The Tinybeans Group Ltd (ASX: TNY) share price is surging during early afternoon trade. This comes after the tech company released its full year results for the 2021 financial year.
At the time of writing, Tinybeans shares are travelling 4.09% higher to an intraday high of $1.14.
Let's take a look at how the company performed for the period.
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Tinybeans share price surges on record result
Investors are snapping up Tinybeans shares after digesting the company's latest results. Here are some of the key operational highlights:
- Revenue increased 102% on the prior corresponding period to US$8 million;
- Monthly active users lifted 16% to 4.33 million users;
- Net loss after tax of US$3.1 million, down 34.8%;
What happened in FY21 for Tinybeans?
Tinybeans achieved sales momentum throughout the year, largely driven by advertising revenues, up 125% to US$6.75 million. The broader rebound in United States advertising saw a number of brand partners and larger average campaign sizes.
In addition, subscription revenue grew 23% to US$860,000 due to improved conversion of existing users to paying subscribers.
The company invested more than US$2.5 million in product growth initiatives with early results beginning to materialise.
Tinybeans declared a cash balance of US$2.16 million and an average operating burn rate of US$0.4 million per quarter.
What did management say?
Tinybeans CEO Eddie Geller commented on the milestone achievement, saying:
We are pleased to report Tinybeans' record-level operating performance during FY21. The rebound in COVID-19 impacted industries, such as travel and tourism, contributed to these record results, and we were pleased to see momentum build in our subscription revenues throughout the fiscal year.
FY22 outlook for Tinybeans
Looking ahead, Tinybeans did not provide much for its earnings or profit guidance for the new financial year. However, Mr Geller spoke about FY22 promising to be the most successful year yet, adding:
We are launching an array of new product upgrades that we believe will support acceleration in our consumer subscription revenues, and we aim to drive continued growth in advertising revenues through enhancing ad integration and adding new in-demand features.
We see our photos and sharing platform expanding as we double down on new areas of engagement that align with our vision of content, community, commerce and related services.
