NEW YORK, Nov. 08, 2018 (GLOBE NEWSWIRE) —
PeerStream, Inc. (PeerStream, the Company, we, our or us) (OTCQB: PEER), a global internet solutions provider driving adoption of emerging blockchain technologies, today announced financial and operational results for the third quarter of 2018 ended September 30, 2018.
Third Quarter 2018 Financial Highlights:
Total revenue of $6.7 million increased 12.8% as compared to the same period last year due to the Companys new Business Solutions offerings and recognition of revenue from the technology services agreement with ProximaX Limited (ProximaX).
Business Solutions contract prepayments of approximately $4.8 million have been booked as deferred technology service revenue on the balance sheet at September 30, 2018 and will be recognized over the remaining term of the contract with ProximaX.
Net loss was approximately $570 thousand for the third quarter ended September 30, 2018, a $1.4 million improvement when compared to a net loss of approximately $2.0 million for the third quarter ended September 30, 2017.
Net loss in the third quarter of 2018 was driven by a $576 thousand impairment loss on digital tokens received by the Company in connection with the ProximaX technology services agreement.
Adjusted EBITDA, a non-GAAP measure, was approximately $884 thousand for the quarter ended September 30, 2018, a significant increase of $2.0 million compared to an adjusted EBITDA loss of approximately $1.2 million in the comparable period last year.
As of September 30, 2018, PeerStreams cash balances totaled $7.2 million with zero debt on the balance sheet.
Third Quarter 2018 Financial Overview (in thousands) Current quarter compared to same quarter last year: …
[Read on via official release]
Source: US SEC
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