Business
Treasure Global Reports First Quarter Fiscal Year 2023 Results
--Total Revenues of $15.6 Million For Q1 2023Launched Innovative Digital Food & Beverage Management System, TAZTE, Set To Modernize The F&B Industry Over 2.3
About this update from Treasure Global Inc.
[{"type":"text","content":"--Total Revenues of $15.6 Million For Q1 2023Launched Innovative Digital Food & Beverage Management System, TAZTE, Set To Modernize The F&B Industry Over 2.3 Million Registered Users Reached On ZCITY As Of November 30, 2022 -- NEW YORK and KUALA LUMPUR, Malaysia, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Treasure Global Inc (NASDAQ: TGL) (“TGI” or the “Company”), an innovative e-commerce platform providing seamless payment solutions and rewards programs, today reported its financial results for the first quarter of the fiscal year 2023 ended September 30, 2022. “A key milestone of the first quarter was the successful completion of our initial public offering raising gross proceeds of $9.2 million, and listing on the Nasdaq Capital Market under ‘TGL’,” commented Sam Teo, Chief Executive Officer of TGI. “During the quarter and subsequent months, we worked diligently to run the beta testing for our game-changing food and beverage (“F&B”) management program, TAZTE. The beta test yielded encouraging metrics, in terms of both increasing user engagement and order frequency. We are confident that TAZTE will improve operational efficiencies in the sector while growing TGI’s user base, increasing profit and driving margins.” “Post quarter end, we announced that TGI had partnered with Malaysia’s leading payment gateway, iPay88, for secure and convenient transactions. Customers can now use our secure platform for cashless shopping experiences and rewards for spending on the ZCITY app. TGI has also secured several new strategic partnerships with several prolific brands across diverse lucrative sectors, including pharmaceuticals, travel, groceries and fashion. The collaborations are a key part of our strategic marketing program, helping us to penetrate new markets and allowing us to capitalize on current market trends taking place in Malaysia and South-East Asia, as the region continues to re-open to tourism and hospitality,” concluded Mr. Teo. Financial Highlights for the First Quarter Fiscal Year 2023 Total revenues of approximately $15.6 millionGross profit of approximately $0.04 millionNet loss was approximately $3.7 millionCash and cash equivalents of $7.0 million Recent Business Highlights Over 2.3 million Registered Users as of November 30, 2022Over 234,000 Monthly Active Users as of November 30, 202247 percent year-over-year increase in Regis...