Elephant Talk Communications Corp. (NYSE MKT: ETAK) said it has announced its financial results for the third quarter ending September 30, 2015.
Revenue totaled approximately USD3.5 million for the quarter ended September 30, 2015 as compared to restated revenue of USD4.4 million recorded in the third quarter of 2014.
Revenue in the quarter also reflects the negative impact of exchange rates in the amount of approximately USD550,000. Non-GAAP revenue* decreased to approximately USD3.4 million in the third quarter of 2015 as compared to approximately USD7.7 million for the same period of the prior year.
Net loss for the third quarter of 2015 was approximately USD4.2 million as compared to a restated loss of approximately USD5.2 million reported in the third quarter of 2014. Adjusted EBITDA* loss was approximately USD1.2 million for the third quarter of 2015 as compared to approximately a restated USD1.4 million profit in the same quarter of the prior year.
The decrease in 2015 third quarter revenue reflects the impact of the termination of the company´s relationship with Iusacell and the Iusacell settlement agreement dated June 12, 2015 which provided the company with net proceeds of USD12.6 million.
The termination of the Iusacell contract resulted in the loss of approximately USD3.9 million of anticipated quarterly cash flow (based on historical monthly billings).
Elephant Talk Communications is a global provider of mobile proprietary Software Defined Network Architecture (ET Software DNAÂ® 2.0) platforms for the telecommunications industry. The company empowers Mobile Network Operators (MNOs), Mobile Virtual Network Operators (MVNOs), Enablers (MVNEs) and Aggregators (MVNAs) with a full suite of applications, reliable industry expertise and high quality customer service without the need for substantial upfront investment.
ValidSoft, a subsidiary of Elephant Talk Communications Corp., secures transactions using personal authentication and device assurance.