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 third quarter and nine months ended September 30,
2023.
Third Quarter Financial and Operating Highlights:
- Total revenue for the third quarter of 2023 was $728,468 as
compared to $1,219,150 for the same period in 2022. Revenue for the
nine months ended June 30, 2023 was $2,324,870 as compared to
$3,890,951 for the prior year period.
- The average member count for the third quarter and nine months
ended September 30, 2023 was 3,174 and 3,564, respectively.
- Operating expenses were $1,269,769 in the third quarter of 2023
as compared to $1,924,460 for the same period in 2022. For the nine
months ended September 30, 2023 operating expenses were $5,369,668
as compared to $5,706,792 for the nine months ended September 30,
2022.
- Adjusted EBITDA was $(513,026) and $(1,075,361) for the three
months ended September 30, 2023 and 2022, respectively. Adjusted
EBITDA for the nine months ended June 30, 2023 and 2022 was
$(2,696,171) and $(3,123,363), respectively.
Gust Kepler, Chief Executive Officer, commented, “It has been a
challenging year for Blackbox, like many companies in the fintech
and financial markets sector, however we have advanced several
important initiatives including:
- We have made significant progress in the pursuit of our merger
with Evtec. During the extensive preparation for this merger, we
have negotiated additional terms that we believe will directly
increase the stockholder value of this transaction.
- We are currently exploring strategic marketing partnerships
with companies in the fintech and financial publishing sector to
leverage and increase the growth of our core Blackbox product.
- We have completed two comprehensive beta tests for our exciting
new product StockNanny. Feedback from the beta testers was
extremely positive and provided extensive insight into the depth
and breadth of the potential market for this new product, which we
plan to launch as soon as possible.
With all of these initiatives progressing, Blackbox is meeting
the challenges of the current environment and I am confident that
our multiple pivot strategies will be successful and ultimately
provide enhanced value for our shareholders.”
Robert Winspear, Chief Financial Officer, added, “We are pleased
with the impact of our cost reductions which, when combined with
stabilization of our revenue, have narrowed our net loss for the
current quarter.”
Summary financial data is presented in the tables below. Please
see the Company’s quarterly report on Form 10-Q filed with the
Securities and Exchange Commission on November 14, 2023 for
additional information.
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:
https://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 Balance Sheet Data As
of September, 2023 and December 31, 2022 (Unaudited)
September 30, 2023
December 31, 2022
Assets Cash
$
463,288
$
425,578
Marketable securities
2,276
3,216,280
Other current assets
344,955
265,197
Total current assets
$
810,519
$
3,907,055
Property and equipment, net
346,017
428,726
Investment
8,424,000
-
Total assets
$
9,580,536
$
4,335,781
Liabilities and Stockholders' Equity Current
liabilities: Accounts payable
$
825,087
$
730,099
Unearned subscriptions
571,379
1,022,428
Other current liabilities
67,692
71,615
Note payable, current portion
28,950
28,733
Total current liabilities
$
1,493,108
$
1,852,875
Long term liabilities: Note payable, net of current portion
17,874
39,614
Lease liability right of use, long term
216,545
265,639
Total long term liabilities
$
234,419
$
305,253
Total stockholders' equity
$
7,823,009
$
2,177,653
Total liabilities and stockholders' equity
$
9,550,536
$
4,335,781
Blackboxstocks Inc. Summary Statements of Operations
For the Three and Nine Months Ended September 30,2023 and
2022 (Unaudited)
For the three months ended
For the nine months ended
September
September
2023
2022
2023
2022
Revenue
$
728,468
$
1,219,150
$
2,324,870
$
3,890,951
Cost of revenue
327,928
492,991
1,202,534
1,572,380
Gross margin
$
400,540
$
726,159
$
1,122,336
$
2,318,571
Operating expenses:
1,269,769
1,924,460
5,369,668
5,706,792
Operating loss
$
(869,229
)
$
(1,198,301
)
$
(4,247,332
)
$
(3,388,221
)
Other income (expense)
(197,484
)
110,141
(250,725
)
478,763
Net loss
$
(671,745
)
$
(1,308,442
)
$
(3,996,607
)
$
(3,866,984
)
Adjusted EBITDA
$
(513,026
)
$
(1,075,361
)
$
(2,696,171
)
$
(3,123,363
)
Adjusted EBITDA Calculation Net loss
$
(671,745
)
$
(1,308,442
)
$
(3,996,607
)
$
(3,866,984
)
Adjustments: Depreciation and amortization expense
11,100
5,850
32,297
16,646
Interest and financing expense
210
41,339
522
126,162
Investment (income) loss
(8,934
)
68,802
(62,487
)
352,601
Stock based compensation
156,343
117,090
1,330,104
248,212
Total adjustments
$
158,719
$
233,081
$
1,300,436
$
743,621
Adjusted EBITDA
$
(513,026
)
$
(1,075,361
)
$
(2,696,171
)
$
(3,123,363
)
Tags: SOFTWARE-APPLICATION TECHNOLOGY
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version on businesswire.com: https://www.businesswire.com/news/home/20231114955415/en/
Investors@blackboxstocks.com
PCG Advisory Stephanie Prince (646) 863-6341
sprince@pcgadvisory.com
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