JERICHO, NY, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Paltalk, Inc. ("Paltalk," the "Company," "we," "our" or "us") (Nasdaq: PALT), a communications software innovator that powers multimedia social applications, today announced that a jury in the District Court for the Western District of Texas (the "Court") has awarded the Company $65.7 million in a verdict against Cisco Systems, Inc. ("Cisco") for infringing U.S. Patent No. 6,683,858. As previously disclosed, on July 23, 2021, Paltalk Holdings, Inc., a wholly ow ...

Financial Performance - Revenue for Q2 2024 decreased by 24.7% to $2.2 million compared to $2.9 million in Q2 2023[1] - Subscription revenue for Q2 2024 decreased by 26.1% to $2.1 million, while advertising revenue increased by 29.2% to $0.1 million[1] - Net loss for Q2 2024 was $0.9 million, a decline of 788.8% compared to a net income of $0.1 million in Q2 2023[1] - Total revenues for the three months ended June 30, 2024, were $2,224,625, a decrease of 25% compared to $2,956,002 for the same period in 2023[24] - The net loss for the three months ended June 30, 2024, was $(934,151), compared to a net income of $135,629 for the same period in 2023[24] - Adjusted EBITDA loss for Q2 2024 was $0.9 million, an increase of approximately 6164.5% compared to a loss of $14,945 in Q2 2023[1] - Adjusted EBITDA for the three months ended June 30, 2024, was $(936,227), compared to $(14,945) for the same period in 2023[17] Cash and Assets - Cash balance as of June 30, 2024, was $12.8 million, a decrease of $0.2 million from Q1 2024[1] - Total current assets decreased to $13,724,546 as of June 30, 2024, from $14,765,599 as of December 31, 2023[22] - Cash and cash equivalents were $12,796,004 as of June 30, 2024, down from $13,568,049 as of December 31, 2023[22] - The balance of cash and cash equivalents at the end of the period was $12,796,004, down from $13,650,942 at the end of June 2023[25] Liabilities and Expenses - Total liabilities as of June 30, 2024, were $3,674,642, a slight decrease from $3,752,581 as of December 31, 2023[22] - The company reported a total cost of revenue of $810,493 for the three months ended June 30, 2024, compared to $774,028 for the same period in 2023[24] - The company incurred product development expenses of $1,212,220 for the three months ended June 30, 2024, an increase from $1,163,640 in the same period of 2023[24] - Stock-based compensation decreased to $91,561 in June 2024 from $112,311 in June 2023, reflecting cost management efforts[25] Deferred Revenue and Future Outlook - Deferred revenue decreased by 12.6% to $1.9 million as of June 30, 2024, compared to the previous year[1] - Deferred subscription revenue increased by $64,317, from $87,998 in June 2023 to $152,315 in June 2024, indicating potential growth in future revenue[25] - The company plans to focus on improving and marketing its ManyCam software as part of its future business objectives[16] Acquisition and Legal Matters - The company entered into an agreement to acquire Newtek Technology Solutions for $4 million in cash and 4 million shares of preferred stock, with potential earn-out payments of up to $5 million[2] - The company is defending its intellectual property in a patent litigation case against Cisco, with the trial expected to begin on August 26, 2024[6] Cash Flow Management - Net cash used in operating activities for the six months ended June 30, 2024, decreased by 22.5% to $0.8 million[1] - Net cash used in operating activities decreased to $772,045 in June 2024 from $996,778 in June 2023, showing improved cash flow management[25] - The company did not make any payments for contingent consideration in June 2024, compared to $85,000 in June 2023[25] Tax and Credit Management - The company reported a tax expense of $9,550 in June 2024, down from $18,551 in June 2023, indicating a reduction in tax liabilities[25] - The company recorded an allowance for credit losses of $3,233 in June 2024, which was not present in June 2023, suggesting a cautious approach to credit risk[25]

Cash Balance of $12.8 Million at June 30, 2024 JERICHO, NY, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Paltalk, Inc. ("Paltalk," the "Company," "we," "our" or "us") (Nasdaq: PALT), a communications software innovator that powers multimedia social applications, today announced financial and operational results for the second quarter ended June 30, 2024. Key Financial Highlights for Second Quarter Ended June 30, 2024 Compared to Prior Year Period Revenue decreased 24.7% to $2.2 million Subscription revenue decreased 2 ...

BOCA RATON, Fla., Aug. 12, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. ("NewtekOne" or the "Company") (Nasdaq: NEWT) has entered into a definitive agreement (the "Agreement") to sell its wholly owned subsidiary Newtek Technology Solutions, Inc. ("NTS") to Paltalk, Inc. ("Paltalk") (Nasdaq: PALT) (the "NTS Sale"). As previously disclosed, in connection with Company's acquisition of Newtek Bank and transition to a financial holding company, the Company made a commitment to the Board of Governors of the Federal R ...

Paltalk, Inc. (NASDAQ:PALT) Q1 2024 Earnings Conference Call May 9, 2024 9:00 AM ET Company Participants Kara Jenny - Chief Financial Officer Jason Katz - Chief Executive Officer Conference Call Participants Operator Good morning, everyone, and welcome to the Paltalk First Quarter 2024 Results Conference Call. At this time, all participants have been placed on a listen-only mode. It is now my pleasure to turn the floor over to your host, CFO, Kara Jenny. Ma'am, the floor is yours. Kara Jenny Hello, everyone ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 001-38717 PALTALK, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR (Exact name of registrant as specified in its charter) | Delaware | 20-3191847 | | --- | --- | | (Sta ...

Exhibit 99.1 Paltalk, Inc. Reports Slight Increase in Revenue and 33% Reduction in Net Loss for First Quarter 2024 Cash Balance of $13.0 Million at March 31, 2024 Jericho, NY - May 9, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Paltalk, Inc. ("Paltalk," the "Company," "we," "our" or "us") (Nasdaq: PALT), a communications software innovator that powers multimedia social applications, today announced financial and operational results for the first quarter ended March 31, 2024. Key Financial Highlights for Fi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Fiscal Year Ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-38717 PALTALK, INC. (Exact name of registrant as specified in its charter) | Delaware | 20-3191847 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporatio ...

Revenue Performance - Total revenue for Q4 2023 decreased by 4% to $2.7 million compared to $2.8 million in Q4 2022[7] - Subscription revenue for Q4 2023 decreased by 5% to $2.6 million, while advertising revenue increased by 40% to $0.1 million[7] - For the year ended December 31, 2023, total revenue remained relatively unchanged at $11.0 million[7] - Total revenue for 2023 was $10,979,844, a slight decrease from $10,989,545 in 2022[31] - Subscription revenue for 2023 was $10,646,700, compared to $10,662,691 in 2022, indicating a marginal decline[31] Net Loss and Financial Improvement - Net loss for Q4 2023 improved by 43% to $0.3 million compared to a net loss of $0.5 million in Q4 2022[7] - Net loss for the year ended December 31, 2023 improved by 68.7% to $1.1 million compared to a net loss of $3.4 million in 2022[16] - The net loss for 2023 was $1,067,335, significantly improved from a net loss of $3,412,250 in 2022[31] - The company reported a basic net loss per share of $0.12 for 2023, an improvement from $0.35 in 2022[31] Cost Management - Total costs and expenses decreased to $13,050,087 in 2023 from $14,648,355 in 2022, reflecting a reduction of approximately 10.9%[31] - Operating expenses as a percentage of revenue declined to 118% in Q4 2023 from 129% in Q4 2022[8] - Adjusted EBITDA loss for the year ended December 31, 2023 improved by 61.7% to $1.0 million compared to a loss of $2.6 million in 2022[16] - Adjusted EBITDA is used internally to assess operational performance, but it has limitations and should not be considered in isolation from GAAP results[25] - The company continues to focus on managing cash flow and reducing operational costs to improve financial performance[26] Cash and Assets - Cash balance as of December 31, 2023 was $13.6 million with no long-term debt[7] - Cash and cash equivalents at the end of 2023 were $13,568,049, down from $14,739,933 at the end of 2022[33] - Total assets decreased to $23,887,268 in 2023 from $25,431,608 in 2022, a decline of approximately 6.4%[29] - Total liabilities decreased to $3,752,581 in 2023 from $4,457,366 in 2022, a reduction of about 15.8%[29] Strategic Opportunities - The company is exploring strategic opportunities, including potential mergers or acquisitions[7] - The trial against Cisco is expected to begin in April 2024 regarding patent infringement[9]

Paltalk, Inc. (NASDAQ:PALT) Q3 2023 Earnings Conference Call November 7, 2023 4:30 PM ET Company Participants Kara Jenny - CFO Jason Katz - CEO Conference Call Participants Operator Good afternoon, and welcome to the earnings call for Paltalk's Third Quarter Ended September 30, 2023. At this time, all participants have been placed on a listen-only mode. It is now my pleasure to turn the floor over to your host, Jason Katz, Chief Executive Officer of Paltalk; and Kara Jenny, Chief Financial Officer of Paltal ...