Tech: Tinybeans continues its climb; Kleos is finally on its way to space
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What a year 2019 has been for Tinybeans (ASX: TNY). After listing in April 2017 at $1 and plunging as low as 21 cents it now sits at $1.22.
The most recent catalyst for growth was its latest quarterly which has seen the stock jump 11 per cent this morning – making its 2019 gain 274 per cent.
Operating revenue has reached $1.25 million and the platform now has 1.23 million monthly active users.
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Tinybeans also released its annual revenue (although its annual report is yet to come) and it confirmed the spectacular year it had.
Tinybeans founder Eddie Geller was “thrilled” about the results.
“The results highlight the unparalelled appeal of our value proposition to advertising partners seeking to engage with young families on the platform,” he said.
“As we sunset FY19 and begin our journey in Fy20, we see the core business in relation to the photos and sharing platform continuing to grow.”
The business makes its money through advertising. It is not yet profitable but has made substantial progress on its cash burn and anticipates being cash flow positive within two quarters.
Tinybeans’ lack of profitability was arguably a reason it went backwards. However it took off on the back of large advertising deals, including one hook-up with Lego.
In other ASX tech news today…
Kleos Space (ASX: KSS) is living up to its name and is on its way to space. Its first satellites are mission ready and consequently are on their way to New Zealand for launch. Kleos is yet to generate revenue although the launch will be a significant step towards this.
ServTech (ASX: SVT) has jumped 7 per cent this morning after announcing an expansion of its partnership with Volvo. It is now a revenue generation virtual reality product and software agreement. The deal will generate up to $430,000 in two years.
ServTech’s technology will help people customise their car orders through virtual reality. Volvo’s Italian sales director, Chiara Angeli said ServTech’s technology, “is the ideal solution for our car dealerships to showcase our vehicles”.
AirXpanders (ASX: AXP) has won 510(k) clearance for its AeroForm Tissue Expander to be marketed in the US. It also announced this morning director Zita Peach had resigned, following the departure of CFO Scott Murcray in late May. The stock is in suspension as the company looks for finance.
