As the broader market struggled, the Tinybeans Group Ltd (ASX: TNY) share price finished strongly in the green today.
Shares in the tech company finished the day 9.4% higher to $1.16. By comparison, the All Ordinaries Index (ASX: XAO) ended the day 0.73% lower.
So, what's propelling the Tinybeans share price higher?
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What's fuelling the Tinybeans share price?
Tinybeans has not released any price-sensitive news that could explain today's bullish price action.
The last piece of news from the tech company, on September 13, was market 'non-sensitive' and related to a summary of an investor conference call.
In an investor conference meeting earlier this month, the company's management discussed its performance for FY21.
Additionally, Tinybeans also detailed its plans for FY22, including the company's new subscription model.
How did Tinybeans perform in FY21?
Late last month, Tinybeans released its full-year report for FY21. The Tinybeans share price jumped into the green on the record result.
Key operational highlights from the report included:
- Revenue increased 102% on the prior corresponding period to US$8 million;
- Monthly active users lifted 16% to 4.33 million users; and
- Net loss after tax of US$3.1 million, down 34.8%.
Tinybeans noted the company was able to achieve great sales momentum through the year. The company attributed this to an increase in advertising revenues, which jumped by 125% to US$6.75 million.
In addition, Tinybeans also reported a 23% increase in subscription revenue of US$860,000.
For the full year, the company also boasted a strong balance sheet, noting a cash balance of US$2.16 million.
More on Tinybeans
Tinybeans is a free social media platform developed in Australia and targeted towards parents who want to share photos and videos of their children within a secure community.
In particular, the company looks to address the growing issue of cyber security and user privacy.
The Tinybeans platform is designed to boost online safety by creating a contained, invite-only environment. This allows parents to upload photos and videos of their kids and securely share the content within an approved network.
Since the start of the year, the Tinybeans share price has struggled to stay in the green and is 23% lower for 2021.
Shares in the tech company rose 9.43% on Friday but were nearly 11% higher earlier after hitting an intra-day high of $1.175.
