Tingo Group, Inc. Reports First Quarter 2023 Financial Results
MONTVALE, N.J., May 15, 2023 (GLOBE NEWSWIRE) -- Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”) today announced its financial results for the quarter ended March 31, 2023.
- Following the completion of the acquisition of 100% of Tingo Mobile Limited (“Tingo Mobile”) on November 30, 2022, today’s results are the first to present a full quarter of consolidated financial statements of Tingo and Tingo Mobile.
- Net revenues of Tingo Group for the first quarter 2023 were $851.2 million, compared to $9.6 million for the first quarter 2022, up 8,801%.
- EBITDA1 of Tingo Group for the first quarter 2023 was $372.2 million, compared to a EBITDA1 Loss of $8.9 million for the first quarter 2022.
- On April 27, 2023, Tingo Group reported the Deloitte audited financial results of Tingo Foods for the approximate four-month period from its inception in September 2022 to December 31, 2022.