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Tiny (TINY) investor relations material

Tiny Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary12 Aug, 2025

Executive summary

  • Closed the Serato acquisition on May 12, 2025, contributing to consolidated results for half the quarter and boosting recurring revenue, adjusted EBITDA, and free cash flow.

  • Adjusted EBITDA rose 22% year-over-year to $8.2M, with margin expanding to 16% from 13% and LTM adjusted EBITDA at $35.3M.

  • Free cash flow improved to $6.0M in Q2 2025, with LTM free cash flow at $20.9M, up $18.9M year-over-year.

  • Tiny Fund I's net asset value increased to $142M, driven by strong Letterboxd performance and $1.5M in distributions.

  • Letterboxd membership surged 47% year-over-year to 21.4M, with a new video-on-demand service announced.

Financial highlights

  • Q2 2025 revenue was $50.0M–$51.0M, a 4% year-over-year increase when adjusted for divestitures.

  • Recurring revenue reached $13.2M in Q2 2025, up 37% year-over-year, now 26% of total revenue.

  • Adjusted EBITDA margin improved to 16% in Q2 2025 from 13% in Q2 2024.

  • Free cash flow per share improved to $0.03–$0.05 in Q2 2025 from negative in Q2 2024.

  • $5.2M in debt repaid in Q2 2025; net debt to adjusted EBITDA reduced to 2.8x.

Outlook and guidance

  • Annualized recurring revenue projected to surpass $64M with Serato and other subscription businesses.

  • Management focuses on profitable growth, debt reduction, and capital allocation flexibility, with ongoing evaluation of acquisition opportunities.

  • Full financial impact of Serato expected in Q3 2025, as Q2 included only half a quarter.

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Frequently asked questions

Tiny Ltd. is a holding company with a strategic focus on acquiring and operating businesses primarily within the internet and technology sectors. The company operates through three core business segments: Beam, WeCommerce, and Dribbble. Through its Beam segment, via MetaLab, Tiny Ltd. assists startups to Fortune 500 companies in designing, building, and shipping premium digital products for mobile and web platforms. Beyond these segments, Tiny maintains a diversified portfolio of investments, including businesses outside the tech sphere. The company is recognized for its acquisitive approach, seeking to own and operate technology-oriented businesses with potential for growth and innovation. Tiny Ltd. is domiciled in Canada, with its investment interests spread mainly across North America and Europe. The company is headquartered in Victoria, British Columbia, and its shares are listed on the TSX.

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