Latest news with #Serato
Yahoo
7 days ago
- Business
- Yahoo
Tiny Reports Q2 2025 Results
Closed the acquisition of a majority interest in Serato, a global leader in DJ software, on May 12, 2025 Revenue of $50.0 million, a 4%1 increase year-over-year Adjusted EBITDA2 of $8.2 million, a 22% increase year-over-year Free Cash Flow2 of $6.0 million, a $9.7 million increase year-over-year Victoria, British Columbia--(Newsfile Corp. - August 12, 2025) - Tiny Ltd. (TSXV: TINY) ("Tiny" or the "Company"), a technology holding company that acquires wonderful businesses for the long term, is pleased to announce financial results for the three and six-months ended June 30, 2025 ("Q2 2025"). Currency amounts are expressed in Canadian dollars unless otherwise noted. Q2 2025 Highlights Adjusted EBITDA2 reached $17.9 million for the first half of 2025, a 32% increase year-over-year, and Adjusted EBITDA Margin2 improved to 18% from 14% Free Cash Flow2 improved to $9.0 million for the first half of 2025, an increase of $11.6 million year-over-year Serato launched the integration of Apple Music streaming directly within the Serato DJ platform, giving DJs instant access to over 100 million tracks Metalab continued to demonstrate its strength in AI, completing landmark projects for AI leaders Windsurf and Crusoe Letterboxd reached 21.4 million members at quarter end, an increase of 47% year-over-year and 106% since the majority acquisition in September 2023, and announced plans to launch a transactional video-on-demand service while at the Cannes Film Festival Recurring Revenue2 reached $13.2 million in Q2 2025, a year-over-year increase of $3.6 million, or 37% Including Serato for the full quarter, Pro Forma Adjusted EBITDA2 was $10.3 million Net Debt to Pro Forma LTM Adjusted EBITDA of 2.8x, a decrease from 3.1x in Q2 2024 Tiny Fund I Net Asset Value increased by US$13.2 million, driven by strong performance of Letterboxd Management Commentary Closing the acquisition of Serato Audio Systems Limited ("Serato") marked a significant milestone for Tiny, substantially increasing our recurring revenue and profitability, and enhancing the foundation for sustainable long-term growth. Our key financial metrics, including Adjusted EBITDA and Free Cash Flow, improved significantly year-over-year, demonstrating that the Company's cost discipline initiatives and focus on operational excellence continue to drive results. With these improvements, the Company continued to execute on its objective of de-leveraging, paying down $5.2 million in the quarter. Net Debt to Pro Forma LTM Adjusted EBITDA ended Q2 2025 at 2.8x, down from 3.1x in the 2024 comparable quarter, and down significantly from 3.8x as at December 31, 2023. Jordan Taub, CEO of Tiny, said, "Q2 was another strong quarter for Tiny and our team. By welcoming Serato to the Tiny portfolio and continuing our focus on disciplined cash flow growth across the businesses, we are delivering on our strategic priorities. Long term organic and acquisition-led growth, operational excellence, cash flow generation, and managing our leverage profile remain key drivers of our strategy." Q2 2025 Financial Results Three-months ended June 30, Six-months ended June 30,2025 2024 2025 2024Revenue50,000,797 51,005,412 98,062,762 99,945,010Operating loss(4,622,625 )(4,952,079 )(6,127,999 )(9,782,520 ) Net income / (loss)10,990,847 (1,671,756 )6,985,450 (10,526,223 ) EBITDA21,913,696 4,864,920 29,383,163 8,215,835EBITDA %144% 10 % 30% 8%Adjusted EBITDA18,232,481 6,754,724 17,948,686 13,646,387Adjusted EBITDA Margin %116% 13 % 18% 14 %Recurring Revenue113,194,947 9,637,944 23,002,818 18,894,818Recurring Revenue %126% 19 % 23% 19 %Cash provided by operating activities6,167,180 (797,399 )10,124,470 3,540,450Free Cash Flow16,013,495 (3,695,862 )9,028,654 (2,569,227 ) Adjusted Free Cash Flow Post Debt Servicing15,053,790 (3,679,878 )6,993,024 (2,612,417 ) Basic earnings / (loss) per share0.05 (0.01 )0.03 (0.06 ) Diluted earnings / (loss) per share0.05 (0.01 )0.03 (0.06 ) Free Cash Flow per Share10.03 (0.02 )0.04 (0.01 ) Adjusted Free Cash Flow per Share10.02 (0.02 )0.03 (0.01 ) June 30, 2025 Dec. 31, 2024 Total assets 524,417,836 350,529,798 Investment in Tiny Fund I LP 39,551,252 38,177,751 Total liabilities 251,599,861 168,459,250 Non-current financial liabilities 199,305,869 106,934,158 The Serato acquisition closed on May 12, 2025 and the consolidated results include approximately half a quarter of results related to the acquisition. The three-months ended September 30, 2025 will be the first quarter with a full inclusion of Serato's financial results. Reported revenue in Q2 2025 was $50.0 million, a decrease of $1.0 million (2%) compared to the three months ended June 30, 2024 ("Q2 2024"). Q2 2024 included revenue from a large enterprise licensing deal in the Creative Platform of approximately $4.9 million. When adjusting for the Q4 2024 dispositions of the Company's interest in Frosty Studio Ltd. and 8020 Design Ltd., revenue increased 4%4 compared to Q2 2024. Recurring Revenue1 in Q2 2025 was $13.2 million, an increase of $3.6 million (37%) compared to Q2 2024. The increase primarily reflects the positive impact of the Serato acquisition. Recurring Revenue1 increased to 26% of total revenue, compared to 20% in Q1 2025. EBITDA1 of $21.9 million in Q2 2025 improved by $17.0 million compared to $4.9 million in Q2 2024. This was primarily driven by the acquisition of Serato, an increase in Net Asset Value of Tiny Fund I, favorable foreign exchange impacts, and other income from the licensing of a trademark within the Tiny portfolio. Adjusted EBITDA5 increased 22% to $8.2 million in Q2 2025 compared to $6.8 million in Q2 2024, with margins expanding to 16% from 13%. Q2 2024 included the benefit of the $4.9 million enterprise licensing deal. The improvement demonstrates the effectiveness of cost discipline initiatives and operational enhancements implemented in 2024, along with positive contributions from the Serato acquisition. Cash on hand on June 30, 2025 was $26.7 million, compared to $22.9 million on December 31, 2024. Total debt outstanding on June 30, 2025 was $116.9 million, compared to $116.9 million on December 31, 2024. Debt repayments were offset by new credit facilities drawn to finance the acquisition of Serato. Total debt repayment was $5.2 million in Q2 2025, demonstrating the Company's commitment to balance sheet management. Cash flow from operations in Q2 2025 was $6.2 million, compared to negative $0.8 million in Q2 2024. This reflects the Company's continued focus on driving sustainable cash flow in the existing portfolio as well as the positive contributions from the Serato acquisition. Free Cash Flow1 in Q2 2025 was $6.0 million, compared to negative $3.7 million in Q2 2024. Free Cash Flow per Share also improved to $0.03 in Q2 2025, compared to negative $0.02 per share in Q2 2024. Adjusted Free Cash Flow Post Debt Servicing1 in Q2 2025 was $5.1 million, compared to $3.7 million in Q2 2024. Net income in Q2 2025 was $11.0 million, compared to a net loss of $1.7 million in Q2 2024, an increase of $12.7 million. Diluted earnings per share of $0.05 in Q2 2025, compared to a diluted loss per share of $0.01 in Q2 2024. Total assets on June 30, 2025 were $524.4 million, compared to $350.5 million on December 31, 2024. Tiny Fund I Performance Combined unaudited revenue of $15.9 million (US$11.5 million) in Q2 2025 compared to $16.4 million (US$12.0 million) in Q2 2024, a decrease of $0.5 million (US$0.5 million). Note that Tiny's consolidated financial results do not include the aggregate revenues, expenses, and profits of Tiny Fund's individual investments. Tiny Fund I Net Asset Value increased to US$142.0 million as at June 30, 2025 from US$128.8 million in Q1 2025, largely driven by strong operating performance of Letterboxd. Tiny owns 20.34% of Tiny Fund I, and received distributions of $0.5 million in Q2 2025. Quarterly Conference Call and Business Update The Company will hold a conference call to provide a business update on Tuesday, August 12, 2025, at 8:00 a.m. ET hosted by: Jordan Taub, CEO Mike McKenna, CFO A question-and-answer session will follow the business update. Conference Call Details Date: Tuesday, August 12, 2025 Time: 8:00 a.m. ET Dial-In Number: Canada: +1 226 828 7575 or +1 833 950 0062 United States: +1 404 975 4839 or +1 833 470 1428 Access code: 585184 This live call is also being webcast and can be accessed by going to: archived telephone replay of the call will be available for one week following the call by dialing +1 866 813 9403 and entering the access code 680490, followed by the # sign. Financial Statements Tiny's interim condensed consolidated financial statements for Q2 2025 and management's discussion and analysis for Q2 2025 are available under Tiny's profile on SEDAR+ at About Tiny Tiny is a Canadian holding company that acquires wonderful businesses using a founder-friendly approach. It focuses on companies with unique competitive advantages, recurring or predictable revenue streams, and strong free cash flow generation. Tiny typically holds businesses for the long-term, with a parent-level focus on capital allocation, collaborative management and operations, and incentive structures within the operating companies to drive results for Tiny and its shareholders. Tiny currently has three principle reporting segments: Digital Services, which help some of the world's top companies design, build and ship amazing products and services; Software and Apps, which is home to Serato, the world's leading DJ software, and WeCommerce, a collection of leading application and theme businesses powering global e-commerce merchants; and Creative Platform, which is composed primarily of Dribbble, the social network for designers and digital creatives, as well as Creative Market, a premier online marketplace for digital assets such as fonts, graphics and templates. For more about Tiny, please visit or refer to the public disclosure documents available under Tiny's profile on SEDAR+ at NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Company Contact:Mike McKennaChief Financial OfficerPhone: 416-938-0574Email: mike@ Cautionary Note Regarding Forward-Looking Information Certain statements in this press release may constitute forward-looking information or forward-looking statements (together, "forward-looking statements") that reflect management's current expectations regarding the Company's future growth, financial performance, business prospects and opportunities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "forecast", "expect", "estimate", "predict", "intend", "would", "could", "if", "may" and similar expressions. This press release includes, among others, forward-looking statements regarding the Company's expectations regarding: the Company's financial profile, the results of the acquisition of Serato and the inclusion of Serato financial results with Tiny's, and the future plans of the Company and its subsidiaries. These statements reflect current expectations of management regarding future events and operating performance and speak only as of the date of this press release. In addition, forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. By their nature, forward-looking statements require management to make various assumptions and are subject to inherent risks and uncertainties. There is a significant risk that such predictions, forecasts, conclusions or projections will not prove to be accurate, that management's assumptions may not be accurate and that actual results, performance or achievements may differ significantly from such predictions, forecasts, conclusions or projections expressed or implied by such forward-looking statements. We caution readers not to place undue reliance on the forward-looking statements in this press release as a number of factors, many of which are beyond the Company's control, could cause actual future results, conditions, actions or events to differ materially from the targets, outlooks, expectations, goals, estimates or intentions expressed in the forward-looking statements. These factors include, but are not limited to: reliance on the Shopify platform; the limited operating history of certain of the Company's subsidiaries; the integration of Serato with Tiny; reliance on management and key employees; conflicts of interest in relation to the Company and its subsidiaries' officers, directors, and consultants; the ability to integrate previous acquisitions or future acquisitions; limitations on claims against a seller of an acquired company; additional financing requirements and earn out obligations; reliance on unaudited financial information for Tiny Fund I LP; risks related to dilution; global financial conditions; management of growth; risks associated with the Company's strategy of growth through acquisitions; tax risks; reputational risks; payment processing risks; currency fluctuations; competitive markets; uncertainty and adverse changes in the economy; unsustainability of the Company's rapid growth and inability to attract new customers, retain revenue from existing merchants, and increase sales to both new and existing customers; adverse effects on the Company's revenue growth and profitability due to the inability to attract new customers or sell additional products to existing customers; future results of operations being harmed due to declines in recurring revenue or contracts not being renewed; cyber security and privacy breaches; changes in client demand; challenges posed by developments in artificial intelligence; challenges to the protection and enforcement of intellectual property; infringement of intellectual property; regulatory risks; risks related to legal claims; ineffective operations through mobile devices, which are increasingly being used to conduct commerce; risks related to information technology; and risks associated with internal controls over financial reporting. For a more detailed discussion of certain of these risk factors, see the list of risk factors in the Company's Annual Information Form dated April 29, 2025 which is available on SEDAR+ at under the Company's profile. The Company cautions that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results. When relying on our forward-looking statements to make decisions with respect to the Company and its securities, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise indicated, the information in this press release is current as of the date of this press release and the Company does not intend, and disclaims any obligation, to update any forward-looking statements, whether written or oral, or whether as a result of new information or otherwise, except as may be required by law. Non-IFRS Measures This press release contains certain non-International Financial Reporting Standard ("IFRS") financial measures. These measures are not recognized measures under IFRS accounting standards as issued by the International Accounting Standards Board. These financial measures do not have standardized meanings prescribed under IFRS and our computation may differ from similarly-named computations as reported by other entities and, accordingly, may not be comparable. These financial measures should not be considered as an alternative to, or more meaningful than, measures of financial performance as determined in accordance with IFRS as an indicator of performance. The Company believes these measures may be useful supplemental information to assist investors in assessing our operational performance and our ability to generate cash through operations. The non-IFRS measures also provide investors with insight into our decision making as we use these non-IFRS measures to make financial, strategic and operating decisions. The Company's management also uses non-IFRS financial measures to facilitate operating performance comparisons from period to period and prepare annual budgets and forecasts. Because non-IFRS measures do not have a standardized meaning and may differ from similarly-named computations as reported by other entities, securities regulations require that non-IFRS measures be clearly defined and qualified, reconciled with their nearest IFRS measure and given no more prominence than the closest IFRS measure. Non-IFRS measures are not audited. Unless otherwise indicated, the financial information presented in this press release is prepared in accordance with IFRS accounting standards as issued by the International Accounting Standards Board. These non-IFRS measures have important limitations as analytical tools and investors are cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS measures. The non-IFRS financial measures referred to in this press release are further detailed in the Company's management discussion and analysis for the three months ended June 30, 2025 which is available at and under Tiny's profile on SEDAR+ at NON-IFRS MEASURES RECONCILIATIONS EBITDA and Adjusted EBITDA Three-months ended June 30, Six-months ended June 30,2025 2024 2025 2024Net income / (loss) $ 10,990,847$ (1,671,756 ) $ 6,985,450$ (10,526,223 ) Income tax expense / (recovery)(1,666,830 )(5,287,794 )(1,126,638 )(4,826,253 ) Depreciation and amortization9,562,814 8,873,617 18,248,515 17,598,371Interest expense3,026,865 2,950,853 5,275,836 5,969,940EBITDA21,913,696 4,864,920 29,383,163 8,215,835 EBITDA Adjustments Share of losses from unlisted equityinvestments(4,312,293 )(384,359 )(4,792,069 )(658,994 ) Gain on sale of intangibles- (1,612,839 )- (1,481,060 ) Fair value (gain) / loss to financial instruments122,488 (565,370 )525,113 (2,381,435 ) Fair value on contingent consideration- 23,634 (285,526 )50,369Business acquisition costs2,154,385 292,028 3,616,601 337,370Share-based compensation736,452 290,260 1,447,830 744,041Foreign exchange(5,196,970 )2,018,954 (4,958,879 )5,030,700Other income1(7,586,732 )(423,402 )(7,751,286 )(959,564 ) Non-recurring severance expense201,627 1,065,729 276,880 2,406,308Non-recurring project costs2- 775,963 - 1,635,221Non-recurring professional fees3199,828 409,206 486,859 707,596Adjusted EBITDA8,232,481 6,754,724 17,948,686 13,646,387 1 Other income relates gain/loss on FX, a one-time license income of $8.2 million, and other minor non-operating items2 Non-recurring project related to advertising and promotion expense for a specific project that will not continue in the future.3 Non-recurring professional fees relates to legal fees for the go-public transaction and amalgamation with WeCommerce, restructuring, and software implementation costs Serato Q2-2025 EBITDA and Adjusted EBITDA (Prior to Acquisition) & Pro Forma Adjusted EBITDA Three-months ended June 30, 2025Net loss $ (541,768 ) Income tax expense / (recovery)(113,984 ) Depreciation and amortization(100,941 ) EBITDA(326,843 ) EBITDA Adjustments Business acquisition costs(2,728,426 ) Foreign exchange351,295Q2-2025 Serato Adjusted EBITDA (Prior to Acquisition)2,050,288Adjusted EBITDA8,232,481Pro Forma Adjusted EBITDA10,282,769 EBITDA % and Adjusted EBITDA Margin % Three-months ended June 30, Six-months ended June 30,2025 2024 2025 2024EBITDA $ 21,913,696$ 4,864,920$ 29,383,163$ 8,215,835Revenue50,000,797 51,005,412 98,062,762 99,945,010EBITDA %44 % 10 % 30 % 8 % Adjusted EBITDA8,232,481 6,754,724 17,948,686 13,646,387Revenue50,000,797 51,005,412 98,062,762 99,945,010Adjusted EBITDA Margin %16 % 13% 18% 14% Recurring Revenue and Recurring Revenue % Three-months ended June 30, Six-months ended June 30,2025 2024 2025 2024Recurring Revenues $ 13,194,947$ 9,637,944$ 23,002,818$ 18,894,818Non-recurring revenues36,805,850 41,367,468 75,059,944 81,050,192Total revenue50,000,797 51,005,412 98,062,762 99,945,010 Recurring Revenue %26 % 19 % 23 % 19 % Free Cash Flow and Free Cash Flow per Share Three-months ended June 30, Six-months ended June 30,2025 2024 2025 2024Cash provided by operating activities $ 6,167,181$ (797,399 ) $ 10,124,471$ 3,540,450Business acquisition costs2,154,385 292,028 3,616,601 337,370Interest paid on debt(2,180,183 )(3,094,778 )(4,490,618 )(6,136,925 ) Capital expenditures(127,887 )(95,713 )(221,799 )(310,122 ) Free Cash Flow6,013,496 (3,695,862 )9,028,655 (2,569,227 ) Weighted average number of sharesoutstanding227,731,155 181,614,111 208,398,341 180,413,214Free Cash Flow per Share0.03 (0.02 )0.04 (0.01 ) Three-months ended June 30, Six-months ended June 30,2025 2024 2025 2024EBITDA $ 21,913,696$ 4,864,920$ 29,383,163$ 8,215,835Income taxes paid(2,216,984 )(1,552,564 )(5,419,951 )(2,571,418 ) Interest paid on debt(2,180,183 )(3,094,778 )(4,490,618 )(6,136,925 ) Unrealized foreign exchange (gain) /loss(5,309,541 )1,345,498 (5,400,010 )4,089,902Non-cash income1(10,753,558 )(716,736 )(10,308,750 )(1,585,444 ) Business acquisition costs2,154,385 292,028 3,616,601 337,370Changes in non-cash working capital2,533,569 (4,738,517 )1,870,020 (4,608,425 ) Capital expenditures(127,887 )(95,713 )(221,799 )(310,122 ) Free Cash Flow6,013,497 (3,695,862 )9,028,656 (2,569,227 ) 1 Non-cash expenses relates to specific non-cash items from the cash provided by operating activities. This includes share-based compensation, fair value adjustment to financial instruments, gain on disposal of intangible assets, loss on sale of subsidiaries, fair value adjustment to contingent consideration, loss on sale or disposal of assets, share of earnings from unlisted equity investments, bad debts and interest income. Adjusted Free Cash Flow Post Debt Servicing and Adjusted Free Cash Flow per Share Three-months ended June 30, Six-months ended June 30,2025 2024 2025 2024Free Cash Flow $ 6,013,497$ (3,695,862 ) $ 9,028,656$ (2,569,227 ) Non-recurring bad debt expense1- 833,196 - 833,196Non-recurring project costs- 775,964 - 775,964Non-recurring professional fees199,828 409,206 486,859 1,244,011Severance201,627 1,065,729 276,880 1,504,330Scheduled debt payments(1,361,161 )(3,068,111 )(2,799,370 )(4,400,691 ) Adjusted Free Cash Flow Post Debt Servicing5,053,791 (3,679,878 )6,993,025 (2,612,417 ) Weighted average number of shares outstanding227,731,155 181,614,111 208,398,341 180,413,214Adjusted Free Cash Flow Per Share0.02 (0.02 )0.03 (0.01 ) 1 Non-recurring bad debt expense relates to revenue that was recognized in the 2023 fiscal year. 1 When excluding the of the Company's investments in Frosty Studio Ltd. and 8020 Design Ltd. in the comparative period. The Company's interests were divested in Q4 2024.2 Refer to Non-IFRS Measures for further information.3 Refer to Non-IFRS Measures for further information.4 When excluding the of the Company's investments in Frosty Studio Ltd. and 8020 Design Ltd. in the comparative period. The Company's interests were divested in Q4 2024.5 Refer to Non-IFRS Measures for further information. To view the source version of this press release, please visit Error al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos
Los Angeles Times
30-07-2025
- Entertainment
- Los Angeles Times
LA hip-hop Jedi training camp mentors the producers of tomorrow
On a recent Saturday in Inglewood, about a dozen acclaimed music producers including Dahi — who's worked with the likes of Kendrick Lamar, J. Cole and Drake — and DJ Khalil — who has collaborated with artists like Dr. Dre, Kanye West and Eminem — gathered with 80 students to geek out on the art of beat making. The free three-day workshop, called the Audio Affect Series, was co-hosted by TEC Leimert, a South L.A.-based nonprofit that aims to bridge the gap between technology and entertainment, Serato (DJ and music production software company) and beloved street wear retailer Undefeated. The purpose of the event, which took place July 25-27, was to bring Black and brown producers of all skill levels together for hands-on instruction designed to help them level up their skills. The idea for the workshop manifested a few years ago when TEC Leimert hosted a music production activation during its annual conference in the Leimert Park Plaza. Hours after the conference was over, attendees were still huddled in a small tent where a few producers were doing live beat making sessions and offering tips. 'It was like 8 p.m. and they were still going,' recalls TEC Leimert Executive Director Paris McCoy. 'It was just so clear that this was the type of space that artists wanted to be in, so I was just like, 'We got to make it happen.' By the time her nonprofit reached out to the Serato team about collaborating on a beat making program, they were eager to get involved because they were already in talks about doing something similar, McCoy says. 'We started to realize that there was a gap between some folks who were trying to get into the music production space but didn't have the [tools] and/or, depending on where they are, access to mentors who can help them kind of walk through things,' adds OP Miller, who is a DJ and head of artist relations for Serato. The first official Audio Affect Series took place in 2023 at Serato's studio in L.A.'s Arts District. It featured four separate workshops that took place over the course of several months. About 35 people participated in each of the intimate sessions, which were beginner-friendly and were led by L.A.-based artists like Lyric Jones, Georgia Ann Muldrow and Dahi. This year's event, which was held at Volume Studios in Inglewood, was even larger. Roughly 80 out of 200 applicants were selected for the program. Undefeated provided merchandise for the workshop, including a hoodie that many attendees wore throughout the weekend. The participants, who ranged from teens to Gen-Xers, were dispersed in various studios inside the massive multi-production studio. With their headphones on, they bobbed their heads to the beats they were cooking up and watched intently as sound waves danced across their laptop screens. The workshop, which was designed for intermediate to advanced skill levels, covered topics such as how to discover your personal sound as a producer, how to sample and clear tracks and how to create a strong online presence. Throughout the weekend, participants watched live demos from speakers and they were given time to cook up beats of their own. On the final day, each student was given the aux to play their beat for the entire group. Among the speakers were pioneering funk artist and TEC Leimert board member Dām-Funk; Watts-born rapper and producer Dibiase; Inglewood-born musician and event curator Thurz; and multi-instrumentalist and singer Amber Navran. Erika Jasper, a longtime DJ and self-proclaimed 'novice producer,' attended the first Audio Affect Series in 2023 and decided to come back because she wanted to build her confidence as a female producer. 'I figured it would be nice to learn from some of the best producers in the game,' says Jasper, who goes by the artist name 'Plus, Serato always does a phenomenal job at providing the best instruction, step by step.' After making beats for roughly 25 years, Thomas Phillips says he wanted to participate in the program because he's trying to take his music more seriously now. 'I'm a software engineer, but I want to switch over to audio [engineering],' says Phillips, who brought along his 7-year-old son, who was making beats of his own. 'So I'm just putting a lot more attention to my craft and being more intentional instead of just doing it in my spare time as a hobby.' Linafornia, a producer and DJ from Leimert Park, says being able to participate in an event like the Audio Affect Series would've been helpful for her when she started making beats after high school. 'This is a necessary program to have for people who are interested in making music and they get to hear perspectives from people who look like them, who are around their age,' says Linafornia, who led a talk on the history of L.A.'s sound, ranging from jazz to G funk and hip-hop. 'I didn't have that growing up. I wish they had programs like this when I was a teenager.' Dahi, an Inglewood-born producer who won a Grammy for his production on J. Cole and 21 Savage's song 'A Lot,' spoke at the first Audio Affect Series and was eager to return. 'Showing people the tools to make better music is something that I'm always championing and I think that is something that we need to do more of,' says Dahi, who walked students through his creative process when it comes to making beats. 'I think a lot of times, people complain about what they don't like now and that it's not good, and I'm just like 'Help the youth. Help people who want to get better.' Many attendees said they could relate to Navran's presentation about finding her own sound after years of singing and playing woodwind instruments, then finally taking the deep dive into music production years later. 'I didn't produce for a long time because I thought I couldn't,' says Navran, who is also a member of the L.A.-based band Moonchild. But after 'receiving encouragement from friends, seeing other people do it and getting a starter kit of how different people approach stuff was such a nice way to jump into it.' Like Linafornia, Navran wishes that a program like the Audio Affect Series existed at the start of her journey. 'To be surrounded by producers, people you can meet, collaborate with and be inspired by is so powerful,' she adds. To wrap up the workshop, each of the participants will be given about two months to complete and submit a beat to be considered for the Audio Affect Series' compilation project. Legendary producer and DJ Battlecat will be curating the project, which will be released on vinyl next year. After receiving positive feedback for the program, McCoy says she and her team want to make it an annual event so more people can experience it. She says, 'There is a real hunger and need for this kind of space.'
Yahoo
15-05-2025
- Business
- Yahoo
Tiny Reports Q1 2025 Results
Announced acquisition of majority interest in Serato, a global leader in DJ software. Total revenue of $48.1 million, a 6% increase over Q1 2024(1). Total Adjusted EBITDA(2) of $9.7 million, a 63% increase over Q1 2024(1). Continued momentum on improving Adjusted EBITDA, achieving 20%+ margin for the second consecutive quarter. Victoria, British Columbia--(Newsfile Corp. - May 15, 2025) - Tiny Ltd. (TSXV: TINY) ("Tiny" or the "Company"), a Canadian technology holding company that acquires wonderful businesses for the long term, announced the financial results for the three-months ended March 31, 2025 ("Q1 2025") today. Currency amounts are expressed in Canadian dollars unless otherwise noted. Q1 2025 Company Highlights Announced the acquisition of a majority interest in Serato, with the transaction successfully closing on May 12, 2025, adding a premium music software subscription business with strong recurring revenue and clear growth opportunities. Tiny Fund I generated combined unaudited revenue of $17.0 million (US$11.8 million) in Q1 2025, with Tiny receiving $1.0 million in distributions from its 20.34% ownership stake. Integrated operations of Stamped, Repeat, and KnoCommerce under the leadership of CEO Jeremiah Prummer, aligning core offerings in reviews, loyalty, customer insights, and retention with a strategic emphasis on unifying the data layer to enhance value for merchants. Dribbble officially launched its Products and Services offerings, allowing designers and clients to contract and transact directly on the Dribbble platform, furthering Dribbble's mission to help professional designers earn a living doing meaningful creative work. Adjusted EBITDA(2) of $9.7 million, an increase of $3.8 million or 63% over Q1 2024(1), demonstrating the team's execution on its key priorities. Free Cash Flow(2) of $3.0 million, an increase of $1.9 million or 168% over Q1 2024. Management CommentaryIn Q1 2025, Tiny announced the proposed acquisition of Serato Audio Systems Limited ("Serato"), a global leader in DJ software based in New Zealand, with the transaction closing on May 12, 2025. The acquisition marks a significant milestone for Tiny and closely aligns with the Company's strategic vision of operating and partnering with wonderful companies for the long term. The addition of Serato to the Company's software portfolio is expected to significantly enhance Tiny's recurring revenue while driving sustainable growth. Both Adjusted EBITDA(2) and Free Cash Flow(2) improved year-over-year, demonstrating the results of a continued focus on cost discipline and margin improvement. Tiny remains committed to reducing its leverage profile through continued improvement in Adjusted EBITDA(2) and debt paydown. Jordan Taub, CEO, said, "Q1 was an exciting quarter, as we continued to see the results of our work to drive improvements across the entire business, while also announcing the acquisition of Serato. We are proud to partner with Serato's management team and founders to execute on the company's growth opportunities and create long-term value for our shareholders." (1) When excluding the divested entities of Frosty Studio Ltd. and 8020 Design Ltd. in the comparative period. Both entities were divested in Q4 2024.(2) Refer to Non-IFRS Measures for further information Q1 2025 Financial Results Three-month periods ended March 312025 2024Revenue48,061,965 48,939,598Operating loss(1,505,374 )(4,323,720 ) Net loss(4,005,397 )(8,854,467 ) EBITDA (2)7,469,467 3,350,915EBITDA% % (2)16 % 7 %Adjusted EBITDA (2)9,716,205 6,891,663Adjusted EBITDA % (2)20 % 14 %Recurring revenue (2)9,807,871 9,256,874Recurring revenue % (2)20 % 19 % Three-month periods ended March 312025 2024Cash provided by operating activities3,957,290 4,337,849Free cash flow (2)3,015,159 1,126,635Adjusted free cash flow post debt servicing(2)1,939,234 1,067,461Loss per share(0.02 )(0.05 ) Diluted loss per share(0.02 )(0.05 ) Free cash flow per share (2)0.02 0.01Adjusted free cash flow per share (2)0.01 0.01 Total assets339,840,403 350,529,798Investment in Tiny Fund I LP38,052,877 38,177,751Total liabilities161,687,062 168,459,250Non-current financial liabilities107,043,861 106,934,158 Revenue in Q1 2025 was $48.1 million, a decrease of $0.9 million or 2% compared to Q1 2024. The decrease was driven by lower transactional revenue in the Creative Platform segment, partially offset by growth in Digital Services and the acquisition of MediaNet in Q2 2024. Adjusting for the Q4 2024 dispositions of Frosty and 8020, pro-forma revenue increased 6% over Q1 2024. Recurring revenue(2) in Q1 2025 was $9.8 million and made up 20% of total revenue, an increase of $0.6 million or 6% compared to Q1 2024, when recurring revenue made up 19% of total revenue. The growth is largely attributable to the acquisition of MediaNet. EBITDA(2) in Q1 2025 was $7.5 million compared to $3.4 million in Q1 2024, primarily driven by lower operating expenditures, which decreased $3.7 million from Q1 2024. Adjusted EBITDA(2) in Q1 2025 was $9.7 million compared to $6.9 million in Q1 2024, driven by lower personnel cost in Q1 2025, which decreased $2.7 million from Q1 2024. Improvements in Adjusted EBITDA(2) are the result of the Company's ongoing cost discipline and a continued focus on organic revenue growth. Cash on hand on March 31, 2025 was $20.3 million compared to $22.9 million on December 31, 2024. Total debt outstanding on March 31, 2025 was $113.3 million compared to $116.9 million on December 31, 2024. The decrease of $3.6 million is due to debt repayments, net of drawings, of $3.4 million. In Q1 2025, the Company repaid a total of $5.2 million of debt. Net Debt to Adjusted EBITDA(2) at the end of Q1 2025 was 2.7x compared to 3.0x at the end of Q4 2024. The Company's cash flow from operations in Q1 2025 was $4.0 million, compared to $4.3 million in Q1 2024. Cash flow from operations in Q1 2025 was impacted by one-time professional fees and costs of $1.5 million related to the acquisition of Serato. Free Cash Flow(2) in Q1 2025 was $3.0 million compared to $1.1 million in Q1 2024. The increase is the result of improved cost management and lower personnel costs. When factoring in non-recurring costs and scheduled debt payments, the Adjusted Free Cash Flow Post Debt Servicing(2) in Q1 2025 was $1.9 million compared to $1.1 million in Q1 2024, an increase of $0.9 million or 82%. Net loss in Q1 2025 was $4.0 million compared to $8.9 million in Q1 2024, a decrease of $4.8 million or 55%, primarily driven by lower operating expenditure and foreign exchange fluctuations during Q1 2025, partially offset by fair value movements in financial instruments. (2) Refer to Non-IFRS Measures for further information Tiny Fund I Performance Combined unaudited revenue of $17.0 million (US$11.8 million) in Q1 2025 compared to $15.1 million (US$11.2 million) in Q1 2024, increase of 13%. Combined unaudited revenue of $66.0 million (US$48.2 million) for the 2024 fiscal year compared to $55.5 million (USD$41.1 million) for the 2023 fiscal year, increase of 19%. Tiny owns 20.34% of Tiny Fund I and received distributions of $1.0 million in Q1 2025. The Company will hold a conference call to provide a business update on Thursday, May 15, 2025, at 8:00 a.m. ET hosted by: Jordan Taub, CEO Mike McKenna, CFO A question-and-answer session will follow the business update. Conference Call Details Date: Thursday, May 15, 2025 Time: 8:00 a.m. ET Dial-In Number: Canada: +1 226 828 7575 or +1 833 950 0062 United States: +1 404 975 4839 or +1 833 470 1428 Access code: 983306 This live call is also being webcast and can be accessed by going to: An archived telephone replay of the call will be available for one week following the call by dialing +1 866 813 9403 and entering the access code 685984, followed by the # sign. (2) Refer to Non-IFRS Measures for further information Financial Statements Tiny's consolidated interim unaudited financial statements and management's discussion and analysis for Q1 2025 is available on SEDAR+ at About Tiny Tiny acquires businesses using a founder-friendly approach, while focusing on valuation, recurring revenues and free cash flow potential. The Company expects to hold businesses for the long-term, with a parent-level focus on capital allocation, collaborative management and operations and incentive structures within the operating companies to drive results for Tiny and its shareholders. Tiny currently has three principle reporting segments: Digital Services, which help some of the world's top companies design, build and ship amazing products and services; Software and Apps, which is home to leading applications and themes powering forward-thinking merchants worldwide, primarily in the Shopify ecosystem; and Creative Platform, which is composed primarily of Dribbble, the social network for designers and digital creatives, as well as Creative Market, a premier online marketplace for digital assets such as fonts, graphics and templates. For more about Tiny, please visit or refer to the public disclosure documents available under Tiny's SEDAR profile on SEDAR+ at NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Company Contact: Mike McKenna Chief Financial Officer Phone: 416-938-0574 Email: mike@ Cautionary Note Regarding Forward-Looking Information Certain statements in this press release may constitute forward-looking information or forward-looking statements (together, "forward-looking statements") that reflect management's current expectations regarding the Company's future growth, financial performance and business prospects and opportunities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "forecast", "expect", "estimate", "predict", "intend", "would", "could", "if", "may" and similar expressions. This press release includes, among others, forward-looking statements regarding the Company's expectations regarding: the Company's financial profile, the results of the acquisition of Serato and the future plans of the Company and its subsidiaries. These statements reflect current expectations of management regarding future events and operating performance and speak only as of the date of this press release. In addition, forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. By their nature, forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that management's assumptions may not be accurate and that actual results, performance or achievements may differ significantly from such predictions, forecasts, conclusions or projections expressed or implied by such forward-looking statements. We caution readers not to place undue reliance on the forward-looking statements in this press release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, outlooks, expectations, goals, estimates or intentions expressed in the forward-looking statements. These factors include, but are not limited to: reliance on the Shopify platform; the Company's limited operating history; reliance on management and key employees; conflicts of interest in relation to the Company's officers, directors, and consultants; the ability to integrate previous acquisitions or future acquisitions; limitations on claims against a seller of an acquired company; additional financing requirements; risks related to dilution; global financial conditions; management of growth; risks associated with the Company's strategy of growth through acquisitions; tax risks; reputational risks; payment processing risks; currency fluctuations; competitive markets; uncertainty and adverse changes in the economy; unsustainability of the Company's rapid growth and inability to attract new customers, retain revenue from existing merchants, and increase sales to both new and existing customers; adverse effects on the Company's revenue growth and profitability due to the inability to attract new customers or sell additional products to existing customers; future results of operations being harmed due to declines in recurring revenue or contracts not being renewed; cyber security and privacy breaches; changes in client demand; challenges to the protection of intellectual property; infringement of intellectual property; regulatory risks; risks related to legal claims; ineffective operations through mobile devices, which are increasingly being used to conduct commerce; risks related to information technology; and risks associated with internal controls over financial reporting. For a more detailed discussion of certain of these risk factors, see the list of risk factors in the Company's Annual Information Form dated April 29, 2025 which is available on SEDAR+ at under the Company's profile. The Company cautions that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results. When relying on our forward-looking statements to make decisions with respect to the Company and its securities, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise indicated, the information in this press release is current as of the date of this press release and the Company does not intend, and disclaims any obligation, to update any forward-looking statements, whether written or oral, or whether as a result of new information or otherwise, except as may be required by law. Non-IFRS Measures Certain information presented in this press release contain non- IFRS accounting standards as issued by the International Accounting Standards Board ("IFRS") measures that are used by us as indicators of financial performance. These financial measures do not have standardized meanings prescribed under IFRS and our computation may differ from similarly-named computations as reported by other entities and, accordingly, may not be comparable. These financial measures should not be considered as an alternative to, or more meaningful than, measures of financial performance as determined in accordance with IFRS as an indicator of performance. The Company believes these measures may be useful supplemental information to assist investors in assessing our operational performance and our ability to generate cash through operations. The non-IFRS measures also provide investors with insight into our decision making as we use these non-IFRS measures to make financial, strategic and operating decisions. Because non-IFRS measures do not have a standardized meaning and may differ from similarly-named computations as reported by other entities, securities regulations require that non-IFRS measures be clearly defined and qualified, reconciled with their nearest IFRS measure and given no more prominence than the closest IFRS measure. Non-IFRS measures are not audited. Unless otherwise indicated, the financial information presented in this press release is prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. These non-IFRS measures have important limitations as analytical tools and investors are cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS measures. NON-IFRS MEASURES RECONCILIATIONS EBITDA and Adjusted EBITDA For the three-month periods ended March 31,2025 2024Net loss $ (4,005,397 ) $ (8,854,467 ) Income tax expense540,192 461,541Depreciation and amortization8,685,701 8,724,754Interest expense2,248,971 3,019,087EBITDA7,469,467 3,350,915 EBITDA Adjustments Share of losses from unlisted equity investments(479,776 )(274,635 ) Gain on sale of intangibles- 131,779Fair value gain/(loss) to financial instruments402,625 (1,816,065 ) Fair value on contingent consideration(285,526 )26,735Business acquisition costs1,462,216 45,342Share-based compensation711,378 453,781Foreign exchange238,091 3,011,746Other income(1)(164,554 )(536,162 ) Non-recurring severance expense75,253 1,340,579Non-recurring project costs(2)- 859,258Non-recurring professional fees(3)287,031 298,390Adjusted EBITDA9,716,205 6,891,663(1) Other income relates gain/loss on FX and other minor non-operating items(2) Non-recurring project related to advertising and promotion expense for a specific project that will not continue in the future(3) Non-recurring professional fees relates to legal fees for the go-public transaction and amalgamation with WeCommerce, restructuring, and software implementation costs EBITDA % and Adjusted EBITDA % For the three-month periods ended March 31,2025 2024EBITDA $ 7,469,467$ 3,350,915Revenue48,061,965 48,939,598EBITDA %16 % 7 % Adjusted EBITDA9,716,205 6,891,663Revenue48,061,965 48,939,598Adjusted EBITDA %20 % 14 % Recurring Revenue and Recurring Revenue % For the three-month periods ended March 31,2025 2024Recurring revenues $ 9,807,871$ 9,256,874Non-recurring revenues38,254,094 39,682,724Total revenue48,061,965 48,939,598 Recurring revenue % of total revenue20 % 19 % Free Cash Flow and Free Cash Flow per Share For the three-month periods ended March 31,2025 2024Cash provided by operating activities $ 3,957,290$ 4,337,849Business acquisition costs1,462,216 45,342Interest paid on debt(2,310,435 )(3,042,147 ) Capital expenditures(93,912 )(214,409 ) Free Cash Flow3,015,159 1,126,635Weighted average number of shares outstanding187,376,765 179,137,536Free cash flow per share0.02 0.01 For the three-month periods ended March 31,2025 2024EBITDA $ 7,469,467$ 3,350,915Income taxes paid(3,202,967 )(1,018,854 ) Interest paid on debt(2,310,435 )(3,042,147 ) Impairment of non-financial assets- -Unrealized foreign exchange (gain)/loss(90,469 )2,744,404Gain on share transaction- -Non-cash expenses(1)444,808 (868,708 ) Business acquisition costs1,462,216 45,342Changes in non-cash working capital(663,549 )130,092Capital expenditures(93,912 )(214,409 ) Free Cash Flow3,015,159 1,126,635 Adjusted Free Cash Flow Post Debt Servicing and Adjusted Free Cash Flow per Share For the three-month periods ended March 31,2025 2024Free cash flow $ 3,015,159$ 1,126,635Non-recurring professional fees287,031 834,805Severance75,253 438,601Scheduled debt payments(1,438,209 )(1,332,580 ) Adjusted free cash flow post debt servicing1,939,234 1,067,461Weighted average number of shares outstanding187,376,765 179,137,536Adjusted free cash flow per share0.01 0.01(1) Non-cash expenses relate to specific non-cash items from the cash provided by operating activities. This includes share-based compensation, fair value adjustment to financial instruments, gain on disposal of intangible assets, loss on sale of subsidiaries, fair value adjustment to contingent consideration, loss on sale or disposal of assets, share of earnings from unlisted equity investments, bad debts, and interest income To view the source version of this press release, please visit
Yahoo
15-05-2025
- Business
- Yahoo
Tiny Reports Q1 2025 Results
Announced acquisition of majority interest in Serato, a global leader in DJ software. Total revenue of $48.1 million, a 6% increase over Q1 2024(1). Total Adjusted EBITDA(2) of $9.7 million, a 63% increase over Q1 2024(1). Continued momentum on improving Adjusted EBITDA, achieving 20%+ margin for the second consecutive quarter. Victoria, British Columbia--(Newsfile Corp. - May 15, 2025) - Tiny Ltd. (TSXV: TINY) ("Tiny" or the "Company"), a Canadian technology holding company that acquires wonderful businesses for the long term, announced the financial results for the three-months ended March 31, 2025 ("Q1 2025") today. Currency amounts are expressed in Canadian dollars unless otherwise noted. Q1 2025 Company Highlights Announced the acquisition of a majority interest in Serato, with the transaction successfully closing on May 12, 2025, adding a premium music software subscription business with strong recurring revenue and clear growth opportunities. Tiny Fund I generated combined unaudited revenue of $17.0 million (US$11.8 million) in Q1 2025, with Tiny receiving $1.0 million in distributions from its 20.34% ownership stake. Integrated operations of Stamped, Repeat, and KnoCommerce under the leadership of CEO Jeremiah Prummer, aligning core offerings in reviews, loyalty, customer insights, and retention with a strategic emphasis on unifying the data layer to enhance value for merchants. Dribbble officially launched its Products and Services offerings, allowing designers and clients to contract and transact directly on the Dribbble platform, furthering Dribbble's mission to help professional designers earn a living doing meaningful creative work. Adjusted EBITDA(2) of $9.7 million, an increase of $3.8 million or 63% over Q1 2024(1), demonstrating the team's execution on its key priorities. Free Cash Flow(2) of $3.0 million, an increase of $1.9 million or 168% over Q1 2024. Management CommentaryIn Q1 2025, Tiny announced the proposed acquisition of Serato Audio Systems Limited ("Serato"), a global leader in DJ software based in New Zealand, with the transaction closing on May 12, 2025. The acquisition marks a significant milestone for Tiny and closely aligns with the Company's strategic vision of operating and partnering with wonderful companies for the long term. The addition of Serato to the Company's software portfolio is expected to significantly enhance Tiny's recurring revenue while driving sustainable growth. Both Adjusted EBITDA(2) and Free Cash Flow(2) improved year-over-year, demonstrating the results of a continued focus on cost discipline and margin improvement. Tiny remains committed to reducing its leverage profile through continued improvement in Adjusted EBITDA(2) and debt paydown. Jordan Taub, CEO, said, "Q1 was an exciting quarter, as we continued to see the results of our work to drive improvements across the entire business, while also announcing the acquisition of Serato. We are proud to partner with Serato's management team and founders to execute on the company's growth opportunities and create long-term value for our shareholders." (1) When excluding the divested entities of Frosty Studio Ltd. and 8020 Design Ltd. in the comparative period. Both entities were divested in Q4 2024.(2) Refer to Non-IFRS Measures for further information Q1 2025 Financial Results Three-month periods ended March 312025 2024Revenue48,061,965 48,939,598Operating loss(1,505,374 )(4,323,720 ) Net loss(4,005,397 )(8,854,467 ) EBITDA (2)7,469,467 3,350,915EBITDA% % (2)16 % 7 %Adjusted EBITDA (2)9,716,205 6,891,663Adjusted EBITDA % (2)20 % 14 %Recurring revenue (2)9,807,871 9,256,874Recurring revenue % (2)20 % 19 % Three-month periods ended March 312025 2024Cash provided by operating activities3,957,290 4,337,849Free cash flow (2)3,015,159 1,126,635Adjusted free cash flow post debt servicing(2)1,939,234 1,067,461Loss per share(0.02 )(0.05 ) Diluted loss per share(0.02 )(0.05 ) Free cash flow per share (2)0.02 0.01Adjusted free cash flow per share (2)0.01 0.01 Total assets339,840,403 350,529,798Investment in Tiny Fund I LP38,052,877 38,177,751Total liabilities161,687,062 168,459,250Non-current financial liabilities107,043,861 106,934,158 Revenue in Q1 2025 was $48.1 million, a decrease of $0.9 million or 2% compared to Q1 2024. The decrease was driven by lower transactional revenue in the Creative Platform segment, partially offset by growth in Digital Services and the acquisition of MediaNet in Q2 2024. Adjusting for the Q4 2024 dispositions of Frosty and 8020, pro-forma revenue increased 6% over Q1 2024. Recurring revenue(2) in Q1 2025 was $9.8 million and made up 20% of total revenue, an increase of $0.6 million or 6% compared to Q1 2024, when recurring revenue made up 19% of total revenue. The growth is largely attributable to the acquisition of MediaNet. EBITDA(2) in Q1 2025 was $7.5 million compared to $3.4 million in Q1 2024, primarily driven by lower operating expenditures, which decreased $3.7 million from Q1 2024. Adjusted EBITDA(2) in Q1 2025 was $9.7 million compared to $6.9 million in Q1 2024, driven by lower personnel cost in Q1 2025, which decreased $2.7 million from Q1 2024. Improvements in Adjusted EBITDA(2) are the result of the Company's ongoing cost discipline and a continued focus on organic revenue growth. Cash on hand on March 31, 2025 was $20.3 million compared to $22.9 million on December 31, 2024. Total debt outstanding on March 31, 2025 was $113.3 million compared to $116.9 million on December 31, 2024. The decrease of $3.6 million is due to debt repayments, net of drawings, of $3.4 million. In Q1 2025, the Company repaid a total of $5.2 million of debt. Net Debt to Adjusted EBITDA(2) at the end of Q1 2025 was 2.7x compared to 3.0x at the end of Q4 2024. The Company's cash flow from operations in Q1 2025 was $4.0 million, compared to $4.3 million in Q1 2024. Cash flow from operations in Q1 2025 was impacted by one-time professional fees and costs of $1.5 million related to the acquisition of Serato. Free Cash Flow(2) in Q1 2025 was $3.0 million compared to $1.1 million in Q1 2024. The increase is the result of improved cost management and lower personnel costs. When factoring in non-recurring costs and scheduled debt payments, the Adjusted Free Cash Flow Post Debt Servicing(2) in Q1 2025 was $1.9 million compared to $1.1 million in Q1 2024, an increase of $0.9 million or 82%. Net loss in Q1 2025 was $4.0 million compared to $8.9 million in Q1 2024, a decrease of $4.8 million or 55%, primarily driven by lower operating expenditure and foreign exchange fluctuations during Q1 2025, partially offset by fair value movements in financial instruments. (2) Refer to Non-IFRS Measures for further information Tiny Fund I Performance Combined unaudited revenue of $17.0 million (US$11.8 million) in Q1 2025 compared to $15.1 million (US$11.2 million) in Q1 2024, increase of 13%. Combined unaudited revenue of $66.0 million (US$48.2 million) for the 2024 fiscal year compared to $55.5 million (USD$41.1 million) for the 2023 fiscal year, increase of 19%. Tiny owns 20.34% of Tiny Fund I and received distributions of $1.0 million in Q1 2025. The Company will hold a conference call to provide a business update on Thursday, May 15, 2025, at 8:00 a.m. ET hosted by: Jordan Taub, CEO Mike McKenna, CFO A question-and-answer session will follow the business update. Conference Call Details Date: Thursday, May 15, 2025 Time: 8:00 a.m. ET Dial-In Number: Canada: +1 226 828 7575 or +1 833 950 0062 United States: +1 404 975 4839 or +1 833 470 1428 Access code: 983306 This live call is also being webcast and can be accessed by going to: An archived telephone replay of the call will be available for one week following the call by dialing +1 866 813 9403 and entering the access code 685984, followed by the # sign. (2) Refer to Non-IFRS Measures for further information Financial Statements Tiny's consolidated interim unaudited financial statements and management's discussion and analysis for Q1 2025 is available on SEDAR+ at About Tiny Tiny acquires businesses using a founder-friendly approach, while focusing on valuation, recurring revenues and free cash flow potential. The Company expects to hold businesses for the long-term, with a parent-level focus on capital allocation, collaborative management and operations and incentive structures within the operating companies to drive results for Tiny and its shareholders. Tiny currently has three principle reporting segments: Digital Services, which help some of the world's top companies design, build and ship amazing products and services; Software and Apps, which is home to leading applications and themes powering forward-thinking merchants worldwide, primarily in the Shopify ecosystem; and Creative Platform, which is composed primarily of Dribbble, the social network for designers and digital creatives, as well as Creative Market, a premier online marketplace for digital assets such as fonts, graphics and templates. For more about Tiny, please visit or refer to the public disclosure documents available under Tiny's SEDAR profile on SEDAR+ at NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Company Contact: Mike McKenna Chief Financial Officer Phone: 416-938-0574 Email: mike@ Cautionary Note Regarding Forward-Looking Information Certain statements in this press release may constitute forward-looking information or forward-looking statements (together, "forward-looking statements") that reflect management's current expectations regarding the Company's future growth, financial performance and business prospects and opportunities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "forecast", "expect", "estimate", "predict", "intend", "would", "could", "if", "may" and similar expressions. This press release includes, among others, forward-looking statements regarding the Company's expectations regarding: the Company's financial profile, the results of the acquisition of Serato and the future plans of the Company and its subsidiaries. These statements reflect current expectations of management regarding future events and operating performance and speak only as of the date of this press release. In addition, forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. By their nature, forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that management's assumptions may not be accurate and that actual results, performance or achievements may differ significantly from such predictions, forecasts, conclusions or projections expressed or implied by such forward-looking statements. We caution readers not to place undue reliance on the forward-looking statements in this press release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, outlooks, expectations, goals, estimates or intentions expressed in the forward-looking statements. These factors include, but are not limited to: reliance on the Shopify platform; the Company's limited operating history; reliance on management and key employees; conflicts of interest in relation to the Company's officers, directors, and consultants; the ability to integrate previous acquisitions or future acquisitions; limitations on claims against a seller of an acquired company; additional financing requirements; risks related to dilution; global financial conditions; management of growth; risks associated with the Company's strategy of growth through acquisitions; tax risks; reputational risks; payment processing risks; currency fluctuations; competitive markets; uncertainty and adverse changes in the economy; unsustainability of the Company's rapid growth and inability to attract new customers, retain revenue from existing merchants, and increase sales to both new and existing customers; adverse effects on the Company's revenue growth and profitability due to the inability to attract new customers or sell additional products to existing customers; future results of operations being harmed due to declines in recurring revenue or contracts not being renewed; cyber security and privacy breaches; changes in client demand; challenges to the protection of intellectual property; infringement of intellectual property; regulatory risks; risks related to legal claims; ineffective operations through mobile devices, which are increasingly being used to conduct commerce; risks related to information technology; and risks associated with internal controls over financial reporting. For a more detailed discussion of certain of these risk factors, see the list of risk factors in the Company's Annual Information Form dated April 29, 2025 which is available on SEDAR+ at under the Company's profile. The Company cautions that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results. When relying on our forward-looking statements to make decisions with respect to the Company and its securities, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise indicated, the information in this press release is current as of the date of this press release and the Company does not intend, and disclaims any obligation, to update any forward-looking statements, whether written or oral, or whether as a result of new information or otherwise, except as may be required by law. Non-IFRS Measures Certain information presented in this press release contain non- IFRS accounting standards as issued by the International Accounting Standards Board ("IFRS") measures that are used by us as indicators of financial performance. These financial measures do not have standardized meanings prescribed under IFRS and our computation may differ from similarly-named computations as reported by other entities and, accordingly, may not be comparable. These financial measures should not be considered as an alternative to, or more meaningful than, measures of financial performance as determined in accordance with IFRS as an indicator of performance. The Company believes these measures may be useful supplemental information to assist investors in assessing our operational performance and our ability to generate cash through operations. The non-IFRS measures also provide investors with insight into our decision making as we use these non-IFRS measures to make financial, strategic and operating decisions. Because non-IFRS measures do not have a standardized meaning and may differ from similarly-named computations as reported by other entities, securities regulations require that non-IFRS measures be clearly defined and qualified, reconciled with their nearest IFRS measure and given no more prominence than the closest IFRS measure. Non-IFRS measures are not audited. Unless otherwise indicated, the financial information presented in this press release is prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. These non-IFRS measures have important limitations as analytical tools and investors are cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS measures. NON-IFRS MEASURES RECONCILIATIONS EBITDA and Adjusted EBITDA For the three-month periods ended March 31,2025 2024Net loss $ (4,005,397 ) $ (8,854,467 ) Income tax expense540,192 461,541Depreciation and amortization8,685,701 8,724,754Interest expense2,248,971 3,019,087EBITDA7,469,467 3,350,915 EBITDA Adjustments Share of losses from unlisted equity investments(479,776 )(274,635 ) Gain on sale of intangibles- 131,779Fair value gain/(loss) to financial instruments402,625 (1,816,065 ) Fair value on contingent consideration(285,526 )26,735Business acquisition costs1,462,216 45,342Share-based compensation711,378 453,781Foreign exchange238,091 3,011,746Other income(1)(164,554 )(536,162 ) Non-recurring severance expense75,253 1,340,579Non-recurring project costs(2)- 859,258Non-recurring professional fees(3)287,031 298,390Adjusted EBITDA9,716,205 6,891,663(1) Other income relates gain/loss on FX and other minor non-operating items(2) Non-recurring project related to advertising and promotion expense for a specific project that will not continue in the future(3) Non-recurring professional fees relates to legal fees for the go-public transaction and amalgamation with WeCommerce, restructuring, and software implementation costs EBITDA % and Adjusted EBITDA % For the three-month periods ended March 31,2025 2024EBITDA $ 7,469,467$ 3,350,915Revenue48,061,965 48,939,598EBITDA %16 % 7 % Adjusted EBITDA9,716,205 6,891,663Revenue48,061,965 48,939,598Adjusted EBITDA %20 % 14 % Recurring Revenue and Recurring Revenue % For the three-month periods ended March 31,2025 2024Recurring revenues $ 9,807,871$ 9,256,874Non-recurring revenues38,254,094 39,682,724Total revenue48,061,965 48,939,598 Recurring revenue % of total revenue20 % 19 % Free Cash Flow and Free Cash Flow per Share For the three-month periods ended March 31,2025 2024Cash provided by operating activities $ 3,957,290$ 4,337,849Business acquisition costs1,462,216 45,342Interest paid on debt(2,310,435 )(3,042,147 ) Capital expenditures(93,912 )(214,409 ) Free Cash Flow3,015,159 1,126,635Weighted average number of shares outstanding187,376,765 179,137,536Free cash flow per share0.02 0.01 For the three-month periods ended March 31,2025 2024EBITDA $ 7,469,467$ 3,350,915Income taxes paid(3,202,967 )(1,018,854 ) Interest paid on debt(2,310,435 )(3,042,147 ) Impairment of non-financial assets- -Unrealized foreign exchange (gain)/loss(90,469 )2,744,404Gain on share transaction- -Non-cash expenses(1)444,808 (868,708 ) Business acquisition costs1,462,216 45,342Changes in non-cash working capital(663,549 )130,092Capital expenditures(93,912 )(214,409 ) Free Cash Flow3,015,159 1,126,635 Adjusted Free Cash Flow Post Debt Servicing and Adjusted Free Cash Flow per Share For the three-month periods ended March 31,2025 2024Free cash flow $ 3,015,159$ 1,126,635Non-recurring professional fees287,031 834,805Severance75,253 438,601Scheduled debt payments(1,438,209 )(1,332,580 ) Adjusted free cash flow post debt servicing1,939,234 1,067,461Weighted average number of shares outstanding187,376,765 179,137,536Adjusted free cash flow per share0.01 0.01(1) Non-cash expenses relate to specific non-cash items from the cash provided by operating activities. This includes share-based compensation, fair value adjustment to financial instruments, gain on disposal of intangible assets, loss on sale of subsidiaries, fair value adjustment to contingent consideration, loss on sale or disposal of assets, share of earnings from unlisted equity investments, bad debts, and interest income To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
26-03-2025
- Business
- Yahoo
DJ with Apple Music lets you use your subscription with Serato, Rekordbox, Engine DJ and more
When you buy through links on our articles, Future and its syndication partners may earn a commission. In recent years there's been something of a disconnect between the universal ease of streaming music for listening purposes and the convoluted process of streaming music for the purpose of DJing. That's not to say that streaming isn't a thing in the DJ realm – the likes of Beatport, Beatsource and Soundcloud each offer streaming subscriptions aimed specifically at DJs, and AlphaTheta's recent emphasis on Cloud services means that Rekordbox users can access their library of tracks remotely. But for the most part there's been no way for users of streaming giants Spotify or Apple Music to make use of their subscriptions for DJing. That's set to change with the launch of DJ with Apple Music, a new functionality for the streaming service aimed at making the platform's library available to DJs. This manifests in a few ways. Firstly, as a new section within Apple Music's own interface that hosts a variety of curated DJ-focused playlists. This has playlists built around genres, as well as those curated by DJs and DJ gear brands. More significantly, it also means that Apple Music will now be integrated into a variety of different DJing platforms including Serato, AlphaTheta's Rekordbox, and inMusic's Engine DJ, Denon DJ, Numark, and RANE DJ. While functionality is a little different across different platforms, this means that Apple Music subscribers can mix with tracks from the service's library within their chosen DJ platform, as well as apply tags, set cue points and build playlists. On the AlphaTheta front, Apple Music arrives in the desktop version of Rekordbox (v7.1), along with rekordbox for iOS, and will also be implemented into two of the brand's all-in-one DJ systems, the XDJ-AZ and Omnis-Duo. The company also tells us that integration should roll out for the CDJ-3000s and Opus-Quad in the near future, and will be present in all future product releases. With Serato, users can access Apple Music tracks from the downloads pages of both Serato DJ Lite and Serato DJ Pro. It's worth noting that this isn't the first time Apple Music has been integrated into a DJ platform – users of Algoriddim Djay can already stream tracks from Apple Music. Rival streaming platform Tidal is already integrated into several DJ platforms too. However, today's announcement is certainly the most high-profile crossover we've seen between a streaming platform and the DJ realm. A notably absent name from the list of integrated applications is Native Instruments' Traktor, which is a shame, as the latest iteration – Traktor Pro 4 – impressed us when it finally arrived last year. 'Apple Music is committed to supporting DJs,' says Stephen Campbell, Global Head of Dance, Electronic & DJ Mixes at Apple Music. 'With this latest integration, we're taking that commitment even further – seamlessly connecting Apple Music with the industry's leading DJ software and hardware. This innovation brings the full power of Apple Music into the creative workflow, making it easier than ever for DJs to access, play, and discover music in real time.' It's worth noting a couple of major caveats that mean this functionality is likely to appeal primarily to beginner and hobbyist DJs, at least for the time being. Firstly, there's no offline functionality for DJing with Apple Music tracks. This means you can't download and save tracks added to your DJ platform of choice, and won't be able to access them without a stable internet connection – something we'd be wary of when it comes to playing any high-profile sets. Secondly, Apple Music's terms of service state that music can only be used for noncommercial purposes, which means that using streamed tracks for any paid DJ gigs – including weddings, club gigs, parties, etc – would be a violation of said terms. To point out the obvious too, making use of Apple Music within any DJ platform will require both a subscription to Apple Music and subscription to/license for your DJ software of choice. On the positive side, closing the gap between the streaming services we use for listening to music and DJ software libraries is a massive step forward for beginner and at-home DJs. In the past, when DJing relied on physical media like vinyl or CDs, or even in more recent times when a library of purchased tracks or dedicated subscription was required, getting started as a DJ could be a prohibitively expensive process. Integration like this will certainly make it cheaper for beginners to try their hand at DJing, as well as explore new styles and genres. Speaking as somebody that no longer DJs in public regularly, but has been roped out of retirement to play at a few friends' weddings in recent years, this functionality would have saved me hours of prep time if it had been available a few years ago. (It's not a violation of the terms of service if you're getting paid in free drinks, right? – I'll have our lawyers look into this). The launch of DJ with Apple Music follows the platform's introduction of DJ Mixes back in 2021, which integrated streamable mixed sets into the library. Explore Apple Music's new DJ playlists at the DJ with Apple Music homepage. Find out more about specific platform integration with Serato, Rekordbox, Engine DJ and Djay.
