Conference Call Monday, August 15, 2022 at
4:30pm EST / 3:30pm 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 second quarter and six months ended June 30,
2022.
Second Quarter 2022 Financial and Operating
Highlights:
- Total revenue for the second quarter was $1,399,315 as compared
to $1,463,608 for the same period in 2021 and $1,272,486 for the
first quarter of 2022.
- The average member count for the quarter ended June 30, 2022
was 6,181 compared to 5,482 for the quarter ended June 30, 2021 and
5,709 for the quarter ended March 31, 2022.
- Adjusted EBITDA was $(1,036,737) and $(112,141) for the three
months ended June 30, 2022 and 2021, respectively.
- Cash and marketable securities totaled $7.1 million at June 30,
2022.
- During the first six months of 2022, the Company repurchased
499,028 shares of BLBX common stock at a total cost of $945,449
under the Company’s $2.5 million share repurchase program announced
in January 2022.
- The mobile application of the Blackbox platform for iOS and
Android phones and devices was released in April.
Gust Kepler, Chief Executive Officer, commented, “The economy in
the second quarter of 2022 saw continued difficulties which created
significant headwinds for the entire financial industry. Despite
these challenges we grew our revenue by 10% over the first
quarter.
“With the launch of our mobile app completed in April, we
continue to invest in the development of new products, refocused
marketing efforts, as well as continued improvements to our
existing platform to ensure it is best in class.
"We are particularly excited about one of our new products Stock
Nanny. This product, which is currently in development, is a mobile
application for the self-directed investor, a market demographic
that is exponentially larger market than the day trader market we
currently serve. In parallel, we are also developing an enhanced
version of the Blackbox platform designed for the professional
trader segment and financial institutions. We are extremely excited
about these new products as well as the ongoing platform
enhancements. We believe these new products and the continual
upgrades to our core product will contribute significantly to our
growth in 2022 and beyond,” continued Mr. Kepler.
Robert Winspear, Chief Financial Officer, added, “Expenses were
higher in the second quarter, reflecting investments in product
development and marketing initiatives. With $7.1 million in cash
and securities and low long-term debt, we believe that we have the
balance sheet strength to fund our growth and navigate current
industry and economic conditions as we remain focused on continuing
to introduce new and innovative products to the market and growing
our core business.”
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 August 15, 2022 for additional information.
Conference Call and Webcast Information
Blackboxstocks will hold a quarterly conference call to discuss
its second quarter 2022 financial results today, Monday, August 15,
2022 at 4:30pm EST / 3:30pm 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=p6jSB6sx.
A replay of the call will be available at (877) 344-7529, access
code 8848750, through August 22, 2022. A replay will also be
archived on the Company’s website for one year.
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.
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.
Blackboxstocks Inc.
Summary Statements of
Operations
For the Three and Six Months
Ended June 30,2002 and 2021
(Unaudited)
For the three months ended
For the six months ended
June 30,
June 30,
2022
2021
2022
2021
Revenue
$
1,399,315
$
1,463,606
$
2,671,801
$
2,953,274
Cost of revenue
499,427
409,577
1,079,389
805,352
Gross margin
$
899,888
$
1,054,029
$
1,592,412
$
2,147,922
Operating expenses:
2,068,654
1,171,551
3,782,332
2,120,312
Operating income (loss)
$
(1,168,766
)
$
(117,522
)
$
(2,189,920
)
$
27,610
Other expense
147,333
125,814
368,622
258,391
Net loss
$
(1,316,099
)
$
(243,336
)
$
(2,558,542
)
$
(230,781
)
Adjusted EBITDA
$
(1,036,737
)
$
(112,141
)
$
(1,930,583
)
$
37,315
Adjusted EBITDA Calculation Net loss
$
(1,316,099
)
$
(243,336
)
$
(2,558,542
)
$
(230,781
)
Adjustments: Depreciation and amortization expense
5,850
5,381
11,125
9,705
Interest and financing expense
42,266
125,814
84,823
258,391
Investment loss
105,067
-
283,799
-
Stock based compensation
126,179
-
248,212
-
Total adjustments
$
279,362
$
131,195
$
627,959
$
268,096
Adjusted EBITDA
$
(1,036,737
)
$
(112,141
)
$
(1,930,583
)
$
37,315
Blackboxstocks Inc.
Summary Balance Sheet
Data
As of June 30, 2022 and
December 31, 2021
(Unaudited)
June 30, 2022
December 31, 2021
Assets Cash
$
335,106
$
2,426,497
Marketable securities
6,734,720
8,015,882
Other current assets
139,795
259,592
Total current assets
$
7,209,621
$
10,701,971
Property and equipment, net
437,600
448,143
Total assets
$
7,647,221
$
11,150,114
Liabilities and Stockholders' Equity Current
liabilities: Accounts payable
$
807,465
$
585,615
Unearned subscriptions
$
910,636
$
1,302,036
Other current liabilities
$
74,774
$
69,174
Note payable, current portion
$
938,621
$
971,851
Total current liabilities
$
2,731,496
$
2,928,676
Long term liabilities: Note payable, net of current portion
$
54,016
$
68,347
Lease liability right of use, long term
$
300,038
$
335,641
Total long term liabilities
$
354,054
$
403,988
Total stockholders' equity
$
4,561,671
$
7,817,450
Total liabilities and stockholders' equity
$
7,647,221
$
11,150,114
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220815005480/en/
Investors@blackboxstocks.com PCG Advisory Stephanie
Prince (646) 863-6341 sprince@pcgadvisory.com
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