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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.
Triterras Inc. (NasdaqGM: TRIT, TRITW) announced that the Nasdaq Hearing Panel has denied its appeal against a delisting determination due to non-filing of its annual report on Form 20-F for the fiscal year ending February 28, 2021. Trading in Triterras securities will be suspended effective February 3, 2022. The company plans to appeal this decision to the Nasdaq Listing Council within 15 days. The suspension does not guarantee a market for its securities going forward, as Triterras is exploring alternatives for continued trading.
Triterras Inc. (NasdaqGM: TRIT, TRITW) announced the appointment of WWC, P.C. as its new principal accountant, effective immediately. This change comes after Nexia TS Public Accounting Corporation ceased its services due to potential independence issues. Triterras expresses confidence in WWC's capability to assist with auditing its consolidated financial statements. Further details are available in a Form 6-K filed with the SEC. The company operates Kratos™, a leading trading and finance platform connecting commodity traders directly with lenders.
Triterras (Nasdaq: TRIT, TRITW) provided an update on Nasdaq's decision to delist the company for failing to file its Form 20-F for the fiscal year ending February 28, 2021. On December 16, 2021, Triterras appealed the delisting to the Nasdaq Hearing Panel and requested a stay on the trading suspension set to expire on January 3, 2022. The Panel has granted an automatic 15-day stay of the suspension while a hearing is scheduled for January 20, 2022. Further updates will follow via Form 6-K filings and press releases.
Triterras Inc. (TRIT, TRITW) announced that on December 10, 2021, Nasdaq issued a Staff Determination due to Triterras' failure to file its Annual Report on Form 20-F for FY 2021. The company faces potential trading suspension on December 21, 2021, unless an appeal is filed. Triterras has lodged an appeal and requested a hearing with Nasdaq, along with an extension to delay the suspension. The audit by Nexia TS Public Accounting Corporation is still incomplete, causing these compliance issues. Despite communication through Form 6-K, administrative delays are affecting filing deadlines.
Triterras Inc. (NasdaqGM: TRIT, TRITW) has provided an update on its independent audit of financial statements for the fiscal year ended February 28, 2021. The audit is ongoing, and the company has not met Nasdaq's deadline for filing its Annual Report on Form 20-F with the SEC. Triterras is actively communicating with Nasdaq regarding this situation and plans to announce results and host a conference call once the audit is complete. The prior extension to comply with Nasdaq Listing Rule 5250(c)(1) had been granted until December 1, 2021.
Triterras (Nasdaq: TRIT, TRITW) announced a delay in completing its independent audit for the fiscal year ended February 28, 2021, failing to meet Nasdaq's deadline to file its Annual Report on Form 20-F. The company has requested a one-week extension until December 8, 2021, but there is no assurance it will be granted. If denied, Triterras can appeal. The company plans to announce its audit results and hold an earnings call once completed.
Triterras (Nasdaq: TRIT, TRITW) announced it received an extension from Nasdaq to regain compliance with listing rules. The company must file its 2021 Annual Report by December 1, 2021, after previously failing to file on time. The extension allows Triterras time to complete the independent audit of its financials for the fiscal year ended February 28, 2021. The company emphasizes that future results may vary significantly from expectations due to various risks associated with the audit process and compliance requirements.
