Q2 2025 Tiny Ltd Earnings Call Transcript
Key Points
- Tiny Ltd (TNYZF) successfully closed the acquisition of Serato, which contributed to increased recurring revenue and subscription growth.
- The company reported significant improvements in adjusted EBITDA and free cash flow, with LTM adjusted EBITDA reaching $35.3 million and LTM free cash flow improving to $20.9 million.
- Tiny Ltd (TNYZF) repaid $5.2 million in debt during Q2, demonstrating a strategic focus on deleveraging.
- Tiny Fund I increased its net asset value to $142 million, driven by strong performance from Letterboxd, which saw a 50% increase in membership year over year.
- Recurring revenue now constitutes 26% of total revenue, with expectations for further growth throughout the year.
- The comparative quarter included a large enterprise deal in the creative platform, which if excluded, shows a lower growth rate for Q2 2025.
- Lower piracy recovery revenue within the WeCommerce platform impacted overall revenue growth.
- The company's leverage ratio remains at 2.8 times, which includes convertible debt from the Serato acquisition.
- Despite improvements, the company is still focused on reducing its leverage ratio to below 2.5.
- The call highlighted significant risks and uncertainties that could affect future performance, emphasizing the need for cautious optimism.
Good morning, and welcome to the Tiny Limited Q2 2025 results conference call. (Operator Instructions)
Before we start, we ask you to take a moment to read the disclaimer at the beginning of the slides that accompany this presentation as it contains important information. We would also like to remind you that all amounts discussed on this call are denominated in CAD unless otherwise indicated.
Please note, statements during this call may include forward-looking statements and future oriented financial information regarding Tiny and its business and disclose regarding possible expectations, events, conditions, or results that are based on information currently available to management, which indicate management's expectation of Tiny's future growth, results of operations, business performance, and opportunities. Such statements are made of this date hereof, and Tiny assumes no obligation to update or revise them, except as required by applicable security laws.
Such statements involve significant risks, uncertainties, and assumptions, and are not a guarantee of future performance
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