The Tinybeans Group Ltd (ASX: TNY) share price has soared this morning after the company posted record-breaking results.
At the time of writing, the family-orientated social media platform's shares are swapping hands for $1.30, up 19.27%.
Image source: Getty Images
Record results pushing Tinybeans share price higher
Tinybeans, which is an ASX-listed small-cap share, reported a surge in revenue for FY21 which sent its share price upwards.
According to the release, in Tinybeans' fourth quarter, the company recorded a record revenue of US$2.58 million, up 70% from US$1.52 million in Q4FY20.
Meanwhile, revenue for the full year was also a record at US$8.23 million. This represents an increase of 109% on the prior year. It seems that the biggest quarter and year for the company has investors scrambling to buy in early trade.
Speaking on the milestone result, CEO Eddie Geller said:
During the pandemic, we purposefully set out to strengthen our sales and marketing capabilities, enhance our appeal to brand partners and subscribers, upgrade product development and ensure our technology platform is robust and highly scalable. These strategic initiatives are delivering accelerated growth, while laying the foundations for ongoing progress in the coming fiscal year and beyond.
Monthly active users of the platform climbed to 4.33 million by the end of the quarter, an increase of 16% on the prior corresponding period (pcp).
Breaking it down and looking ahead
The company delivered record numbers across all revenue streams, all of which were organic.
Breaking it all down, subscription revenue provided the smallest amount of growth in the quarter with an increase of 19% pcp. While the fastest growth was delivered by the company's e-commerce segment, albeit from a very small base of US$20,000.
In dollar terms, advertising revenue brought in the most substantial increase. Thanks to a rebound in US advertising, Tinybeans ad revenue jumped 82% to US$2.27 million.
Lastly, the company stated it is entering the new financial year with momentum. New products are in the pipeline which it expects should accelerate customer revenues. Back in April, Tinybeans unveiled its integration of pets into the family platform.
Following the Tinybeans share price gain, the company's market capitalisation is now $59 million.
