Restaurant.com Digitally Connects 182,500 Restaurants to 7.8 Million Consumers
ATLANTA, GA, Nov. 09, 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 third quarter and nine months ended September 30, 2022.
Key Financial Highlights for:
Three Months Ended September 30, 2022 Compared to Prior Year Period
- Revenue decreased 3% to $0.8 million
- Gross profit increased 4% to $0.8 million
- Gross margin increased 580 basis points to 95.3%
- Operating loss decreased 17% to $0.6 million
- Net loss decreased 16% to $0.6 million
- Cash balance of $1.6 million
Nine Months Ended September 30, 2022 Compared to Prior Year Period
- Revenue increased 39% to $3.4 million
- Gross profit increased 28% to $2.8 million
- Gross margin decreased 660 basis points to 81.2%
- Operating loss decreased 67% to $1.6 million
- Net loss decreased 88% to $0.5 million
Subsequent to the End of the Third Quarter Ended September 30, 2022
- Partnered with Falcon Virtual to Provide Additional Value-Add Services to its Network of Restaurants
- Partnered with Advertise Purple to Expanded Affiliate Marketing Expected to Accelerate Registered and Active Users
Management Commentary
Ketan Thakker, Chief Executive Officer of RDE, Inc., commented, “We are very pleased with our quarterly and year-to-date results, as we achieved record revenue growth of 39% to $3.4 million revenue through the end of September 2022. We have successfully complemented our 182,500 restaurant partners and 7.8 million customers with business partnerships such as our agreement with a national mobile telephone provider to coupon codes to their mobile phone application users that are verified nurses and teachers. We were thrilled with the results and seek additional business partnerships with other providers.”
Thakker, continued, “Our customer data continues to further support that consumers are returning to in-person activities whether dining at restaurants, going to shows, or attending concerts. This is significant to us as our platform has been expanding partnerships to include additional areas of entertainment beyond restaurants. We continue to focus on retention and monetization, which will lead to increased user engagement and revenue opportunities. As our business progresses, our team is also moving forward with our capital markets strategy in order to increase our visibility, awareness and shareholder value.”
Financial Results for Three Months Ended September 30, 2022
- Revenue for the three months ended September 30, 2022 decreased by 3% to $0.8 million, compared to $0.8 million for the three months ended September 30, 2021. This decrease was from B2C, as B2B performed well with current and new clients.
- Gross profit for the three months ended September 30, 2022 increased by 4% to $0.8 million, compared to $0.8 million for the three months ended September 30, 2021. The resulting gross margin for the three months ended September 30, 2022 was 95.3%, compared to 89.5% for the three months ended September 30, 2021.
- Operating loss for the three months ended September 30, 2022 decreased by $0.1 million, or 17%, to $0.6 million, compared to $0.7 million for the three months ended September 30, 2021. The decrease in operating loss was due to decreased operating expenses.
- Net loss for the three months ended September 30, 2022 decreased by $0.1 million, or 16%, to $0.6 million, compared to $0.7 million for the three months ended September 30, 2021. The resulting net loss per share of common stock loss for the three months ended September 30, 2022, was ($0.04), compared to a net loss per share of common stock of ($0.06) for the three months ended September 30, 2021.
- Cash and cash equivalents totaled $1.6 million at September 30, 2022, a decrease of $0.4 million compared to $2.0 million at December 31, 2021.
Financial Results for Nine Months Ended September 30, 2022
- Revenue for the nine months ended September 30, 2022 increased by 39% to $3.4 million, compared to $2.4 million for the nine months ended September 30, 2021. During the nine months ended September 30, 2022, the Company entered into an agreement with a national mobile telephone provider to provide its coupon codes to the Provider’s mobile phone application users that are verified nurses and teachers. The agreement started in May 2022 and ended in August 2022, and generated $1.1 million in revenues from this agreement during the nine months ended September 30, 2022.
- Gross profit for the nine months ended September 30, 2022 increased by 28% to $2.8 million, compared to $2.1 million for the nine months ended September 30, 2021. The resulting gross margin for the nine months ended September 30, 2022 was 81.2%, compared to 87.8% for the nine months ended September 30, 2021.
- Operating loss for the nine months ended September 30, 2022 decreased by $3.1 million, or 67%, to $1.6 million, compared to $4.7 million for the nine months ended September 30, 2021.
- Net loss for the nine months ended September 30, 2022 decreased by $3.6 million, or 88%, to $0.5 million, compared to a net loss of $4.2 million for the nine months ended September 30, 2021. The resulting net loss per share of common stock loss for the nine months ended September 30, 2022, was ($0.04), compared to a net loss per share of common stock of ($0.32) for the nine months ended September 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 182,500 restaurants and retailers to over 7.8 million customers. Our 12,500 core restaurants and 170,000 Dining Discount Pass restaurants and retailers extend nationwide. Our top three B2C markets are New York, Chicago and Los Angeles. 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
