Tangelo Games Q2/2016 report

TANGELO GAMES PLEASED WITH MOBILE GROWTH

In Q2/2016 report.

Toronto social gaming firm Tangelo Games Corp. (formerly Imperus Technologies) has reported a 13 percent growth in revenue from mobile games over the previous quarter, a key focus area for the company, within its H1 and Q2/2016 report for the period ending June 30 2016.

Key performance highlights include:

–    Tangelo generated revenue of CAD 20.91 million (H1/2015: CAD9.81 million).

–    Adjusted EBITDA of CAD 5.76 million (H1/2015: $0.77).

–    Total net loss of CAD 2.45 million (H1/2015: CAD 10.27 million).

Readers will recall Tangelo’s acquisition of Diwip earlier this year, followed by its integration into one consolidated operating unit.

The company subsequently “right-sized” the organization to realize operating efficiencies, reducing its workforce by 25 percent.

"Our rapid mobile growth in Q2 demonstrates that Tangelo is on the right track,” commented James Lanthier, chief executive officer of Tangelo. “While desktop still makes up the majority of our revenue, our business is geared towards the future and growing faster than the industry rate."