Conference Call Tomorrow, Tuesday, May 17, 2022
at 10:00am EST / 9:00am CST
Blackboxstocks Inc. (NASDAQ: BLBX), (“Blackbox” or the
“Company”), a financial technology and social media hybrid platform
offering real-time proprietary analytics for stock and options
traders of all levels, today announced the Company’s financial
results for the quarter ended March 31, 2022.
First Quarter 2022 Financial and Operating
Highlights:
- Total revenue for the first quarter was $1,272,486 as compared
to $1,489,668 for the same period in 2021.
- Adjusted EBITDA was $(893,846) and $149,456 for the three
months ended March 31, 2022 and 2021, respectively.
- Cash and marketable securities totaled $8.6 million at March
31, 2022.
- During the first quarter, the Company repurchased 436,600
shares of BLBX common stock at an average price of $1.97 per share
under our $2.5 million share repurchase program announced in
January 2022.
- Total member count as of March 31, 2022 was 7,400. This number
includes new members acquired through our discounted promotion that
ended March 31st and full paid subscribers.
- The average member count for the quarter ended March 31, 2022
was 5,709 compared to 5,575 for the quarter ended March 31, 2021
and 5,748 for the quarter ended December 31, 2021.
- Subsequent to quarter end, the mobile application of the
Blackbox platform was released for iOS and Android phones and
devices.
Gust Kepler, Chief Executive Officer, commented, “The first
quarter of 2022 saw volatile markets, soaring inflation and
negative GDP growth which created significant headwinds for the
entire financial industry. To combat these macro trends, in March
we initiated our first promotional campaign offering a $5 one-month
subscription. This promotion introduced our platform to new
subscribers and grew our subscriber base, as many people continued
their membership beyond the initial promotion period, although it
negatively impacted our first quarter revenue.”
“Subsequent to quarter end, we introduced our mobile application
for iOS and Android phones and devices. This was an important
enhancement for our subscribers who are heading back to the office
and now have the same breadth of features and real-time
capabilities as our original web-based application. We also
announced a joint venture with CoinRoutes to create a platform to
provide retail traders with proprietary analytics and superior
trading execution in the cryptocurrency markets.”
“Looking ahead, we are developing additional new products. This
includes a mobile application for the self-directed investor, which
comprises an exponentially larger portion of the market than the
day trader community we currently serve. We have also begun
development of a professional version of the Blackbox platform for
the professional trader segment and institutions. We are extremely
excited about these new products as well as the ongoing platform
enhancements that we continue to make and believe these will
contribute significantly to our growth in 2022 and beyond,”
continued Mr. Kepler.
Robert Winspear, Chief Financial Officer, added, “Expenses were
higher in the first quarter, reflecting investments in development
and headcount to grow and support our platform as well as current
inflationary realities. Fortunately, with $8.6 million in cash and
securities and low long term debt, we have the balance sheet
strength to fund our growth and nimbly pivot our marketing
strategies to match industry conditions as we remain focused on
growing our core business and continuing to introduce new and
innovative products to the market.”
Summary financial data is presented in the tables below. Please
see the Company’s Form 10-Q filed with the Securities and Exchange
Commission on May 16, 2022 for additional information.
Conference Call and Webcast Information
Blackboxstocks will hold a quarterly conference call to discuss
its first quarter 2022 financial results tomorrow, Tuesday, May 17,
2022 at 10:00am EST / 9:00am CST. To participate, please call (877)
317- 6789 at least 10 minutes prior to the start of the call and
ask to join the Blackboxstocks call.
A simultaneous webcast of the call may be accessed through the
Company's website, www.blackboxstocks.com, or at
https://event.choruscall.com/mediaframe/webcast.html?webcastid=y3jkHSQp.
A replay of the call will be available at (877) 344-7529, access
code 9943017, through May 24, 2022.
About Blackboxstocks, Inc.
Blackboxstocks, Inc. is a financial technology and social media
hybrid platform offering real-time proprietary analytics and news
for stock and options traders of all levels. Our web-based software
employs “predictive technology” enhanced by artificial intelligence
to find volatility and unusual market activity that may result in
the rapid change in the price of a stock or option. Blackbox
continuously scans the NASDAQ, New York Stock Exchange, CBOE, and
all other options markets, analyzing over 10,000 stocks and up to
1,500,000 options contracts multiple times per second. We provide
our users with a fully interactive social media platform that is
integrated into our dashboard, enabling our users to exchange
information and ideas quickly and efficiently through a common
network. We recently introduced a live audio/video feature that
allows our members to broadcast on their own channels to share
trade strategies and market insight within the Blackbox community.
Blackbox is a SaaS company with a growing base of users that spans
42 countries; current subscription fees are $99.97 per month or
$959.00 annually. For more information, go to:
www.blackboxstocks.com.
Safe Harbor Statement
Our prospects here at Blackbox stocks are subject to
uncertainties and risks. This press release contains
forward-looking statements that involve substantial uncertainties
and risks. These forward-looking statements are based upon our
current expectations, estimates and projections about our business,
and reflect our beliefs and assumptions based upon information
available to us at the date of this press release. In some cases,
you can identify these statements by words such as “if,” “may,”
“might,” “will, “should,” “expects,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” “potential,” “continue,” and
other similar terms. These forward-looking statements include,
among other things, plans for proposed operations, descriptions of
our strategies, our product and market development plans, and other
objectives, expectations and intentions, the trends we anticipate
in our business and the markets in which we operate, and the
competitive nature and anticipated growth of those markets. We
caution readers that forward-looking statements are predictions
based on our current expectations about future events. These
forward-looking statements are not guarantees of future performance
and are subject to risks, uncertainties and assumptions that are
difficult to predict. Our actual results, performance or
achievements could differ materially from those expressed or
implied by the forward-looking statements as a result of a number
of factors including, but not limited to, the risks and
uncertainties discussed in our other filings with the Securities
Exchange Commission. We undertake no obligation to revise or update
any forward-looking statement for any reason.
Blackboxstocks, Inc.
Summary Statement of
Operations
Three months ended March
31
(unaudited)
2022
2021
Revenues
$
1,272,486
$
1,489,668
Cost of revenues
579,962
395,775
Gross margin
692,524
1,093,893
Operating expenses
1,713,678
948,761
Operating income (loss)
(1,021,154
)
145,132
Other expense:
221,289
132,577
Net income (loss)
$
(1,242,443
)
$
12,555
Adjusted EBITDA
$
(893,846
)
$
149,456
Adjusted EBITDA Calculation
Net income (loss)
$
(1,242,443
)
$
12,555
Adjustments:
Depreciation and amortization expense
5,275
4,324
Interest and financing expense
42,557
132,577
Investment loss
178,732
-
Stock based compensation
122,033
-
Total adjustments
$
348,597
$
136,901
Adjusted EBITDA
$
(893,846
)
$
149,456
Blackboxstocks, Inc
Summary Balance Sheet
Data
March 31, 2022
December 31, 2021
Assets
Cash
$
651,518
$
2,426,497
Marketable securities
7,922,244
8,015,882
Other current assets
120,727
259,592
Total current assets
$
8,694,489
$
10,701,971
Property and equipment:
427,639
448,143
Total assets
$
9,122,128
$
11,150,114
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
700,987
$
585,615
Unearned subscriptions
1,177,701
1,302,036
Other current liabilities
73,038
69,174
Notes payable, current portion, net
955,165
971,851
Total current liabilities
$
2,906,891
$
2,928,676
Long term liabilities:
Notes payable
61,262
68,347
Lease liability right of use, long
term
316,547
335,641
Total long term liabilities
$
377,809
$
403,988
Total stockholders' equity
$
5,837,428
$
7,817,450
Total liabilities and stockholders'
equity
$
8,744,319
$
10,746,126
Disclosure of Non-GAAP Financial Measures
We report our financial results in accordance with accounting
principles generally accepted in the United States of America
(“GAAP”). However, management believes the presentation of certain
non-GAAP financial measures provides useful information to
management and investors regarding financial and business trends
relating to the Company’s financial condition and results of
operations, and that when GAAP financial measures are viewed in
conjunction with the non-GAAP financial measures, investors are
provided with a more meaningful understanding of the Company’s
ongoing operating performance. In addition, these non-GAAP
financial measures are among the primary indicators management uses
as a basis for evaluating performance. For all non-GAAP financial
measures in this release, we have provided corresponding GAAP
financial measures for comparative purposes in the report.
We refer to the term “EBITDA” in various places of our financial
discussion. EBITDA is defined by us as net income (loss) from
continuing operations before interest expense, income tax,
depreciation and amortization expense and certain non-cash expenses
including stock-based compensation. EBITDA is not a measure of
operating performance under GAAP and therefore should not be
considered in isolation nor construed as an alternative to
operating profit, net income (loss) or cash flows from operating,
investing or financing activities, each as determined in accordance
with GAAP. Also, EBITDA should not be considered as a measure of
liquidity. Moreover, since EBITDA is not a measurement determined
in accordance with GAAP, and thus is susceptible to varying
interpretations and calculations, EBITDA, as presented, may not be
comparable to similarly titled measures presented by other
companies.
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version on businesswire.com: https://www.businesswire.com/news/home/20220516005896/en/
Investors@blackboxstocks.com
PCG Advisory Stephanie Prince (646) 863-6341
sprince@pcgadvisory.com
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