The Tinybeans Group Ltd (ASX: TNY) share price soared 20.99% today following the signing of over $1 million in big brand name advertising contracts. By the market's close, the Tinybeans share price had risen to 98 cents after closing yesterday's session at 81 cents.
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Big brand contracts
Since the commencement of July, Tinybeans has signed over A$1 million in new advertising contracts including with two of the big four technology companies. Partners include Apple Inc. (NASDAQ: AAPL), Dorel Juvenile, Google (NASDAQ: GOOGL) (NASDAQ: GOOG) and Walmart (NYSE: WMT).
Additionally, a breakdown of the $1 million contract shows 70% are from new brands signing on to the platform and 30% are contracts with existing brands.
As a result of the signed contracts, Tinybeans has doubled the forward booked advertising contracts for the rest of the year to $2.3 million. The revenues commence immediately.
Tinybeans believes it demonstrates the increased value of the enhanced platform following the successful integration of Red Tricycle. Additionally, it is well placed to benefit from the pandemic tailwinds of family togetherness and at-home learning.
Management comments
CEO, Eddie Geller commented "Given the summer months are typically slower in the U.S. for advertising, we are thrilled with these recent and important new contract signings. Over $1 million dollars signed in recent weeks is a new company record and reinforces that our enhanced value proposition following successful integration of Red Tricycle is providing more value to our partners than ever before…."
June quarter results
The big contract wins follow an update to the market late last month showing revenue of $2.36 million which is an increase on the prior corresponding period of 83%.
Additionally, the company achieved new advertising wins with Amazon (NASDAQ: AMZN), Penguin Random House, General Mills and YouTube Kids.
Registered users reached 4.65 million, which represents growth of 39% on the prior corresponding period (pcp). Monthly active users (MAU) grew to over 3.7 million which is an increase of 200% over the pcp.
About the Tinybeans share price
According to Tinybeans, the company offers a free mobile and web-based technology platform that connects parents with the most trusted digital tools and resources on the planet to help every family thrive. It is available on the Apple App Store and Google Play store. Additionally, the platform helps parents and their family members capture and share their children's life stories.
The Tinybeans share price ended trading today at 98 cents which is represented by an increase of 20.99%. Additionally, its market capitalisation is $44.88 million as a result of today's share price surge.
