Paltalk, Inc. (PALT) along with its affiliates, is a communications software innovator, its sole purpose being the development of multimedia social applications and secure communication solutions globally. PALT consists of consumer-based applications including Paltalk, Camfrog, Vumber, and Tinychat for video chat and related options.
The stock price of PALT in the regular trading hours of Tuesday, December 7 seen a surge of 11.08% and was traded at $3.61, while at the time of writing, the pre-market showed a declining trend of 4.16%.
Events and Happenings
A press release from Paltalk Inc. disclosed that the company Executives will represent it at the Sidoti and Company Virtual Microcap Conference being held on December 9, 2021, sharing the recent highlights and its strong balance sheet with $21 million of cash following its October capital raise. On November 16, 2021, PALT announced to add a new user-friendly message board option to its platform named the ‘Paltalk Feed’ focused on improved user engagement, resulting in an increased revenue generation that contributes to positive cash flow.
On November 9, 2021, Paltalk announced its financial and operational results for the third quarter ended September 30, 2021. Some of the key statistics are:
Revenue and net loss
An Increase of 2% in total revenue was observed and the total revenue of Q3 2021 was $3.4 million as opposed to Q3 2020 which was $3.3 million. The net loss for Q3 2021 declined by $1.2 million to $0.4 million, compared to income of $0.7 million for the same quarter of 2020.
Cash equivalents and assets
The total assets of PALT soared from $13.5 million for the same quarter of 2020 against $18 million for the third quarter fiscal of 2021. Cash and cash equivalents for the third fiscal quarter of 2021 were $10.7 million compared to the same quarter of 2020 ($5.5 million).
On October 15, 2021, PALT made a progress in its rewards loyalty program for the consumers making Paltalk Rewards Points operational. Paltalk finished the distribution of Props tokens (‘Props’) and impeccably transformed its users’ Props balances to Paltalk Rewards Points.
Paltalk Inc. may soar in terms of the stock price as the market trend is positive and it is in good form to attract potential investors. The addition of some innovative features appeals to a larger audience.