Tapinator revenue up 172% YoY

Tapinator, Inc. (OTC: TAPM) said it has announced financial and operating results and the filing of its quarterly report for the period ended June 30, 2015.

Quarterly revenue was USD615,358, up 172 percent year-over-year and up 49 percent sequentially.

Quarterly adjusted EBITDA was USD187,591, up 1,390 percent year-over-year and up 68 percent sequentially.

The company ended Q2 with 112 games, of which 19 were launched in the quarter. Tapinator has 20 titles in its portfolio that have reached at least one million downloads, up from 15 games that had reached this milestone at the end of Q1.

Tapinator, Inc. recorded gross revenues of USD615,358 and a net loss of USD4,993,561 for the three-month period ended June 30, 2015. This compares to revenue of USD226,320 and net income of USD12,399 for the same period in 2014.

The net loss was primarily attributable to non-cash derivative charges associated with the company´s USD2.0 million convertible debenture financing completed during the second quarter, and increased amortization of capitalized software costs.

For the three-month period ended June 30, 2015, the company incurred an operating loss of USD143,319, as compared to operating income of USD12,399 for the comparable three-month period ended June 30, 2014. The reduction in operating income is primarily due to increased amortization of capitalized software costs.

Tapinator is a developer and publisher of mobile games on the iOS, Google Play, and Amazon platforms.