Tiny Reports Q3 2025 Results
Executive Summary
- Tiny Ltd. reported Q3 2025 total revenue of C$54.0 M, a 16% YoY increase, and Adjusted EBITDA of C$10.1 M (+39% YoY).
- Completed the sale of We Work Remotely for ≈C$9.8 M, generating an $8.9 M gain and delivering a 53% IRR on the original investment.
- Implemented a Normal Course Issuer Bid (NCIB) to repurchase up to 1,470,716 Class A common shares (~5% of outstanding).
Key Details
- Revenue & Profitability
- Total revenue: C$53,990,907 (+16% YoY).
- Adjusted EBITDA: C$10,145,970 (+39% YoY); margin expanded to 19% from 16%.
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Free Cash Flow: C$15,063,826 (+2,300% YoY) – $0.51 per share post‑consolidation.
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Sale of We Work Remotely (WWR)
- Sale price: ≈C$9.8 M to a strategic buyer.
- Original acquisition cost (2017): C$1.4 M; total dividends received C$8.6 M.
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Net gain on sale: ≈C$8.9 M, contributing heavily to EBITDA uplift.
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Serato Integration
- Launched direct Spotify streaming within Serato DJ platform (following Apple Music integration).
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Full‑quarter inclusion of Serato’s results boosted recurring revenue to C$16.9 M (+72% YoY), now 31% of total revenue.
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Letterboxd Growth
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Total users: 23.4 M, up 49% YoY and 125% since acquisition.
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Tiny Fund I Investment
- Purchased additional limited partnership units for US$1.5 M (C$2.1 M), raising ownership to 21.60%.
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Received $0.4 M in distributions during Q3 2025.
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Capital Structure & Debt Reduction
- Cash on hand: C$35.2 M (up from C$22.9 M).
- Total debt (excluding convertible debentures): C$106.4 M (down from C$116.9 M).
- Repayments: C$10.4 M in Q3 2025 plus an additional C$5.0 M on Oct 2 2025.
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Net Debt/Adj. EBITDA improved to 2.3x (down from 3.2x).
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Normal Course Issuer Bid (NCIB)
- Effective Oct 1 2025: permission to repurchase up to 1,470,716 Class A shares (~5% of outstanding).
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Automatic Share Purchase Plan with Ventum Financial Corp. entered on Nov 12 2025 to facilitate the NCIB.
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Conference Call
- Date/Time: Thu Nov 13 2025, 8:00 a.m. ET.
- Participants: Jordan Taub (CEO) and Mike McKenna (CFO).
Notable Quotes
“We’re pleased with our results this quarter as we continue to deliver on our key strategic priorities… The sale of WWR delivered strong returns and demonstrates our disciplined approach to portfolio management.” – Management Commentary
All figures are presented in Canadian dollars unless otherwise noted.