Business
Tiny Reports First Quarter and Full Year 2022 Results
Victoria, British Columbia--(Newsfile Corp. - May 11, 2023) - Tiny L td. (former...
About this update from Tiny Ltd. Class A
[{"type":"text","content":"Tiny Reports First Quarter and Full Year 2022 ResultsVictoria, British Columbia--(Newsfile Corp. - May 11, 2023) - Tiny Ltd. (formerly, WeCommerce Holdings Ltd.) (TSXV: TINY) (\"Tiny\" or \"the \"Company\"), a leading provider of ecommerce enablement software and tools for merchants, today announced the financial results for the WeCommerce group of companies for the three-month period ended March 31, 2023 (\"Q1 2023\"). The financial results relate to the WeCommerce group of companies prior to the merger of WeCommerce Holdings Ltd. with Tiny Capital Ltd. which was completed on April 17, 2023 (the \"Merger\"). 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 periodended March 31,20232022RevenueRecurring subscription revenue8,104,4237,354,028Digital goods revenue4,523,3293,745,630Agency service revenue937,314994,10113,565,06612,093,759Operating loss(2,525,927)(1,280,176Net (loss)/income(4,315,842)790,114EBITDA1530,9094,493,740EBITDA %14%37%Adjusted EBITDA13,988,1742,831,783Adjusted EBITDA %129%23%Cash provided by operating activities1,218,0383,907,178 Revenue in Q1 2023 was $13,565,066, an increase of $1,471,307 or 12% (5% on a constant currency basis) compared to Q1 2022.Adjusted EBITDA(1) for Q1 2023 amounted to $3,988,174 or 29% of revenue, compared to $2,831,783 or 23% of revenue in Q1 2022.Unrestricted cash on hand at March 31, 2023 was $9,129,722 compared to $10,946,852 on December 31, 2022. Total debt outstanding at March 31, 2023 was $46,590,824 compared to $46,935,066 on December 31, 2022.Net loss was $4,315,842 in Q1 2023 compared to net income of $790,114 in Q1 2022. In Q1 2023, the Company experienced an increase in finance costs, acquisition related costs and severance. Acquisition related costs incurred include $2,467,468 related to the amalgamation transaction with Tiny Capital and severance of $650,503 was incurred as a result of restructuring of executive team in light of the pending transaction.\"WeCommerce, as a standalone entity, had a great start to 2023 with continued growth in both revenue and adjusted EBITDA,\" said Chris Sparling, ...