Canada

Tapinator Announces Q1 2020 Financial Results

Published

6 years ago

May 4, 2020

Tapinator, Inc., a developer and publisher of category leading apps for mobile platforms, today announced unaudited financial results for the three months ended March 31, 2020, and the filing of its quarterly report for the periods ended March 31, 2020 and 2019. The quarterly report and financial statements may be found at http://www.otcmarkets.com/stock/TAPM/disclosure. The results provided below replace, in its entirety, any guidance or projections previously issued by the Company.

For the quarter ended March 31, 2020, Tapinator achieved revenue of approximately $914,000, bookings^* of approximately $977,000, net loss of approximately $267,000, and adjusted EBITDA^* of approximately $90,000. The Company’s revenue and bookings^* represent year-over-year improvements of 12% and 1%, respectively.

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

Financial Highlights
	Quarter Ended
	March 31		*Change*
	2020	2019	(%)
GAAP Results:
Revenue	$913,855	$813,055	12%
Net Loss	$(267,203)	$(659,703)	NM⁽¹⁾
Diluted Net Loss Per Share	$(0.48)	$(1.20)	NM⁽¹⁾

Non-GAAP Results:
Adjusted EBITDA	$90,220	$(67,067)	NM⁽¹⁾

Bookings:
Category Leading Apps	$714,658	$644,278	11%
Rapid-Launch Games	$262,650	$322,397	-19%
Total Bookings	$977,308	$966,675	1%
¹ ^{Percentage change not meaningful}

Ilya Nikolayev, CEO of Tapinator commented, “During the first quarter of 2020, we continued to grow our Category Leading Apps business and, in particular, we are proud of the additional strides that we have made with our Live Operations (or “Live Ops”) capabilities. These LiveOps initiatives have resulted in strong improvements to the monetization of our daily active users and increases to our average revenue per daily active user. We are continuing to invest in LiveOps in 2020 with daily goals and customized stats that will soon launch in Video Poker Classic as well as new upcoming limited time events including Cinco de Mayo, Mothers’ Day and Memorial Day Offers and Jackpots.

With regards to new launches, we are very excited about the recent global launch of our new game, SPEED – Heads Up Solitaire. SPEED is a synchronous, heads-up card game where users compete with real players around the globe, in real time. The gameplay is based on a game that is proven in the real world and we believe that the metagame, social functionality, and virtual currency system that we have built will translate into strong retention and monetization metrics. We are also very excited that SPEED is currently featured by Apple, within a number of countries, in its “New Games We Love” category.

Given the continued uncertainty surrounding the current coronavirus situation, we believe that people are increasingly seeking entertainment that they can experience from the safety of their home. Our mobile game offerings fill this need. In fact, our mission is to offer players social casino entertainment anytime, anywhere. We believe that “social” play from the user’s mobile device will become increasingly compelling given the current climate. Our upcoming game, SPEED, is a great example of a product that is traditionally played between friends and family in the real world yet can now be played anytime, anywhere as a truly heads-up, social game.”

Andrew Merkatz, President & CFO of Tapinator, also commented on the Company’s results, “We are pleased with the following accomplishments during the first quarter of 2020:

We achieved quarterly revenue of approximately $914,000 representing year-over-year growth of 12%
We reported quarterly Bookings^* of approximately $715,000 within our core Category Leading Apps business, representing year-over-year growth of 11%
We implemented significant cost containment measures during the most recent quarter. These measures contributed to quarterly adjusted EBITDA* of approximately $90,000, which compares to an adjusted EBITDA* loss of approximately ($67,000) recorded in Q1 2019. These measures also contributed to a significant reduction in our net loss which narrowed to approximately ($267,000) in the first quarter of 2020 which compares to a net loss of approximately ($660,000) recorded in Q1 2019.
We made continued investment in our LiveOps capability yielding further monetization improvements in certain core games, an investment we believe crucial to the long-term success of our Category Leading Apps strategy.

The mobile game industry is expected to generate $100 billion in revenue in 2020, up from $86 billion in 2019, according to App Annie, the mobile data and analytics researcher. Based on the report, games are now 72% of all spending in the app stores. Mobile games saw 25% more spending than all other games combined in 2019. Mobile game spending was 2.4 times the spending for PC and Mac games, and 2.9 times spending for home game consoles in 2019. Tapinator has become a seasoned operator in this massive and lucrative market, and we believe we are well positioned to continue to deliver strong growth and product leadership in the coming years.”

Current Outlook
It is too early to quantify and distinguish the impact of the coronavirus pandemic for our business. In our games, we have seen an increase in the number of downloads as well as user engagement and also some uptick in revenues in March and April. Despite this uptick, we believe the pandemic creates significant uncertainty regarding the longer term impact on consumer and advertising spending within mobile apps. Despite this uncertainty, we continue to have strong conviction regarding our Category Leading Apps business, and specifically our focus on social casino games. The strategic changes we implemented in 2017-2018, shifting from Rapid-Launch Games to Category Leading Apps, and the initiatives we began in 2019 to focus on LiveOps both continue to pay off. We have also seen positive early results from cost containment measures that we undertook during the first quarter of 2020 that we believe will continue to yield improved operating results moving forward.

While we are not providing financial guidance at this time, we continue to believe we are well positioned to again deliver strong company-wide revenue and adjusted bookings growth in 2020. This growth is expected to be derived from our seasoned franchises such as Video Poker Classic and Solitaire Derby, combined with recent game launches such as SPEED. We also anticipate significantly improved adjusted EBITDA and significantly narrowed net loss in 2020. Based on the Company’s strong financial performance over the past twelve months, the repeatable nature of the Company’s Category-Leading App revenues, its strong product portfolio, its significant operating leverage, and its attractive market positioning at the intersection of mobile entertainment and online casino style gaming, we continue to believe Tapinator is currently fundamentally and deeply undervalued. The Company’s management and independent board of directors remain committed to working diligently and prudently on behalf of all of its shareholders to both grow and unlock this value in 2020 and beyond.

*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 Income, 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 and projected Bookings and adjusted EBITDA to the most directly comparable GAAP financial measures below. Some limitations of Bookings and adjusted EBITDA are as follows:

Bookings does 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, acquisition-related transaction expenses, one-time financing expenses, contingent consideration fair value adjustments and restructuring expense;
Adjusted EBITDA does not reflect income tax expense;
Adjusted EBITDA does not include other income or expense, which includes foreign exchange gains and losses and interest income or expense;
Adjusted EBITDA excludes depreciation and amortization of intangible assets and impairment of capitalized software. Although depreciation and amortization and impairment of capitalized software are non-cash charges, the assets being depreciated and 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), Diluted Net Income (Loss) Per Share, Cash Flow from Operations, Operating Income (Loss) and our other financial results presented in accordance with GAAP.

Reconciliation of GAAP to Non-GAAP Results
	Quarter Ended
	March 31
	2020	2019
Reconciliation of Net Loss to Adjusted EBITDA:
Net loss	$(267,203)	$(659,703)
Interest expense, net	13,423	1,773
Tax expenses	–	–
Amortization of capitalized software development	116,080	184,699
Depreciation and amortization of other assets	925	1,790
Stock-based expense	130,602	404,375
One-time financing costs	96,393	–
Adjusted EBITDA	$90,220	$(67,067)

Reconciliation of Revenue to Bookings:
Revenue	$913,855	$813,055
Change in deferred revenue	63,453	153,620
Bookings	$977,308	$966,675

About Tapinator
Tapinator Inc. (OTC: TAPM) develops and publishes category leading apps for mobile platforms, with a focus on social casino games. 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 and Solitaire Derby. Tapinator generates revenues through the sale of branded advertising and via consumer transactions, including in-app purchases and subscriptions. Founded in 2013, Tapinator is headquartered in New York, with product development and marketing teams located in North America, Europe and Asia. Consumers can find high-quality mobile entertainment wherever they see the ‘T’ character logo, or at http://tapinator.com.

Canada

Peter & Sons Goes Live in Ontario with Ellipse Entertainment

Published

2 days ago

March 27, 2026

Wladimir P.

peter-&-sons-goes-live-in-ontario-with-ellipse-entertainment

Innovative iGaming studio Peter & Sons has strengthened its North American footprint by launching its portfolio in Ontario through a new partnership with Ellipse Entertainment, a fully licensed operator in the province.

The collaboration marks another step in the studio’s international expansion, bringing its distinctive slot titles to one of the most dynamic regulated markets in North America. Players in Ontario can now access Peter & Sons’ games via HighFlyerCasino.com, Ellipse Entertainment’s flagship platform designed specifically for the local market.

Entering a Key Regulated Market

Ontario has quickly established itself as a leading jurisdiction for regulated iGaming, attracting both operators and content providers seeking long-term growth opportunities. With a strong regulatory framework and a growing player base, the province offers a stable environment for companies looking to scale their presence in North America.

By partnering with Ellipse Entertainment, Peter & Sons gains access to a platform that prioritizes compliance, security, and user experience. HighFlyerCasino.com combines a wide-ranging portfolio of casino content with a seamless interface tailored to local players, ensuring a high-quality gaming experience.

Distinctive Content Meets Local Demand

Peter & Sons has built a reputation for delivering unconventional slot experiences, characterized by indie-inspired visuals, imaginative storytelling, and highly detailed game worlds. Its portfolio stands out in a crowded market, appealing to players looking for something beyond traditional slot design.

The launch in Ontario introduces these unique titles to a broader audience, aligning with increasing demand for diverse and engaging content within regulated markets. As competition intensifies, distinctive game design has become a key differentiator for studios aiming to capture player attention and retention.

Building a Long-Term Partnership

The partnership reflects a shared commitment to delivering premium entertainment within a trusted regulatory environment. Both companies are focused on creating value for players while ensuring compliance with Ontario’s gaming standards.

Yann Bautista, Founder and Commercial Director at Peter & Sons, said:

“We are delighted to launch our portfolio with Ellipse Entertainment and bring our games to players in Ontario. The region has quickly established itself as a key regulated market in North America, and HighFlyerCasino.com provides a strong platform for introducing our distinctive titles to Canadian audiences.”

Larry Galansky, Founder of Ellipse Entertainment, added:

“We are pleased to welcome Peter & Sons to our platform as we continue expanding our entertainment offering. Their games are known for their artistic style and engaging gameplay, and we are confident they will resonate strongly with our audience.”

As the Ontario market continues to grow, partnerships like this highlight the importance of combining innovative content with reliable distribution platforms. For Peter & Sons, the move represents a strategic step toward strengthening its global reach while delivering its unique gaming experiences to new audiences.

The post Peter & Sons Goes Live in Ontario with Ellipse Entertainment appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Canada

Peter & Sons Goes Live in Ontario with Ellipse Entertainment

Published

2 days ago

March 27, 2026

GamingAmericas.com

Innovative iGaming studio Peter & Sons has strengthened its presence in the Canadian market after launching its portfolio with Ellipse Entertainment, a fully licensed operator in Ontario.

Ellipse Entertainment operates within the province’s regulated gaming framework and provides players with access to its flagship platform HighFlyerCasino.com. The site combines a diverse portfolio of casino titles with a secure, seamless, and fully compliant gaming experience tailored specifically for players in the Ontario market.

Ontario has rapidly emerged as one of North America’s most progressive regulated iGaming jurisdictions. Players across the province can now enjoy a selection of Peter & Sons titles through HighFlyerCasino.com, bringing the studio’s distinctive game worlds and mechanics to a growing audience of Canadian players.

Renowned for its catalogue of indie-inspired creations, offbeat characters, and meticulously crafted game worlds, Peter & Sons continues to push boundaries in slot design and entertainment. By joining forces with Ellipse Entertainment. a platform committed to delivering premium gaming experiences within a trusted regulatory environment, the studio looks forward to building a long-term partnership in the Ontario market.

Yann Bautista, Peter & Sons Founder and Commercial Director, said: “We are delighted to launch our portfolio with Ellipse Entertainment and bring our games to players in Ontario. The region has quickly established itself as a key regulated market in North America, and HighFlyerCasino.com provides a strong platform for introducing our distinctive titles to Canadian audiences.”

Larry Galansky, founder of Ellipse Entertainment added: “We are pleased to welcome Peter & Sons to our platform as we continue expanding the entertainment offering available to our players. Their games are known for their distinctive artistic style and engaging gameplay, and we are confident they will resonate strongly with our audience.”

The post Peter & Sons Goes Live in Ontario with Ellipse Entertainment appeared first on Americas iGaming & Sports Betting News.

Bragg Gaming Group

Bragg Gaming Group Reports Record Fourth Quarter and Full Year 2025 Revenues

Published

5 days ago

March 24, 2026

GamingAmericas.com

bragg-gaming-group-reports-record-fourth-quarter-and-full-year-2025-revenues

Bragg Gaming Group has announced its financial results for the fourth quarter of 2025.

Fourth Quarter 2025 Financial Highlights:

• Revenue Growth: Record total quarterly revenue of €27.7 million in the fourth quarter:

• Revenue increase of 5.1% (excluding The Netherlands) compared to the prior year period in 2024;

• The Netherlands revenue decreased 4.6% year-over-year due to the market’s overall contraction caused by increased regulation and higher taxes;

• Brazil revenue increased 42.1% compared to the 2024 fourth quarter with continued growth in provider onboarding; and

• US recurring revenue grew 55.0% year-over-year, driven by expanded high-margin proprietary content footprint; and

• Including the impact of The Netherlands, total revenue grew 1.9% year-over-year.

• Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for the quarter was €0.1 million, a €0.6 million improvement from an operating loss of €0.7 million in the same period of 2024. Net loss for the quarter was €1.3 million, or €0.05 per common share, compared to €0.7 million, or €0.03 per common share, in the same period of 2024. Adjusted EBITDA for the 2025 fourth quarter was €4.6 million (representing an Adjusted EBITDA Margin of 16.5%), compared to €4.7 million (representing an Adjusted EBITDA Margin of 17.2%) in Q4-2024.

• Strategic Market Expansion in the US and Brazil: Expanded U.S. content footprint through the launch of its exclusive and bespoke online casino content with Caesars Entertainment in West Virginia. Bragg also launched exclusive and aggregated content with several valued clients operating in Brazil (and other key LatAm jurisdictions), including Brazino777, Blaze, and Super Technologies.

Full Year 2025 Financial Highlights:

• Revenue Growth: Record total annual revenue of €106.1 million in 2025, an increase of 4.0% compared to €102.0 in the year ended December 31, 2024.

• Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for 2025 was €5.3 million, compared to €3.5 million in 2024. Net loss for 2025 was €8.1 million, or €0.32 per common share, compared to €5.1 million, or €0.21 per common share, in 2024. Full year 2025 Adjusted EBITDA was €16.6 million (representing an Adjusted EBITDA Margin of 15.6%), compared to €15.8 million (representing an Adjusted EBITDA Margin of 15.5%) in 2024.

• Balance Sheet Strength: During the year ended December 31, 2025, the Company fully repaid a US$7.0 million secured promissory note and entered into a financing agreement with a Tier One Canadian financial institution for certain revolving credit facilities in a maximum aggregate amount of up to US$6.0 million, replacing its prior debt at less than half the borrowing cost. During the second half of the year, the Company drew C$4.5 million in principal and US$1.1 million in overdraft in respect of Term CORRA loans. Cash and cash equivalents as of December 31, 2025 amounted to €6.7 million.

Fourth Quarter 2025 and Recent Business Highlights:

• Bolstered Leadership Team: Appointed Morten Tonnesen as its new Chief Operating Officer and promoted Garrick Morris to the position of Executive Vice President of Global Content, US & Canada.

• Player Account Management (PAM) Expansion in Europe: Announced the extension of its existing PAM platform agreement with valued client 711.nl to include the regulated Belgian iGaming market, with potential for future Bragg-powered online casino launches in additional regulated or newly regulating iGaming markets. Also, extended its existing PAM agreement with Entain Plc (LSE: ENTL), one of the world’s largest sports betting and gaming groups for BetCity.nl, a leading Dutch market operator, and with Senator Group, an online casino market leader in Croatia.

• Finnish Market Liberalization Preparations: Signed a comprehensive PAM platform and turnkey solution agreement with SuomiVeto, a market entrant led by the successful founders of BetCity.nl, focused on positioning SuomiVeto as a leading operator, and Bragg as a leading supplier, in the newly regulated Finnish iGaming market when it launches. The market is scheduled to “go live” for private operators on July 1, 2027.

• Ambitious Artificial Intelligence (AI) Transformation Plan: Leapt into an “AI-First” future by initiating the development of the Bragg AI Brain, a data-driven artificial intelligence engine designed to power smarter decisions and intelligent products across the Bragg’s Ecosystem. The transformation plan is underpinned by clear 2027 targets, including ensuring an AI-Enhanced Product becomes standard in over 90% of all launches and having more than three-quarters of Bragg’s operational workflows impacted by AI.

• Strategic Restructuring to Reduce Cost Structure and Improve Operating Performance: Announced a strategic restructuring, including an approximately 12% reduction of global workforce, designed to realign the organization and thereby improve its overall cost structure, drive its EBITDA growth, and shorten the time required for it to achieve sustained net profitability. The Company expects to incur restructuring costs related to this action of approximately €1.0 million associated with personnel-related termination costs in the first quarter of 2026, and it anticipates annualized cash savings from its staff reductions and other restructuring efforts to be approximately €4.5 million. This amount does not include the expected positive impact of the Company’s initiative to the Bragg AI Brain to drive cost efficiencies and improve operational excellence.

• Greater Board of Directors Alignment with Shareholders: From January 1, 2026, fees are being paid to directors exclusively in deferred share units (DSUs) on a monthly basis (with no cash alternative).

Matevž Mazij, Chief Executive Officer at Bragg, said: “We continued to execute well, delivering record revenues, strategic expansion and important AI and restructuring initiatives. We believe this positions Bragg well for 2026 and beyond to: increase our overall content market share in Brazil and the United States; pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets; move into new jurisdictions that offer opportunities for higher margin content business; deliver enhanced operational leverage; meet our goals to streamline internal processes; enhance overall efficiency across our organization; protect our cash runway; and advance us further along the path toward EBITDA growth and net profitability.”

Board Changes

The Company also announced the appointment of Thomas Winter to its Board of Directors. Mr. Winter succeeds Kent Young, who has retired from the Board. Both changes to the Bragg Board are effective immediately.

Mr. Winter brings deep knowledge of and experience in the iGaming and wagering industry. Currently a Board Member of Rush Street Interactive, which through its brands, BetRivers, PlaySugarHouse and RushBet, was an early entrant in several regulated jurisdictions, Mr. Winter began his career in the gaming sector nearly two decades ago and has since established himself as a leader in the field. In 2013, he founded Golden Nugget Online Gaming (GNOG), where he served as President. Under his leadership, GNOG became a top online gaming operator in New Jersey, achieving significant market share and recognition, went public and was later successfully sold for over $1.5 billion to DraftKings, where he developed their multi-brand online casino strategy and led their online casino business until September 2023. Before founding GNOG, he was the CEO and director of Betclic, a major European online sports betting and gaming operator, and Expekt, a pioneer brand in the online gaming industry, within the Betclic Group. Mr. Winter played a key role as COO at both businesses before being appointed CEO.

“I would like to thank Kent for his many contributions to the Company. I am also very pleased to welcome Thomas to our team. Moving forward, the Board and management team will be steadfast in our aim to close the clear and persistent gap between the Company’s public market valuation and our assessment of its intrinsic value. To that end, as Thomas is a gaming industry luminary who has earned my deep personal admiration and great professional respect, I am confident that he will be a tremendous asset to our Board and to our shareholders,” said Holly Gagnon, Chair of the Bragg Board.

2026 Outlook

The Company anticipates full year 2026 revenue between €97.0 million and €104.5 million and Adjusted EBITDA of €16.0 million to €19.0 million (representing an Adjusted EBITDA Margin of 16.0% to 18.0%).

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