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Tiny Reports First Quarter 2023 Results of Predecessor Company; Refiles December 31, 2022 Year End Audited Financial Statements and MD&A of Predecessor Company to Revise the Presentation of Certain Items
Victoria, British Columbia--(Newsfile Corp. - May 31, 2023) - Tiny Ltd.   (TSXV: TINY) ...
About this update from Tiny Ltd. Class A
[{"type":"text","content":"Tiny Reports First Quarter 2023 Results of Predecessor Company; Refiles December 31, 2022 Year End Audited Financial Statements and MD&A of Predecessor Company to Revise the Presentation of Certain ItemsVictoria, British Columbia--(Newsfile Corp. - May 31, 2023) - Tiny Ltd. (TSXV: TINY) (formerly, WeCommerce Holdings Ltd.) (\"Tiny\" or \"the \"Company\"), a leading technology holding company with a strategy of acquiring majority stakes in businesses, today announced the financial results for Tiny Capital Ltd. for the three-month period ended March 31, 2023 (\"Q1 2023\"). The financial results relate to Tiny Capital Ltd. prior to its merger with WeCommerce Holdings Ltd., which was completed on April 17, 2023 (the \"Merger\"). The Company reported the financial results for the WeCommerce group of companies for the three-month period ended March 31, 2023 (\"Q1 2023\") on May 11, 2023. For further details regarding the Merger, please see the Company's management information circular dated March 6, 2023, a copy of which is available under the Company's profile on SEDAR at www.sedar.com. Currency amounts are expressed in Canadian dollars unless otherwise noted.Q1 2023 Financial Results For the three-month period ended March 31,20232022Revenue  Digital services revenue16,607,97920,812,255Creative platform revenue16,839,9319,704,343Other revenue2,884,0383,001,50136,331,94833,518,099Earnings (loss) from operations(1,069,841)9,472,267Net income (loss)(4,080,911)7,032,185 EBITDA 1(1,114,399)11,082,134EBITDA % 1(3%)33%Adjusted EBITDA 13,022,20212,782,732Adjusted EBITDA % 1 8%38% Revenue in Q1 2023 was $36,331,948, an increase of 8% compared to Q1 2022, driven by an increase in creative platform revenue. The increase in creative platform revenue was due to a reclassification of marketplace revenue from a net to a gross of marketplace content costs basis. This change to record marketplace revenue on a gross basis accounted for $6.8M of the revenue increase this quarter. Adjusted EBITDA(1) for Q1 2023 amounted to $3,022,202, or 8% of revenue, compared to $12,782,732 or 38% of revenue in Q1 2022.Cash and cash equivalents at March 31, 2023 were $26,737,377 compared to $31,201,836 on December 31, 2022. Total long-term debt outstanding at March 31, 2023 was $66,674,313 compared to $66,708,864 on December 31, 2022...