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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tingo Group Inc | NASDAQ:TIO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.69 | 0.7245 | 0.25 | 0 | 01:00:00 |
Highlights & Recent Developments
Financial Results
1EBITDA (Earnings Before Interest Tax Depreciation and Amortization) is considered a non-GAAP measure of financial performance). See reconciliation of EBITDA to Operating Profit in the summarized financial results below.
Operational Milestones
Dozy Mmobuosi, Co-Chief Executive Officer of Tingo Group and Founder of Tingo Mobile and Tingo Foods, commented, “After a challenging third quarter, where we suffered from the impact of several externally generated factors, I am very pleased with the strong recovery we are seeing in the fourth quarter, which I am confident will see us return to growth.
“The deepening of our relationship with AFAN, as the umbrella organization for Nigeria’s farmers and agricultural sector, has been a particularly important catalyst in our recovery, as we work with them, together with the cooperatives and several other parties to restore customer confidence following the negative press we received over the summer period in relation to the short seller attack. The adoption of Nwassa as AFAN’s exclusive agricultural marketplace platform, together with AFAN’s commencement to lease and distribute 6 million new smartphones from December, are expected to ensure that Tingo Mobile delivers a strong end to the year.
“Tingo Foods has already seen a particularly strong recovery, aided by the commencement of the wet-season harvest, including the harvest of the new farming land that we financed the cultivation and farming inputs for in June 2023. We have also been able to adjust Tingo Food’s selling prices to account for the significant increase in food price inflation experienced in the summer, thereby restoring our gross profit margins. The higher Tingo Foods selling prices are also expected to outweigh the impact of devaluation of the Naira. In addition, we are working towards launching our first Tingo branded food and beverage products by the end of the year, which will see a significant expansion of our product range, as well as a major step towards making Tingo a household name in Africa.
“Tingo DMCC experienced the delay and cancellation of business during the third quarter as new customers located outside of Africa, decided to wait for the completion of the investigation into the short seller allegations before proceeding with their orders. Since the completion of the investigation on August 30, 2023, and the publicly announced confirmation that all the short seller’s allegations against the Company had been disproved, Tingo DMCC has been able to resume the further development of its export and commodity trading business, including with its geographical expansion. The expansion of Tingo DMCC’s business outside of Africa, is expected to lead to the significant dollarization of the business before year end.
“I am aware that many of our stockholders are interested to know the status of the payment of the Company’s first dividend. I can confirm that we are working with our bankers in Nigeria and the Central Bank of Nigeria to obtain the foreign currency exchange approval on our first dividend payment of $20 million. While this has taken significantly longer than originally anticipate, which is due to well publicized external factors, we expect to receive the approval very soon, at which point we will formally declare the dividend and set the record date.”
Kenneth Denos, Co-Chief Executive Officer of Tingo Group, added: “We are proud of our progress and achievements for the third quarter and the nine months ended September 30, 2023. Despite some major headwinds that caused a decrease in customer activity during the quarter, we were able to regroup and continue on the path to growing and developing our businesses.
“The deepening of our partnership with AFAN to increase our customer base in Nigeria, the deployment of millions of smartphones to more of AFAN’s members by the end of this year, as well as the recent announcement of our endeavours in Pakistan, are strong indicators of the enormous potential we have to both increase our presence in those markets in which we already operate, as well as expand into new markets with incredible growth potential. We look forward to realizing these opportunities for the Company and our shareholders in the near future.”
Nine Months Ended September 30, 2023 Financial Review
Third Quarter 2023 Results Conference Call
A presentation will accompany the conference call, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.
The conference call will be followed by a question-and-answer period. Questions will be accepted leading up to the call and can be submitted via email to TIO@mzgroup.us.
To access the call, please use the following information:
Date: | Tuesday, November 14, 2023 |
Time: | 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time) |
Dial-in: | 1-844-826-3035 |
International Dial-in: | 1-412-317-5195 |
Conference Code: | 10184362 |
Webcast: | https://viavid.webcasts.com/starthere.jsp?ei=1639550&tp_key=34a5261e17 |
A telephone replay will be available approximately three hours after the call and will run through January 14, 2023, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 10184362. The replay can also be viewed through the webcast link above and the presentation utilized during the call will be available in the company’s investor relations section here.
About Tingo Group
Tingo Group, Inc. (Nasdaq: TIO) is a global Fintech, Agri-Fintech, food processing and commodity trading group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is a leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and a value-added service platform, the cornerstone of which is the Nwassa ‘seed-to-sale’ marketplace platform, as well as insurance, micro-finance, and mobile phone and data top-up. Tingo Group’s other Tingo business verticals include: TingoPay, a SuperApp in partnership with Visa, offering a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, groundnut oil, nut products, wheat, millet and maize; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China; and Magpie Securities, a regulated finance services Fintech business operating out of Hong Kong and Singapore, which, as relatively small businesses within the Company, are currently in the process of being reviewed and re-positioned. For more information visit tingogroup.com.
Disclaimer
The information in this news release includes certain information and statements about management and the Company’s board of director’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the SEC by the Company and: (i) the results of the independent review; (ii) the risk of restatement of the Company’s previously reported financial statements or the identification of one or more material weaknesses in internal control over financial reporting; (iii) costs relating to the independent review, which are likely to be material; (iv) the outcome of any legal proceedings that may be instituted against the Company, including as may result from the independent review and (v) the ability to meet stock exchange continued listing standards. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Investor Relations Contact949-491-8235TIO@mzgroup.uswww.mzgroup.us
TINGO GROUP, INC. AND SUBSIDIARIES | ||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(USD In Thousands, Except Share and Par Value Data) | ||||||||
September 30, 2023 | December 31,2022 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 53,418 | $ | 500,316 | ||||
Trade accounts receivable, net | 359,185 | 11,541 | ||||||
Inventories | 143 | - | ||||||
Related party receivables | 8,953 | 13,491 | ||||||
Other current assets | 200,405 | 5,828 | ||||||
Total current assets | 622,104 | 531,176 | ||||||
Property and equipment, net | 811,287 | 855,125 | ||||||
Intangible assets, net | 280,935 | 185,407 | ||||||
Goodwill | 211,849 | 101,247 | ||||||
Right of use assets under operating lease | 1,132 | 2,260 | ||||||
Long-term deposit and other non-current assets | 438 | 514 | ||||||
Deferred tax assets | - | 3,661 | ||||||
Restricted cash escrow | 1,371 | 2,233 | ||||||
Micronet Ltd. equity method investment | 45 | 735 | ||||||
Total long-term assets | 1,307,057 | 1,151,182 | ||||||
Total assets | $ | 1,929,161 | $ | 1,682,358 |
TINGO GROUP, INC. AND SUBSIDIARIES | ||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(USD In Thousands, Except Share and Par Value Data) | ||||||||
September 30, 2023 | December 31,2022 | |||||||
LIABILITIES, TEMPORARY EQUITY AND EQUITY | ||||||||
Short-term loan | $ | 164 | $ | 460 | ||||
Trade accounts payable | 262,530 | 11,092 | ||||||
Deposit held on behalf of clients | 498 | 2,528 | ||||||
Related party payables | 57,682 | 57,506 | ||||||
Current operating lease liability | 690 | 1,215 | ||||||
Other current liabilities | 136,229 | 192,594 | ||||||
Total current liabilities | 457,793 | 265,395 | ||||||
Long-term loan | - | 377 | ||||||
Long-term operating lease liability | 382 | 905 | ||||||
Promissory note | 210,483 | - | ||||||
Deferred tax liabilities | 105,460 | 89,597 | ||||||
Other long-term liability | 640 | - | ||||||
Accrued severance pay | 46 | 50 | ||||||
Total long-term liabilities | 317,011 | 90,929 | ||||||
Commitment and Contingencies (Note 11) | - | - | ||||||
Temporary equity | ||||||||
Series B preferred stock subject to redemption: $0.001 par value, 33,687.21 shares authorized and 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively. | 553,035 | 553,035 | ||||||
Stockholders’ Equity: | ||||||||
Series A preferred stock: $0.001 par value, 2,604.28 shares authorized and 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | - | 3 | ||||||
Common stock: $0.001 par value, 750,000,000 shares authorized, 236,270,476 and 157,599,882 shares issued and outstanding as of September 30, 2023, and December 31, 2022, respectively | 236 | 158 | ||||||
Additional paid-in capital | 949,192 | 889,579 | ||||||
Accumulated other comprehensive income (loss) | (518,948 | ) | 4,367 | |||||
Accumulated earnings (deficit) | 170,530 | (123,463 | ) | |||||
Tingo Group, Inc. stockholders’ equity | 601,010 | 770,644 | ||||||
Non-controlling interest | 312 | 2,355 | ||||||
Total stockholders’ equity | 601,322 | 772,999 | ||||||
Total liabilities, temporary equity and stockholders’ equity | $ | 1,929,161 | $ | 1,682,358 |
.
TINGO GROUP, INC. AND SUBSIDIARIES | ||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(USD In Thousands, Except Share and Earnings Per Share Data) | ||||||||||||||||
For thenine months endedSeptember 30, | For thethree months endedSeptember 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenues | $ | 2,414,636 | $ | 35,278 | $ | 586,222 | $ | 13,757 | ||||||||
Cost of revenues | 1,543,880 | 28,746 | 448,336 | 10,563 | ||||||||||||
Gross profit | 870,756 | 6,532 | 137,886 | 3,194 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 1,010 | 1,509 | 314 | 568 | ||||||||||||
Selling and marketing | 174,933 | 4,873 | 726 | 1,321 | ||||||||||||
General and administrative | 127,923 | 30,224 | 74,880 | 9,233 | ||||||||||||
Amortization of intangible assets | 35,631 | 2,381 | 11,868 | 787 | ||||||||||||
Loss from deconsolidation of subsidiaries | 3,333 | - | - | - | ||||||||||||
Impairment of long-term assets and goodwill | 35,438 | - | - | - | ||||||||||||
Total operating expenses | 378,268 | 38,987 | 87,788 | 11,909 | ||||||||||||
Profit (loss) from operations | 492,488 | (32,455 | ) | 50,098 | (8,715 | ) | ||||||||||
Other income (loss), net | 414 | 535 | 777 | (303 | ) | |||||||||||
Financial income (expenses), net | (35,021 | ) | (718 | ) | (13,644 | ) | 371 | |||||||||
Profit (loss) before provision for income taxes | 457,881 | (32,638 | ) | 37,231 | (8,647 | ) | ||||||||||
Income tax expenses (benefit) | 164,434 | (1,782 | ) | 16,739 | (701 | ) | ||||||||||
Net profit (loss) after provision for income taxes | 293,447 | (30,856 | ) | 20,492 | (7,946 | ) | ||||||||||
Loss from equity investment | (690 | ) | (557 | ) | (270 | ) | (186 | ) | ||||||||
Net profit (loss) | 292,757 | (31,413 | ) | 20,222 | (8,132 | ) | ||||||||||
Net loss attributable to non-controlling interests | (1,236 | ) | (719 | ) | (523 | ) | (461 | ) | ||||||||
Net profit (loss) attributable to Tingo Group, Inc. | $ | 293,993 | $ | (30,694 | ) | $ | 20,745 | $ | (7,671 | ) | ||||||
Profit (loss) per share attributable to Tingo Group, Inc.: | ||||||||||||||||
Basic profit (loss) per share | $ | 1.69 | $ | (0.24 | ) | $ | 0.11 | $ | (0.06 | ) | ||||||
Diluted profit (loss) per share | $ | 0.57 | $ | (0.24 | ) | $ | 0.04 | $ | (0.06 | ) | ||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 173,913,223 | 126,184,400 | 196,064,571 | 129,566,207 | ||||||||||||
Diluted | 510,825,278 | 126,184,400 | 532,976,627 | 129,566,207 |
Non-GAAP Financial Measures
In addition to providing financial measurements based on generally accepted accounting principles in the U.S., or GAAP, we provide additional financial metrics that are not prepared in accordance with GAAP, or non-GAAP financial measures. Management uses non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate our financial performance.
Management believes that EBITDA reflects our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in our business, as they exclude expenses and gains that are not reflective of our ongoing operating results. Management also believes that EBITDA is a key measure used by our management team to evaluate our operating performance, generate future operating plans and make strategic decisions. The Company believes EBITDA is useful to investors for the purposes of comparing our results period-to-period and alongside peers and understanding and evaluating our operating results in the same manner as our management team and board of directors.
These supplemental measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented. In addition, since these non-GAAP measures are not determined in accordance with GAAP, they are susceptible to varying calculations and may not be comparable to other similarly titled non-GAAP measures of other companies.
EBITDA does not replace the presentation of our GAAP financial results and should only be used as a supplement to, not as a substitute for, our financial results presented in accordance with GAAP.
EBITDA is defined as net income from continuing operations calculated in accordance with GAAP, less net income attributable to non-controlling interests, plus the sum of income tax expense, interest expense, net, depreciation and amortization (“EBITDA”).
The following is a reconciliation of net profit (loss), the most directly comparable GAAP financial measure, to EBITDA (a non-GAAP financial measure) for each of the periods indicated.
For thethree months endedSeptember 30, | ||||||||
Dollars in Thousands | 2023 | 2022 | ||||||
Net profit (loss) attributable to Tingo Group, Inc. | $ | 20,745 | $ | (7,671 | ) | |||
Adjusted for: | ||||||||
Net loss attributable to non-controlling stockholders | (523 | ) | (461 | ) | ||||
Loss from equity investment | 270 | 186 | ||||||
Income tax expenses (benefit) | 16,739 | (701 | ) | |||||
Financial income (expenses),net | 13,644 | (371 | ) | |||||
Depreciation and amortization | 71,755 | 872 | ||||||
Total EBITDA attributable to Tingo Group, Inc. | $ | 122,630 | $ | (8,146 | ) |
For thenine months endedSeptember 30, | ||||||||
Dollars in Thousands | 2023 | 2022 | ||||||
Net profit (loss) attributable to Tingo Group, Inc. | $ | 293,993 | $ | (30,694 | ) | |||
Adjusted for: | ||||||||
Net loss attributable to non-controlling stockholders | (1,236 | ) | (719 | ) | ||||
Loss from equity investment | 690 | 557 | ||||||
Income tax expenses (benefit) | 164,434 | (1,782 | ) | |||||
Financial expenses, net | 35,021 | 718 | ||||||
Depreciation and amortization | 285,012 | 2,581 | ||||||
Total EBITDA attributable to Tingo Group, Inc. | $ | 777,914 | $ | (29,339 | ) |
1 Year Tingo Chart |
1 Month Tingo Chart |
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