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Realnetworks Inc (RNWK) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Realnetworks Inc

CIK: 1046327 Ticker: RNWK

Exhibit 99.1
REALNETWORKS ANNOUNCES SECOND QUARTER 2021 FINANCIAL RESULTS

SEATTLE — August 4, 2021
-

RealNetworks, Inc. (Nasdaq: RNWK), an emerging leader in AI-based software and solutions, today announced its financial results* for the second quarter ended June 30, 2021.

Revenue of $14.6 million and net loss attributable to RealNetworks of $(1.3) million
Doubled revenue year-over-year for the Company’s AI-based businesses with 282% growth in SAFRTM and 15% growth in KONTXT
Strengthened balance sheet to position the Company for future growth; unrestricted cash and cash equivalents of $29.9 million and no debt as of June 30, 2021

Management Commentary
“In Q2 we continued to make great progress in our AI-based businesses, SAFR and KONTXT,” said Rob Glaser, Founder, Chairman, and Chief Executive Officer of RealNetworks. “In the aggregate, our AI businesses grew 101% year over year – 282% for SAFR and 15% for KONTXT. Further, we strengthened our balance sheet by raising $20.1 million in net proceeds through a public offering during the quarter. This enables us to continue to scale our investments in our AI growth businesses.”

Mr. Glaser continued, “We’re also very pleased with the progress that Scener is making on its path as an independent company. Scener continues to grow rapidly with consumers using it to watch over 100 million minutes of video each month. Scener is now self-sufficient financially and has a very bright future.” As a result of Scener’s progress as an independent company, Real no longer consolidated Scener into its financial results as of June 30th.

Second Quarter 2021 Financial Highlights from Continuing Operations
Revenue was $14.6 million, down 8% compared to $15.9 million in the prior quarter and down 15% compared to $17.1 million in the prior year period.
Revenue from key growth initiatives, SAFR and KONTXT, increased 282% and 15%, respectively, compared to the prior year period. SAFR and KONTXT together grew to represent 37% of total Mobile Services revenue for the second quarter of 2021.
Operating expenses decreased $1.7 million, or 9%, from the prior quarter and increased $1.1 million, or 7%, from the prior year period. Normalizing for certain one-time and non-cash items including restructuring and fair value adjustments to the contingent consideration liability, operating expenses decreased $0.3 million, or 2%, compared to the prior quarter and increased $1.2 million, or 8%, from the prior year period.
Net loss from continuing operations attributable to RealNetworks was $(1.3) million, or $(0.03) per diluted share, compared to a net loss of $(10.4) million, or $(0.27) per diluted share, in the prior quarter and a net loss of $(3.1) million, or $(0.08) per diluted share, in the prior year period. Included in net loss attributable to RealNetworks in the second quarter of 2021 was a gain on forgiveness of debt of $2.9 million from the principal and interest on the Paycheck Protection Program (“PPP”) loan and a gain of $2.0 million related to the deconsolidation of Scener.
Adjusted EBITDA, including $600,000 of operating costs related to Scener, was a loss of $(4.3) million compared to a loss of $(3.0) million in the prior quarter and a loss of $(1.4) million in the prior year period. Adjusted EBITDA, excluding the $600,000 of operating costs related to Scener, was a loss of $(3.7) million.
At June 30, 2021, the Company had $29.9 million in unrestricted cash and cash equivalents compared to $17.0 million at March 31, 2021 and $23.9 million at December 31, 2020. In April 2021, the Company strengthened its balance sheet with the closing of an underwritten public offering that resulted in net proceeds to the Company of approximately $20.1 million.


The following information was filed by Realnetworks Inc (RNWK) on Wednesday, August 4, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Realnetworks Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
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Unaudited Condensed Consolidated Balance Sheets
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Description Of Business And Summary Of Significant Accounting Policies (Policies)
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Ticker: RNWK
CIK: 1046327
Form Type: 10-Q Quarterly Report
Accession Number: 0001046327-21-000033
Submitted to the SEC: Thu Aug 05 2021 9:01:56 AM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Wednesday, June 30, 2021
Industry: Computer Programming Services

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