TIMIA Capital Corporation (CVE:TCA) (OTCMKTS:TIMCF), the specialty finance company, reported soaring revenue and a narrowing of its net loss in its third quarter, as it built up its business by making investments in fledgling software companies.
In the three months until the end of August, its revenue climbed by 121% to $884,231 from the year-ago period when it hit $399,991. The finance company’s net loss, meanwhile, narrowed to $54,658, or $0.00 per share, from a net loss of $413,221, or $0.01 per share in the year-ago period.
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“We continue to leverage our fintech platform by putting capital to work in more and more growing software companies,” said Mike Walkinshaw, TIMIA’s CEO. “The net result is another record quarter in revenue and an improved bottom line as the deployed capital starts to generate returns. We’re investing in great entrepreneurs with great companies which are benefiting from strong sector growth and the occasional exit through M&A activity.”
The company’s revenue is generated primarily from interest income under the company’s revenue-financing model. And TIMIA has reaped the benefits of interest earned on its investments, with interest income in the quarter jumping to $857,587, up from $317,787 in the year-ago quarter.
As of August, TIMIA’s cash balance came in at $5 million while its working capital amounted to $4 .7 million.