Business
Tiny Reports Second Quarter 2023 Results
Victoria, British Columbia--(Newsfile Corp. - August 24, 2023) - Tiny L td . (TSXV: TI...
About this update from Tiny Ltd. Class A
[{"type":"text","content":"Tiny Reports Second Quarter 2023 ResultsVictoria, British Columbia--(Newsfile Corp. - August 24, 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 Ltd. for the three- and six-months ended June 30, 2023 (\"Q2 2023\" and \"YTD Q2 2023\", respectively). Currency amounts are expressed in Canadian dollars unless otherwise noted. Q2 2023 Financial Results For the three-months ended June 30,For the six-months ended June 30,2023202220232022Revenue47,472,29640,397,39883,804,24473,915,49647,472,29640,397,39883,804,24473,915,496Operating income (loss)(10,899,361)6,403,151(11,969,202)15,875,418Net income (loss) 32,674,714(26,391)28,593,8036,374,312EBITDA (1)40,635,9404,578,54439,312,09615,601,162EBITDA % (1)86%11%47%21%Adjusted EBITDA (1)6,416,0448,870,3239,228,80121,593,539Adjusted EBITDA % (1)14%22%11%29%Cash provided by operating activities(5,964,428)2,896,256(6,957,220)10,495,824Basic earnings/(loss) per share0.19(0.00)0.180.07Diluted earnings/(loss) per share0.19(0.00)0.180.07 (1) Refer to Non-IFRS Measures for further informationRevenue in Q2 2023 was $47,472,296, an increase of $7,074,898 or 18% compared to Q2 2022.Net income was $32,674,714 in Q2 2023 compared to net loss of $26,391 in Q2 2022. In Q2 2023, the Company had a gain on step acquisition of $42,083,465 resulting in a positive net income. This was offset by a $9,319,466 increase in wages compared to Q2 2022. Unrestricted cash on hand at June 30, 2023 was $27,333,477 compared to $31,201,836 on December 31, 2022. Total debt outstanding at June 30, 2023 was $113,042,923 compared to $69,793,864 on December 31, 2022.Adjusted EBITDA(1) for Q2 2023 amounted to $6,416,044 or 14% of revenue, compared to $8,870,323 or 22% of revenue in Q2 2022.Had the WeCommerce merger occurred on April 1, 2023, management estimates that consolidated revenue and consolidated net income would have been $49,478,877 and $33,552,280, respectively, for the three-month period.Shelf ProspectusThe Company also announces that it has obtained a receipt for a preliminary short form base shelf prospectus (the \"Shelf Prospectus\") from the securities regulatory authorities in each of the provinces of Canada. The Sh...