 23, 2024

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With Finastra Payments To Go, the bank enhances its payments infrastructure and unlocks new opportunities 

LAKE MARY, Fla., Sept. 23, 2024 /PRNewswire/ — Finastra today announced that First Pacific Bank, a Southern California-based community bank that offers custom financial solutions for individuals and businesses, has selected Finastra Payments To Go to modernize its payments infrastructure. The cloud-based, SaaS payments hub solution will help the bank to deliver FedNow send and receive services 24/7, support ISO 20022 compliance, and enable its projected growth. 

As part of Finastra’s commitment to Open Finance, Payments To Go offers seamless connectivity to other software providers, fintechs, and financial institutions, giving banks the flexibility needed to deploy modern and agile payment solutions quickly and efficiently.

“Our selection of Payments To Go was driven by the need for a robust instant payments platform that supports our growth and innovation plans, particularly as we expand our commercial business,” said Sharokin Badal, SVP, Director of Deposit and Treasury Services at First Pacific Bank. “With Finastra, our customers will benefit from additional payment offerings, enabling better cash flow and financial management. The modernity and scalability of Payments To Go, along with its seamless integration with our existing vendors, make it the ideal solution.”

Deployed on Microsoft Azure cloud, Payments To Go provides the bank with the agility needed to offer new and innovative payments rails, including FedNow Service. As one of the first software providers in the industry to complete certification for the FedNow Service and ISO 20022 compliance, Finastra is well-positioned to provide financial institutions with the ability to deliver instant payment services around the clock, with more than 200 customers across the US able to launch FedNow Service through its solutions.

“Our payments as a service solution provides First Pacific Bank with a modern infrastructure that enables scalability and an enhanced customer experience,” said Radha Suvarna, Chief Product Officer, Payments at Finastra. “We’re pleased that the bank selected us to not just prepare them for regulatory and compliance requirements, but to support the team as they meet the moment to unlock new opportunities in payments innovation.”

“Readiness for both ISO 20022 messaging standards for Fedwire and the FedNow Service are critically important for community-based financial institutions to stay competitive and compliant as the instant payments space continues to evolve,” said Erika Baumann, Director Commercial Banking and Payments at Datos Insights. “By aligning with global standards and embracing new payment rails, community banks are well positioned to improve their offerings.”

To learn more about Payments To Go, visit Finastra at Sibos 2024 on stand G30.

About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.

About First Pacific Bank
First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTC Pink: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. With a history that spans 17 years, the Bank offers a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit firstpacbank.com or call 888.BNK.AT.FPB.

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