Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”) today
announced its financial results for the fiscal year ended December
31, 2022.
The acquisition of 100% of Tingo Mobile Limited
(“Tingo Mobile”), which was completed on November 30, 2022, has
resulted in the consolidation of its financial results into the
Company from December 1, 2022. Today’s earnings presentation and
this press release also includes pro forma financial information
for the full year ended December 31, 2022, with comparative pro
forma financial information for the year ended December 31, 2021,
so as to provide shareholders with a fuller understanding of the
performance and growth of the acquisition and its expected impact
on the Company.
Highlights & Recent
Developments
Financial Results
-
Tingo Group cash balances at December 31, 2022, amounted to $500.3
million, compared to $96.6 million at December 31, 2021.
-
Net revenues of Tingo Group for 2022 (including Tingo Mobile for
one month only from December 1, 2022) were $146.0 million, compared
to $55.7 million in 2021.
-
Pro Forma Consolidated Revenues for 2022 were $1.152 billion,
compared to $921.5 million for the prior year, which after
stripping out non-recurring mobile handset sales in 2021 of $301.0
million, represented an increase of 85.5%.
-
Tingo Mobile’s Handset Leasing Revenues for 2022 were $476.3
million, up 50.3% on 2021 revenues of $316.9 million.
-
Nwassa Agri Fintech platform revenues for 2022 were $532.2 million,
up 168.0% on 2021 revenues of $198.6 million.
-
Operating loss of Tingo Group for 2022 (including Tingo Mobile for
one month only from December 1, 2022) was $11.8 million, after
accounting for non-recurring transaction expenses of $9.6 million
and share based payments of $6.6 million, which if added back would
result in an operating profit of $4.3 million, compared to a loss
of $37.9 million for 2021.
-
Pro Forma Consolidated Operating Income for 2022 was $554.6
million, compared to a loss of $47.0 million in 2021.
-
Pro Forma Consolidated EBITDA1 for 2022 was $954.5 million,
compared to a Pro Forma Consolidated EBITDA1 of $275.6 million for
2021.
-
Tingo Mobile increased the customer numbers on its Nwassa Agri
Fintech platform to 11.4 million at December 31, 2022, from 9.3
million at September 30, 2022, and handled more than $1 billion of
customer transactions in the month of December.
1EBITDA (Earnings Before Interest Tax
Depreciation and Amortization) is considered a non-GAAP measure of
financial performance)
Operational Milestones
-
Signed major trade partnership with the All Farmers Association of
Nigeria (“AFAN”) on October 20, 2022, which launched ahead of
schedule on November 16 2022, and includes commitment to enroll a
minimum of 20 million new customers with Tingo Mobile.
-
Launched operations in Ghana on November 10, 2022, and signed a
landmark trade deal with the Kingdom of Ashanti covering major
agricultural and cocoa farming region, including a commitment to
enroll a minimum of 2 million new customers with Tingo Mobile and a
target to increase enrollments to more than 4 million.
-
Launched global commodity platform and export business on December
12, 2022, in partnership with the Dubai Multi Commodities Centre
(“DMCC”), the world’s no.1 free trade zone, with the aim of
generating a substantial increase in sales demand for the crops
produced by Tingo Mobile’s farmers.
-
Launched in Malawi on December 14, 2022, representing a sizeable
market in its own right, and also constituting a strategically
important base from which to expand into East Africa, including the
neighbouring countries of Tanzania, Zambia and Mozambique.
-
Acquired 100% ownership of Tingo Foods Plc on February 9, 2023, a
recently established food processing business with the capacity to
offtake large volumes of raw crops from Tingo Mobile’s farmers into
finished food and beverage products. Since its inception in
September 2022, Tingo Foods generated more than $400 million of
highly profitable revenues during the four months ended December
31, 2022.
-
Tingo Foods, through a joint venture, has recently committed to
fit-out and operate a $1.6 billion state of the art food processing
facility in the Delta State of Nigeria, which is believed to be the
largest of its kind on the African continent, and is expected to
multiply the company’s food processing capacity, as well as expand
its range of food and beverage products.
-
Launched the TingoPay Super App and a pan-African partnership with
Visa on February 14, 2023, which once fully rolled out will offer
retail customers an integrated digital Visa card, together with
payments services, an e-wallet, and a wide range of value-added
services. TingoPay, with Visa, will also offer a full range of
merchant services to businesses, including to Tingo Mobile’s
farmers.
-
Appointed specialist legal counsel and a team of expert advisors in
February 2023 to investigate market manipulation and unlawful naked
short selling of stock, and take appropriate action to prosecute
any parties that have perpetrated illegal activity, and protect the
Company from any such action in the future.
- A special
dividend plan and share buyback program are being considered as
possible means of increasing shareholder value and to address the
significant disconnect between the Company’s share price and its
real value (in line with valuation multiples applied to other
comparable Nasdaq listed companies).
Darren Mercer, MICT’s Chief Executive
Officer, commented, “I am delighted with the remarkable
transformation that we achieved in 2022. At the beginning of the
year, we were faced with the backdrop of huge disruption in our
domestic markets of China and Hong Kong, due to widespread Covid
lockdown measures, and a significant downturn in the global
financial services sector, in response to which we pivoted the
Company both geographically and strategically, and acquired a
business that is not only growing strongly but is also addressing
some of the world’s biggest problems, namely food insecurity,
financial exclusion and poverty. I feel privileged to be involved
with Tingo and have acquired a business whose success is aligned
with improving global food supply, and also with helping Africa and
other emerging markets to become food sustainable.
“Our focus for much of 2022 was on completing
and integrating our acquisition. After completing extensive due
diligence and analysis on Tingo Mobile with a first-class team of
globally renown advisors, including Ernst & Young, Dentons and
Houlihan Lokey, before then restructuring the transaction so as to
expedite its completion, and improve the terms for our
shareholders, we were delighted to close the transaction to combine
the companies before year end. This has considerably strengthened
our balance sheet at December 31, 2022, resulting in gross assets
of $1.7 billion, of which more than $0.5 billion is cash on hand.
In addition, by closing the acquisition in 2022, we were able to
engage one of the world’s leading accounting and audit firms,
Deloitte, to audit the combined December 31, 2022, balance sheet
and financial statements. It also gave us the opportunity to engage
Grant Thornton to undertake an audit and Sarbanes-Oxley review of
the group’s internal controls and procedures.
“I am also delighted with the progress we made
with integrating Tingo Mobile into the group during Q4 2022, and in
accelerating the expansion of the various businesses. As announced
previously, since November 2022 we have signed trade partnerships
that are expected to triple Tingo Mobile’s customers by the end of
2023, in addition to expanding our operations into three new
countries, launching two new businesses, namely Tingo DMCC and
TingoPay, and acquired the highly profitable Tingo Foods business.
These significant developments, and their impact in terms of
closing the end-to-end seed-to-sale ecosystem, puts us into a very
strong position for 2023 and beyond.
“The financial results for Tingo Mobile, and the
pro forma consolidated financial information for the group, speak
for themselves. Highlights in the pro forma income statement
include the 200% growth in gross profit in 2022 to $675 million,
and a move from a Net Income Before Tax loss of $47 million in 2021
to a Net Income Before Tax surplus of more than $550 million in
2022. Additionally, we have experienced material growth during the
first quarter of 2023, and we expect such growth to continue and
accelerate throughout the remainder of the year and beyond.
“Having successfully integrated Tingo Mobile
into the group and completed an audit with a world leading
accounting firm, we look forward to finally addressing the
significant disconnect in our share price and attract a valuation
that is reflective of our consolidated earnings. With more than
$500 million of cash on our balance sheet, and the launch of the
largest food processing plant in Africa set to take place next
year, we have an increasing number of options available to us to
overcome the share price disconnect. As we continue to evaluate and
consider all the options, together with our overall strategy for
maximizing shareholder value, we will keep the market apprised and
I hope to provide a further update in the coming weeks.”
Dozy Mmobuosi, Founder & CEO of
Tingo Mobile and Tingo Foods, added: “My colleagues and I
at Tingo Mobile and Tingo Foods are delighted that we are now part
of Tingo Group. The completion of the merger on November 30, 2022,
represented a major milestone in the history of Tingo Mobile, which
my father and I founded some 22 years ago. We are already seeing
the benefits of the synergies in the group, and of being part of a
Nasdaq listed company, and our shareholders will have noted the
considerable progress we have made since the fourth quarter of
2022, with the acceleration of our growth plans and globalization
and dollarization strategies.
“We are particularly excited about the
completion of the virtuous circle of our agri-fintech eco-system,
where we can now deliver on, and profit from, every part of the
journey from seed-to-sale. We are also very excited about our
diversification, both geographically, including within my home
continent of Africa, as well as into other parts of the world and
into other sectors, for example, through our B2C and B2B TingoPay
business and partnership with Visa.
“As we deliver on our success for the Company
and its shareholders, it is of the highest importance to me and the
Board of Tingo Group that we equally deliver on our mission and our
Environment Social and Governance (“ESG”) goals, as we continue to
strive to meaningfully improve global food security and financial
inclusion, and also to deliver social and financial upliftment to
our customers and, very importantly to me, help make Africa food
sustainable.
“With the major steps we have taken in recent
months to capitalize on our merger and the Company’s Nasdaq
listing, we are confident we can build significantly on the revenue
and earnings growth we achieved in 2022 and deliver considerable
value to our shareholders.”
2022 Financial Review
-
Net revenues for the year ended December 31, 2022, were $146.0
million, compared to $55.7 million in the prior year, an increase
of 162%. The increase is mainly attributable to the consolidation
of Tingo Mobile from December 1, 2022.
-
Gross profit for the full year 2022 was $64.8 million, or 44% of
revenues, compared to $9.2 million, or 16% of revenues, in the
prior year. The increase is mainly attributable to the
consolidation of Tingo Mobile for the month of December, as well as
to the growth in the margins of the Company’s insurance agency
business.
-
Selling & marketing expenses for the year ended December 31,
2022, were $11.1 million as compared to $6.8 million for the year
ended December 31, 2021. The increase was due to the consolidation
of such costs from Tingo Mobile for the month of December, and an
increase in marketing expenses for the Company’s insurance
businesses, which is offset in part by a decrease in marketing
expenses for the stock trading businesses.
-
General and administrative expenses were $58.2 million in the full
year 2022, compared to $36.5 million in the full year 2021, which
is mainly attributed to the consolidation of such costs from Tingo
Mobile for the month of December. General and administrative
expenses for the year included $9.6 million of non-recurring
transaction expenses and share based payments totalling $6.6
million, representing a decrease in share-based payments of $4.7
million compared to the previous year.
-
Operating loss for the for the year ended December 31, 2022, was
$11.8 million versus a loss of $37.9 million for the prior year.
The decrease in loss from operations is mainly attributable to the
consolidation of the profitable operations of Tingo Mobile for the
month of December.
-
Net loss for the year ended December 31, 2022, was $47.1 million
compared to $36.4 million for the year ended December 31, 2021,
mainly as a result of an increase in tax expenses relating to the
acquisition and consolidation of Tingo Mobile.
-
As of December 31, 2022, the Company’s cash and cash equivalents on
a consolidated basis was approximately $500.3 million, compared to
$96.6 million at December 31, 2021. This reflects an increase of
$403.7 million in cash and cash equivalents, which is attributable
to the consolidation of Tingo Mobile’s cash balance into the
Company.
Fourth Quarter and Full Year 2022
Results Conference Call
Tingo Group CEO, Darren Mercer, Tingo Mobile and
Tingo Foods Founder & CEO, Dozy Mmobuosi, and Tingo Group CFO,
Kevin Chen, will host the conference call, followed by a
question-and-answer period. The conference call will be accompanied
by a presentation, which can be viewed during the webcast or
accessed via the investor relations section of the Company’s
website here.
Questions for the question-and-answer period
will be accepted leading up to the call and can be submitted to
TIO@mzgroup.us.
To access the call, please use the following
information:
Date: |
Friday March 31, 2023 |
Time: |
8:00 a.m. Eastern time (5:00
a.m. Pacific time) |
Dial-in: |
1-877-704-4453 |
International Dial-in: |
1-201-389-0920 |
Conference Code: |
13737364 |
Webcast: |
https://viavid.webcasts.com/starthere.jsp?ei=1605988&tp_key=7a46dc5efb |
A telephone replay will be available
approximately two hours after the call and will run through April
30, 2023, by dialing 1-844-512-2921 from the U.S., or
1-412-317-6671 from international locations, and entering replay
pin number: 13737364. 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 and Agri-Fintech group of companies with operations in
Africa, Southeast Asia and the Middle East. Tingo Group’s wholly
owned subsidiary, Tingo Mobile, is the leading Agri-Fintech company
operating in Africa, with a comprehensive portfolio of innovative
products, including a ‘device as a service’ smartphone and
pre-loaded platform product. As part of its globalization strategy,
Tingo Mobile has recently begun to expand internationally and
entered into trade partnerships that are contracted to increase the
number of subscribed farmers from 9.3 million in 2022 to more than
32 million, providing them with access to services including, among
others, the Nwassa ‘seed-to-sale’ marketplace platform, 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 that offers 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, pasta and
noodles; 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, with 130+ offices located in
China’s cities and major towns; and Magpie Securities, a regulated
finance services Fintech business operating out of Hong Kong and
Singapore. For more information visit tingogroup.com.
Disclaimer
The information in this news release includes
certain information and statements about management and the Board'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.
Forward-looking statements in this news release include, but are
not limited to, the ability of the Company to implement certain
corporate actions, such as security repurchases and the
implementation of a special dividend, the expected financial
performance of the Company, including Tingo Mobile’s performance,
the ability of the Company to recognize benefits associated with
its recent acquisitions, the Company’s anticipated future growth
strategy, including the expansion of its customer base and
operations, and the ability of the Company to close the end-to-end
seed-to-sale ecosystem. 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. 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 ContactChris Tyson/Larry
Holub949-491-8235TIO@mzgroup.uswww.mzgroup.us
Tingo Group Contact InformationEmail:
info@tingogroup.comPhone: (201) 225-0190
TINGO GROUP,
Inc.CONSOLIDATED BALANCE
SHEETS(In Thousands, except Share and Par Value
Data)
|
December 31,2022 |
|
December 31,2021 |
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
500,316 |
|
$ |
96,619 |
* |
Trade accounts receivable, net |
|
11,541 |
|
|
17,879 |
|
Related party receivables |
|
13,491 |
|
|
5,134 |
|
Other current assets |
|
5,828 |
|
|
7,865 |
* |
Total current assets |
|
531,176 |
|
|
127,497 |
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
855,125 |
|
|
677 |
|
Intangible assets, net |
|
185,407 |
|
|
21,442 |
|
Goodwill |
|
101,247 |
|
|
19,788 |
|
Right of use assets under
operating lease |
|
2,260 |
|
|
1,921 |
|
Long-term deposit and other
non-current assets |
|
514 |
|
|
824 |
|
Deferred tax assets |
|
3,661 |
|
|
1,764 |
|
Restricted cash escrow |
|
2,233 |
|
|
2,417 |
|
Micronet Ltd. equity method
investment |
|
735 |
|
|
1,481 |
|
Total long-term assets |
|
1,151,182 |
|
|
50,314 |
|
|
|
|
|
|
|
|
Total
assets |
$ |
1,682,358 |
|
$ |
177,811 |
|
TINGO GROUP,
Inc.CONSOLIDATED BALANCE
SHEETS(In Thousands, except Share and Par Value
Data)
|
December 31,2022 |
|
December 31,2021 |
|
LIABILITIES TEMPORARY EQUITY AND EQUITY |
|
|
|
|
|
|
|
|
|
Short-term loan |
$ |
460 |
|
$ |
1,657 |
|
Trade accounts payable |
|
11,092 |
|
|
14,416 |
|
Deposit held on behalf of clients |
|
2,528 |
|
|
3,101 |
|
Related party payables |
|
57,506 |
|
|
4 |
|
Current operating lease liability |
|
1,215 |
|
|
1,298 |
|
Other current liabilities |
|
192,594 |
|
|
4,914 |
|
Total current liabilities |
|
265,395 |
|
|
25,390 |
|
|
|
|
|
|
|
|
Long term loan |
|
377 |
|
|
- |
|
Long term operating lease liability |
|
905 |
|
|
691 |
|
Deferred tax liabilities |
|
89,597 |
|
|
3,952 |
|
Accrued severance pay |
|
50 |
|
|
56 |
|
Total long-term liabilities |
|
90,929 |
|
|
4,699 |
|
|
|
|
|
|
|
|
Commitment and Contingencies (Note 18) |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
Temporary equity |
|
|
|
|
|
|
Preferred stock Series B subject to redemption: $0.001 par value,
33,687.21 shares authorized and 0 shares issued and
outstanding as of December 31, 2022 and 2021,
respectively. |
|
553,035 |
|
|
- |
|
|
|
|
|
|
|
|
Stockholders’ Equity: |
|
|
|
|
|
|
Preferred stock Series A: $0.001 par value, 2,604.28 shares
authorized and 0 shares issued and outstanding as of
December 31, 2022 and 2021, respectively. |
|
3 |
|
|
- |
|
Common stock; $0.001 par
value, 425,000,000 shares authorized, 157,599,882 and
122,435,576 shares issued and outstanding as of December 31, 2022
and December 31, 2021, respectively |
|
158 |
|
|
122 |
|
Additional paid in capital |
|
889,579 |
|
|
220,786 |
|
Accumulated other comprehensive loss |
|
4,367 |
|
|
(414 |
) |
Accumulated deficit |
|
(123,463 |
) |
|
(76,394 |
) |
TINGO GROUP, Inc. stockholders’ equity |
|
770,644 |
|
|
144,100 |
|
|
|
|
|
|
|
|
Non-controlling interests |
|
2,355 |
|
|
3,622 |
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
772,999 |
|
|
147,722 |
|
|
|
|
|
|
|
|
Total liabilities, temporary equity and stockholders’
equity |
$ |
1,682,358 |
|
$ |
177,811 |
|
TINGO GROUP,
Inc.CONSOLIDATED STATEMENTS OF
OPERATIONS(In Thousands, Except Share and Loss Per
Share Data)
|
Year ended December 31, |
|
|
2022 |
|
2021 |
|
Revenues |
$ |
146,035 |
|
$ |
55,676 |
|
Cost of revenues |
|
81,243 |
|
|
46,456 |
|
Gross profit |
|
64,792 |
|
|
9,220 |
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
1,689 |
|
|
889 |
|
Selling and marketing |
|
11,140 |
|
|
6,814 |
|
General and administrative |
|
58,165 |
|
|
36,488 |
|
Amortization of intangible assets |
|
5,590 |
|
|
2,925 |
|
Total operating expenses |
|
76,584 |
|
|
47,116 |
|
Loss from operations |
|
(11,792 |
) |
|
(37,896 |
) |
|
|
|
|
|
|
|
Equity in net loss of
Micronet |
|
- |
|
|
(1,934 |
) |
Loss from decrease in holding
percentage in former VIE |
|
- |
|
|
(1,128 |
) |
Other income, net |
|
2,151 |
|
|
1,261 |
|
Finance income (expense),
net |
|
(750 |
) |
|
395 |
|
Loss before income tax expense
(benefit) |
|
(10,391 |
) |
|
(39,302 |
) |
Income tax expense
(benefit) |
|
37,474 |
|
|
(1,791 |
) |
Net loss after provision for
income taxes |
|
(47,865 |
) |
|
(37,511 |
) |
Gain (loss) from equity
investment |
|
(746 |
) |
|
353 |
|
Net loss |
|
(48,611 |
) |
|
(37,158 |
) |
Net loss attributable to
non-controlling stockholders |
|
(1,542 |
) |
|
(730 |
) |
Net loss attributable to TINGO
GROUP |
$ |
(47,069 |
) |
$ |
(36,428 |
) |
Loss per share attributable to
TINGO GROUP: |
|
|
|
|
|
|
Basic and diluted loss per
share |
$ |
(0.36 |
) |
$ |
(0.32 |
) |
Weighted average common shares
outstanding: |
|
|
|
|
|
|
Basic and diluted |
|
129,345,764 |
|
|
112,562,199 |
|
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 these non-GAAP
financial measures reflect 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 these non-GAAP financial measures provide useful
information to investors in understanding and evaluating our
operating results and future prospects in the same manner as
management and in comparing financial results across accounting
periods and to those of peer companies.
The non-GAAP financial measures do 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.
The non-GAAP adjustments, and the basis for
excluding them from non-GAAP financial measures, are outlined
below:
- Amortization of acquired
intangible assets - We are required to amortize the
intangible assets, included in our GAAP financial statements,
related to the Transaction and the Acquisition. The amount of an
acquisition’s purchase price allocated to intangible assets and
term of its related amortization are unique to these transactions.
The amortization of acquired intangible assets are non-cash
charges. We believe that such charges do not reflect our
operational performance. Therefore, we exclude amortization of
acquired intangible assets to provide investors with a consistent
basis for comparing pre- and post-transaction operating
results.
- Stock-based compensation
is share based awards granted to certain individuals. They
are non-cash and affected by our historical stock prices which are
irrelevant to forward-looking analyses and are not necessarily
linked to our operational performance.
- Expenses related to the
purchase of a business - These expenses relate directly to
the purchase of the Tingo Mobile transaction and consist mainly of
legal and accounting fees, insurance fees and other consultants. We
believe that these expenses do not reflect our operational
performance. Therefore, we exclude them to provide investors with a
consistent basis for comparing pre- and post-Mobile Business
purchase operating results.
- Expenses related to
settlement agreement - These expenses relate directly to
the settlement agreement with Maxim and Sunrise. More information
can be found in the legal proceeding part.
The following table reconciles, for the periods
presented, GAAP net loss attributable to TINGO GROUP to non-GAAP
net income attributable to TINGO GROUP. and GAAP loss per diluted
share attributable to TINGO GROUP to non-GAAP net loss per diluted
share attributable to TINGO GROUP.:
|
Year endedDecember 31, |
|
|
(Dollars in Thousands,other than share
andper share amounts) |
|
|
2022 |
|
2021 |
|
GAAP net loss attributable to TINGO GROUP, Inc. |
$ |
(47,069 |
) |
$ |
(36,428 |
) |
Amortization of acquired intangible assets |
|
5,590 |
|
|
2,925 |
|
Stock-based compensation |
|
6,615 |
|
|
10,580 |
|
Expenses related to purchase of a business |
|
9,574 |
|
|
- |
|
One time expenses relates to settlement agreement |
|
143 |
|
|
303 |
|
Income tax effect of above non-GAAP adjustments |
|
(1,543 |
) |
|
(773 |
) |
Total Non-GAAP net loss attributable to TINGO GROUP, Inc. |
$ |
(26,690 |
) |
$ |
(23,393 |
) |
|
|
|
|
|
|
|
Non-GAAP net loss per diluted share attributable to TINGO GROUP,
Inc. |
$ |
(0.21 |
) |
$ |
(0.20 |
) |
Weighted average common shares outstanding used in per share
calculations |
|
129,345,764 |
|
|
112,562,199 |
|
GAAP net loss per diluted share attributable to TINGO GROUP,
Inc. |
$ |
(0.36 |
) |
$ |
(0.32 |
) |
Weighted average common shares outstanding used in per share
calculations |
|
129,345,764 |
|
|
112,562,199 |
|
MICT (NASDAQ:MICT)
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過去 株価チャート
から 11 2023 まで 11 2024