Business-to-Business Partnerships Accelerating Revenue Growth and Profitability
ATLANTA, GA, Aug. 03, 2022 (GLOBE NEWSWIRE) -- RDE, Inc. (OTCQB: RSTN) (the “Company”), the owner and operator of Restaurant.com, the nation’s largest restaurant-focused digital deals brand, today announced financial and operational results for the second quarter ended June 30, 2022.
Key Financial Highlights for:
Three Months Ended June 30, 2022 Compared to Prior Year Period
- Revenue increased 130% to $1.8 million
- Operating loss decreased 92% to $0.2 million
- Net loss decreased 92% to $0.2 million
- Cash balance of $2.2 million
Six Months Ended June 30, 2022 Compared to Prior Year Period
- Revenue increased 61% to $2.6 million
- Operating loss decreased 75% to $1.0 million
- Achieved net income of $0.1 million, as compared to a net loss of $3.4 million
Business Highlights for the Second Quarter Ended June 30, 2022
- Closed agreement with a national mobile telephone provider to provide a dining and movie promotion
- Partnered with SWIPEBY to offer virtual drive-thru
- Partnered with Fresh Vine Wine to expand offering to consumers for complete dining and beverage experience
- Partnered with Blackhawk Network to offer eGifts at GiftCardMall.com and other major digital retailers
Management Commentary
Ketan Thakker, Chief Executive Officer of RDE, Inc., commented, “We are thrilled with our quarterly and year-to-date results, as we achieved record revenue growth of 130% to $1.8 million revenue for the second quarter and net income profitability for the first half of 2022. Many of the partnerships and agreements we have secured over the past year have successfully integrated and deployed and are leading to accelerated revenue growth and improved profitability.”
Thakker, continued, “We believe enhancements to our platform, integration with our business partners and our continued focus on retention and monetization will increase user engagement and revenue opportunities. We will continue to further expand and develop our application platform as we seek to build shareholder value.”
Financial Results for Three Months Ended June 30, 2022
- Revenue for the three months ended June 30, 2022 increased by 130% to $1.8 million, compared to $1.0 million for the three months ended June 30, 2021. This increase was primarily attributable to an agreement entered into during the three months ended June 30, 2022 with a national mobile telephone provider to provide our certificate codes to its mobile phone application users. Each participant who redeemed the promotion received a dining credit of $25.00 and two movie tickets. The dining credit can be redeemed for a certificate at any of our participating local restaurants. The movie tickets provided by us are through a third party for use at participating theatres.
- Loss from operations for the three months ended June 30, 2022 totaled $0.2 million, a decrease of $2.1 million compared to an operating loss of $2.3 million for the three months ended June 30, 2021. The decrease in loss from operations was due to the increase in revenue and our decreased operating expenses.
- Net loss for the three months ended June 30, 2022 totaled $0.2 million, a decrease of $2.1 million compared to a net loss of $2.3 million for the three months ended June 30, 2021. The resulting net loss per share of common stock loss for the three months ended June 30, 2022, was ($0.01), as compared to a net loss per share of common stock of ($0.20) for the three months ended June 30, 2021.
- Cash and cash equivalents totaled $2.2 million at June 30, 2022, an increase of $0.2 million compared to $1.9 million at December 31, 2021.
Financial Results for Six Months Ended June 30, 2022
- Revenue for the six months ended June 30, 2022 increased by 61% to $2.6 million, compared to $1.6 million for the six months ended June 30, 2022.
- Loss from operations for the six months ended June 30, 2022 decreased by $3.0 million to $1.0 million, compared to a net loss of $4.0 million for the same period in 2021.
- Net income for the six months ended June 30, 2022 improved by $3.5 million to $0.1 million, compared to a net loss of $3.4 million for the six months ended June 30, 2021; The increase in net income is primarily due to a gain on forgiveness of government assistance notes payable, increase revenue and decreased operating expenses. The resulting net income per share of common stock loss for the six months ended June 30, 2022, was $0.01, as compared to a net loss per share of common stock of ($0.29) for the six months ended June 30, 2021.
About RDE, Inc.
RDE, Inc. (OTCQB: RSTN) (Restaurant, Dining and Entertainment) is a pioneer in the restaurant deal space and the nation’s largest restaurant-focused digital deals brand. Founded in 1999, Restaurant.com, Specials by Restaurant.com and our Corporate Incentives division connect digital consumers, businesses and communities offering thousands of dining, retail and entertainment deal options nationwide at over 184,000 restaurants and retailers. Restaurant.com prides itself on offering the best deal, every meal. Our restaurant certificates and gift cards allow customers to save at thousands of restaurants across the country with just a few clicks.
For more information, visit: www.rdeholdings.com and https://www.restaurant.com.
Forward-Looking Statements
Press Releases may include forward-looking statements. In particular, the words “believe,” “may,” “could,” “should,” “expect,” “anticipate,” “estimate,” “project," "propose," "plan," "intend," and similar conditional words and expressions are intended to identify forward-looking statements. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Accordingly, you should not place undue reliance on these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the company. Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although RDE, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, RDE, Inc. is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company’s ability identify a suitable business model for the corporation.
Investors Contacts:
ClearThink
nyc@clearthink.capital
