2022 revenue was below our estimate. Whilst Adjusted EBITDA was broadly in line at $24m, FCFF was -$18m. Capitalised development costs were higher than we expected, reinforcing our view that amortisation expenses will ramp and flatten EBITDA in 2023 and 2024. However, the company extended its amortisation period, resulting in a deferral of expenses. The net effect of lower revenue, higher capitalisation of development costs and deferred amortisation costs is insignificant changes to our Adjusted ....

30 Mar 2023
tinyBuild (TBLD LN) - Show me the money

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tinyBuild (TBLD LN) - Show me the money
tinyBuild Inc. (TBLD:LON) | 46.5 0 0.0% | Mkt Cap: 94.8m
- Published:
30 Mar 2023 -
Author:
Bob Liao, CFA -
Pages:
9 -
2022 revenue was below our estimate. Whilst Adjusted EBITDA was broadly in line at $24m, FCFF was -$18m. Capitalised development costs were higher than we expected, reinforcing our view that amortisation expenses will ramp and flatten EBITDA in 2023 and 2024. However, the company extended its amortisation period, resulting in a deferral of expenses. The net effect of lower revenue, higher capitalisation of development costs and deferred amortisation costs is insignificant changes to our Adjusted ....