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Triterras Inc. (OTC Expert Market: TRIRF) announced a collaboration with Conektr to provide digital financing solutions for over 7,000 small retailers in the UAE. This initiative aims to enhance inventory management for micro and small businesses through the Invoice Bazaar platform. The collaboration simplifies access to working capital with minimal KYC requirements, addressing the issue of traditional unbanked retailers. Triterras continues to target underserved market segments, hoping to empower these retailers and stimulate economic growth.
Triterras Inc. (OTC Expert Market: TRIRF) released a Letter to Shareholders from CEO Srinivas Koneru, outlining the company’s achievements and future objectives. The letter highlights the progress made in developing its Kratos™ blockchain-enabled platform and plans for geographical expansion. Additionally, a Governance Enhancement Plan is being implemented to ensure transparency and integrity. The company aims to enhance value for Micro, Small, and Medium Enterprise (MSME) supply chain participants. The management expresses gratitude to stakeholders for their ongoing support while emphasizing sustainable growth.
Triterras and Corpay have announced a collaboration offering Kratos platform members access to Corpay’s cross-border payment and foreign currency exchange solutions. This partnership aims to mitigate foreign exchange exposure and streamline global payment processes for micro, small, and medium enterprises (MSMEs). Corpay's onboarding will include necessary due diligence and know your client (KYC) procedures. The collaboration is expected to enhance operational efficiency and provide competitive advantages for MSMEs in managing currency risks and payments.
Triterras Inc. (TRIRF) reported its audited financial results for the fiscal year ended February 28, 2022, with revenues of $56.7 million, a 2% increase from the previous year. However, net income dropped to $33.4 million, or $0.44 per share, largely due to non-cash gains and significant legal expenses. The company had $68.8 million in cash and plans to relist on Nasdaq. Despite challenges from COVID-19, Triterras expanded its trade marketplace revenue to $18.6 million. Total transaction volume decreased to $6.7 billion, indicating ongoing operational difficulties.
Triterras has partnered with Unqork to scale its Kratos platform using a no-code approach, starting with enhanced client onboarding processes. This collaboration aims to improve the trading lifecycle in the global trade finance sector. By leveraging Unqork's no-code capabilities, Triterras intends to streamline operations and adapt swiftly to changing regulations. The initiative is part of a broader digital transformation strategy that will eventually encompass risk mitigation and transaction tracking.
Triterras Inc. (OTC Expert Market: TRIRF), a fintech company focused on trade finance, will release its fiscal year-end results for February 28, 2022, on June 28, 2022. The company will hold a conference call the same day at 8:15 a.m. Eastern Time to provide a business update and answer questions. Interested participants can submit questions via email. A live audio webcast of the call will be available for listening and replay through the company's investor relations page.
Triterras Inc. (OTC Expert Market: TRIRF) reported its interim financial results for the six months ended August 31, 2021, showing revenues of $22.9 million, a 3% decrease year-over-year. Despite challenges, the company achieved a net income of $27.3 million or $0.35 per share, driven by a $25.3 million non-cash gain on warrant liabilities. Adjusted EBITDA fell 77% to $4.1 million. Key performance indicators included a total transaction volume of $4.03 billion. The company is pursuing a Nasdaq relisting and has made significant operational improvements, including the acquisition of Invoice Bazaar.
Invoice Bazaar, a Dubai-based finance platform, has renewed its partnership with Zomato to provide working capital access to restaurants in the UAE. Over 10 million AED in financing has already been disbursed to help more than 12,000 Zomato-listed restaurants adapt to delivery-focused operations post-COVID-19. This initiative addresses the liquidity challenges faced by restaurants and integrates seamlessly with Zomato's payment system. Invoice Bazaar aims to support small businesses by offering real-time financing solutions based on receivables and performance data.
Triterras Inc. reported strong fiscal 2021 results, with revenues soaring 228% to $55.5 million and net income of $45.3 million or $0.74 per share. Adjusted EBITDA rose 78% to $27.0 million. Key performance metrics showed a total transaction volume increase of 163% to $10 billion. However, industry challenges like supply chain disruptions and liquidity shortfalls impacted performance. Triterras ended with $170 million in cash, debt-free, while focusing on a relisting effort on Nasdaq amidst ongoing investigations.