$TAPM News - Tapinator Releases Q1 2016 Results - Q1 Revenues Grow 106% Year-Over-Year to $849,000; 2016 Guidance Confirmed

NEW YORK, - (http://www.financialnewsmedia.com News Alert) - Tapinator, Inc. (OTC: TAPM), an emerging growth company within the mobile gaming industry, today announced financial results and the filing of its quarterly report for the three months ended March 31, 2016. The quarterly report and unaudited financial statements may be found at http://www.otcmarkets.com/stock/TAPM/filings.



\"Tapinator showed rapid business expansion in the first quarter of 2016,\" stated Tapinator CEO, Ilya Nikolayev. \"Our first quarter revenues grew 106% year-over-year to approximately $849,000, representing our seventh consecutive quarter of at least double-digit year-over-year revenue growth. Our revenue expansion can be primarily attributed to the continued broadening of our Rapid-Launch Games portfolio, as well as to a select number of Full-Featured Games that we believe have significant franchise potential. In addition to our strong revenue growth, Tapinator is also pleased to announce adjusted EBITDA (a non-GAAP measure) of approximately $221,000 in the first quarter of 2016, an increase of 97% year-over-year, and our eighth consecutive quarter of positive adjusted EBITDA.



\"We are very pleased with our first quarter results as we saw significant acceleration of both year-over-year player and revenue growth rates as compared to the seasonally strong fourth quarter of 2015. Based on our year-to-date results, we are confirming the financial guidance we provided earlier this year as part of our 2015 annual results announcement, which we have supplied again later in the press release.\"



Financial Highlights

- Quarterly revenue of $848,613; up 106% year-over-year

- Quarterly adjusted EBITDA* (a non-GAAP measure) of $220,510; up 97% year-over-year

- $1.49 million in cash and cash equivalents as of March 31, 2016, unchanged from December 31, 2015



* A table has been included later in this press release with non-GAAP adjustments to the Company\'s net loss, resulting in positive adjusted EBITDA for the relevant periods.



Product Highlights



The Company ended Q1 with 214 active games, of which 28 were released in the quarter. As of March 31,...