NEW YORK, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Tinybeans Group Limited (ASX: TNY) (OTCQB: TNYYF) (“Tinybeans” or “the Company”), the only personalized platform trusted by parents to help them raise amazing kids, is pleased to share its record preliminary results and the Appendix 4E for fiscal year 2022.
The operating results for the period are materially consistent with the headline preliminary results released by the Company on July 28th.
The results are subject to completion of the year end audit and audited results are expected to be released in September.
FY22 Operational Highlights
Revenue increased to a record US$10.9m, up 34% pcp
Advertising revenue hit a record US$9m, up 31% pcp, won 17 $100k deals vs 13 in FY21
Subscription revenue hit a record US$1.5m, up 77% pcp
At 56% growth in direct advertising revenues, significantly outpaced single digit industry growth rate outside of top 4.
Successfully retired Red Tricycle and (re)introduced one brand Tinybeans to ad market
Grew National deal size from $30k to $51k (+69%)
Monthly Active Users (MAU) across FY22 grew hit 2.95M for the qtr, up 16% on Q3.
Advertising wins from both new and existing partners, including CooperVision, Hill’s Pet, MGA, Microsoft, VTech, Marriott and Paramount;
Cash balance at the end of the fourth fiscal quarter of 2022 was US$4.2m (AUD$2.85m).
Loss for FY22 to $4.5m, up 40% vs pcp, from the adjusted FY21 loss of $3.2m.
Tinybeans recently reviewed all costs with the goal of becoming cash flow positive. The Company has reduced its General and Administrative costs as it starts FY23.
Tinybeans’ Chief Executive Officer, Eddie Geller, said:
“We are pleased to report Tinybeans’ record-level operating performance during FY22. The rebound in COVID-19 impacted industries, such as travel, contributed to these record results, and we were pleased to see momentum build in our subscription revenues throughout the fiscal year with the release of the paid for product Beanstalk.
Tinybeans’ revenue increased a record 34% from the pcp, delivering US$10.9m – a record result. This growth was driven largely by the strength in our advertising revenues—which increased 31% from the pcp—and in our subscription revenues, which increased 54% from the pcp.
These results highlight the appeal of our value proposition to current and prospective advertising partners who seek to engage with the young families on our platform. We also believe the continued strong engagement from our subscribers is a testament to the value of our content and users’ sustained demand for a platform that puts their privacy at the forefront.
We are on our way in FY23 to delivering double digit revenue growth in advertising, however this may be slower due to economic conditions. We will also continue to make strategic decisions to pull back on programmatic ad revenue to support growth in our subscription product.
FY23 promises to be our most successful year yet. We are launching an array of new product upgrades that should support acceleration in our consumer revenues, and we aim to drive continued growth in advertising revenues.
While consumer trust continues to erode across many sources of information, inspiration and connection, Tinybeans has never been more relevant than today as we continue to place our stake in the ground as a trusted member of the family, which parents can count on for relevant content, safe connections and private photo sharing to help parents raise amazing kids.”
This announcement is authorised by the TNY Board.
For more information, please contact:
Chief Executive Officer
About Tinybeans Group
Tinybeans Group Limited (ASX:TNY, OTCQB:TNYYF) is the only high trust app and web platform offering a personalized experience for new and growing families that helps them achieve their #1 goal in life–to raise amazing kids. Our purpose is bigger than simply making parenting easier. We help families thrive by giving them a safe, useful and inspirational place to go to capture and share memories, engage with trustworthy content and find thoughtful recommendations tailored to their family’s needs, interests and where they live.
Tinybeans engages 28 million mindful parents every month, enjoys over 130,000 5-star reviews in the Apple App and Google Play stores, and has been recognized by Apple for excellence in both content–top 3 most viewed and exclusive parenting partner for Apple Guides, and utility–twice being named U.S. app of the day.