Tinkerine Studios (TSXV: TTD, FSE: WKN WB6B and OTC: TKSTF) has just released their financial results for the first quarter 2016, and while there are impressive numbers in terms of revenue and lowering of operating costs, we will undoubtedly be interested to see how they fare during the rest of the year, especially as sales for the educational sector—their area of expertise regarding 3D printing manufacturing, support, and sales—begin to pick up in later quarters. A significant net loss was reported here for Q1, but in comparison to last year, it’s an improvement. (Note: All sales figures are in Canadian dollars.)
- For Q1 2016, revenues of $171,689 are being reported. Looking back at the same period for 2015, this shows a 58% increase. As sales in the educational sector begin to pick up, this may well increase throughout the year.
- For this quarter, a gross margin of $64,572 is reported, offering a 177% increase from last year.
- Operating expenses have been reduced significantly, down 32% from last year as they’ve tightened the reins.
- Net loss, at $311,223, was down significantly as well, considering last year’s first quarter net loss was reported at $475,027.
Other news for the Canadian company which may have had an effect on numbers was the appointment of an interim CFO, Justin Sy. Tinkerine also reported the closing of private placement financing subscribed for by insiders and founders of the company to the tune of $315,000.
They also increased inventory, with a total of $608,351 being held in raw materials and finished products. This is expected to be necessary as their typically cyclical sales begin to grow in the second and third quarters of the year.
While last year was considered to have been transitional, end of year revenues showed a 270% increase from the previous year, with a 293% increase in gross profit, while net losses were at $1,069,447 in comparison to a 2014 net loss of $2,700,252.
The success of the Ditto Pro 3D printer so far has helped the company to shine very impressively, with the machine being well-reviewed and winning accolades. The successful institution of Tinkerine U allowed them to integrate into the educational sector, offering the much needed accessibility and affordability for 3D printing in the classroom. They did also experience some record growth, as we reported last year, and were able to make impressive headway, along with the inking of distribution deals and partnerships in the US.
As the year heats up, we’ll hope to see this smaller yet multi-faced company, quite successful so far, implementing some new programs and injecting new energy into the company as 2016 plays out. So far this year we’ve seen the release of Tinkerine Suite Version 2.0, adding even more powerful features to the software’s minimal interface.
Definitely aligned with the educational sector, Tinkerine Studios is famous for their commitment to STEM-based content and tools not only for classrooms in Canada, but comprehensively in North America, and around the world. Their development team is dedicated to offering curricula, apps, and support—along with providing 3D printing enthusiasts around the world the pleasure of creating on their user-friendly line of 3D printers with the Ditto Pro and the DIY Ditto and Litto 3D printer kits. Other products and accessories are available as well. For more information on their products and services, click here. Discuss Tinkerine’s Financials over in the Tinkerine Q1 Report forum at 3DPB.com.