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Timee reports 9-month revenue following Tokyo listing

Timee reports 9-month revenue following Tokyo listing

September 13, 2024
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Japan startup Timee (T-JP: TYO), which operates a staffing platform connecting workers seeking side gigs with labour-strapped businesses, reported revenue on 12 September of JPY 19.02 billion (USD 135.3 million) for the nine-month period ended 31 July 2024.

The company did not provide prior year results for comparison. Timee said figures for the nine months ended 31 July 2023 and the percentages of year-on-year changes are not stated, as the company had not prepared the quarterly financial statements for the nine months ended 31 July 2023.

In June, it was reported that the company was targeting a listing in July in Tokyo. The startup, founded in 2017, said it was aiming for a valuation of roughly USD 1 billion which it has subsequently achieved.

The company subsequently listed on the Tokyo Stock Exchange on 26 July 2024.

(JPY millions)

9 months 2024

9 months 2024 (USD millions)

Revenue

19,025

135.3

Gross profit

18,136

129.0

Gross margin

95.3%

-

Operating profit

2,793

19.8

Net profit

1,466

10.4

The group said figures by segment are omitted, because the company operates as a single business segment.

On 12 September, Timee shares closed in Japan at JPY 1,979 (USD 14.07), up 2.27% on the day. The company has a market cap of JPY 155.36 billion (USD 1.10 billion).