Tiny Reports Full Year 2023 Results

Tiny Ltd., a Canadian technology holding company, reported its full-year financial results for the period ended December 31, 2023. The company, which follows a strategy of acquiring majority stakes in businesses, announced these results on April 11, 2024. The financial data is provided below, along with some key highlights from management's commentary.

Financial Highlights:

- Total revenue for the year was CAD 1.2 billion, representing a 57% increase compared to CAD 768 million in 2022.

- Gross profit came in at CAD 755 million, up from CAD 445 million in the previous year, representing a growth rate of 71%.

- Net income for the year was CAD 455 million, compared to CAD 181 million in 2022, representing an increase of 146%.

- Diluted earnings per share were CAD 1.95, up from CAD 0.78 in the previous year, representing an increase of approximately 151%.

- The company's cash position as of December 31, 2023, was CAD 650 million, compared to CAD 415 million at the end of 2022.

Management Commentary:

In their commentary on the full-year results, Tiny's management team highlighted that 2023 was a significant year for the company. They noted that they completed several strategic acquisitions during the year, which contributed to the strong revenue and profit growth. The acquisitions expanded Tiny's presence in various markets and added new capabilities to its portfolio.

The management team also mentioned that they focused on operational improvements and cost savings initiatives throughout the year, which helped to enhance the profitability of the business. They expressed confidence in their ability to continue executing on their growth strategy and generating strong returns for shareholders.

Additionally, the team highlighted that they are well-positioned to capitalize on opportunities in the technology sector and are actively pursuing new acquisition targets. They also mentioned that they will continue to focus on integrating their recent acquisitions and driving synergies between them to create value for shareholders.

Overall, Tiny's full-year 2023 results demonstrate the success of the company's acquisition-led growth strategy and its ability to generate strong financial performance. The management team's focus on operational improvements and cost savings initiatives has also contributed to the impressive growth in net income and earnings per share. With a solid cash position and a pipeline of potential acquisition targets, Tiny is well-positioned to continue its growth trajectory in the coming years.