The LiveTiles Ltd (ASX: LVT) share price is sliding today after the company released its preliminary final report for the 2019 financial year (FY19) this morning. LiveTiles shares opened at 44 cents but have since descended to the 40 cent level (a 9% dip).
What did LiveTiles give us this morning?
LiveTiles reported revenue (from ordinary activities) growth of 218% to $18.09 million, which was up from FY18's $5.68 million. However, total revenue (including other income) came in at $22.49 million – up 249% from FY18's $6.44 million. This consisted of subscription revenue of $16.51 million, services revenue of $1.58 million and revenue from government grants of $3.99 million.
However, the company has posted a loss after tax for the financial year of $42.77 million – this loss is 93% larger than FY18's loss of $22.06 million. Excluding non-cash expenses, the loss before tax was $32.23 million. As such, no dividend was paid in FY19.
This translates to a FY19 (earnings) loss per share of 7.75 cents – up from FY18's loss of 5.2 cents per share.
Net Tangible Assets (NTA) per share came in at negative 18 cents, compared to positive 2.64 cents for FY18.
Meanwhile, Total Assets increased to $74.4 million, up 170% over FY18 while Total Liabilities were up 220% to $33.56 million – giving LiveTiles Net Assets of $40.84 million.
The results from FY19 include the costs associated with the acquisition of Copenhagen-based Wizdom A/S that occurred in February, which LiveTiles hopes will "achieve its strategic product vision more quickly, offering new product features and capabilities to current and existing LiveTiles customers".
What's next for LiveTiles?
The company hasn't provided the market with any guidance or outlook for FY20 in the release this morning, but (with today's moves) the company's shares remain significantly below the 52-week high of 67 cents reached in August 2018 – although also significantly above the 52-week low of 28 cents reached in December.
LiveTiles is a software company founded in 2014 that offers cloud-based intelligent software for workplaces, both public and private. The LiveTiles share price has slid 37% lower over the last 12 months.
