Tue, Nov 12, 9:18 PM (62 days ago)
**Paltalk, Inc. (PALT) Q3 2024 Financial Summary** For Q3 2024, Paltalk, Inc. reported a significant decline in total revenue, which fell by 23.4% year-over-year to $2,121,234, primarily due to a decrease in virtual gift revenue. Subscription revenue decreased by 23.9% to $2,033,324, while advertising revenue decreased by 7.1% to $87,910. The company incurred a net loss of $1,509,250, a 731.2% increase compared to the prior year, driven by reduced revenues and increased general and administrative expenses, which surged 76.6% to $1,636,400, largely due to costs associated with upcoming mergers. Cash flow from operations showed a substantial increase in cash used, totaling $1,551,736 for the nine months ended September 30, 2024, up from $980,720 in the same period last year. Paltalk is navigating uncertainties related to macroeconomic conditions and the upcoming mergers, which are contingent upon stockholder approval and regulatory conditions. The company is focused on strategic growth through acquisitions and improving user engagement across its platforms, despite facing challenges in revenue generation and cost management.