Probably a bright idea to sidestep this for a few months. Added to Watch List @ $2.25 in November when it was called Snap Interactive.
We will not receive any proceeds from the sale of shares being sold in this offering, including from any exercise by the underwriters of their option to purchase additional shares. The selling stockholders will receive all of the net proceeds and bear all commissions and discounts, if any, from the sale of our common stock pursuant to this prospectus. See “Use of Proceeds” and “Selling Stockholders.”
PeerStream, Inc. Reports Second Quarter 2018 Results
Results Include $2.1 Million Revenue from New Blockchain Business Solutions Offering
NEW YORK, NY / ACCESSWIRE / August 6, 2018 / PeerStream, Inc. (“PeerStream,” the “Company,” “we,” “our” or “us”) (PEER), a global internet solutions provider driving adoption of emerging blockchain technologies, today announced financial and operational results for the second quarter of 2018 ended June 30, 2018.
Second Quarter 2018 Financial Highlights:
- Total revenue of $7.4 million increased 18.5% as compared to the same period last year due to the Company’s new Business Solutions offerings and recognition of revenue from the technology services agreement with ProximaX Limited (“ProximaX”). Revenue generated from technology services totaled $2.1 million in the second quarter.
- Business Solutions contract prepayments of approximately $6.3MM were booked as deferred technology service revenue on the balance sheet at June 30, 2018, and will be recognized over the term of the contract with ProximaX.
- Net loss was approximately $1.9 million for the second quarter ended June 30, 2018, as compared to a net loss of approximately $1.5 million for the second quarter ended June 30, 2017. Net loss in the second quarter of 2018 was driven by non-operating losses of approximately $2.0 million from a decrease in the fair value of digital tokens received by the company in connection with the ProximaX technology services agreement.
- Adjusted EBITDA was approximately $1.0 million for the quarter ended June 30, 2018, a significant increase as compared to an adjusted EBITDA loss of approximately $0.5 million in the comparable period last year.
- As of June 30, 2018, PeerStream’s cash balances totaled $7.7 million with zero debt, and the value of the Company’s XPX tokens received from ProximaX pursuant to the technology services agreement was $1.4 million.
Second Quarter 2018 Financial Overview (in thousands)
Current quarter compared to same quarter last year: