Yes. Triterras, the leading fintech company in trade and trade finance, has received final court approval to settle the securities class action lawsuit without any admission of liability or wrongdoing. The Company made a $9 million payment, of which $4.25 million is expected to be covered by insurance payments.
Despite the challenges posed by the COVID-19 pandemic on its customer base, Triterras reported a 15% increase in revenues for the six-month period ended August 31, 2022, totaling $26.4 million. This growth was mainly attributed to the introduction of the Trade Marketplace sub-module, which generated $20.7 million in revenue. The Company also succeeded in reducing its marketing and sales costs by 65% and general and administrative costs by 29%, primarily due to a decrease in legal expenses.
While Triterras did record an impairment in trade and loan receivables resulting in a net loss of $21.6 million for the six-month period, the Company is committed to a culture of continuous improvement and is taking steps to address these challenges.
Although the Company anticipates significant delays in its applications with Nasdaq and the OTC Markets regarding the possible relisting of Triterras’ securities, the Company remains optimistic about its outlook. Triterras expects a steady recovery of profitability and cash generation and aims to reestablish a run rate of operating income profitability during the fiscal year ending February 29, 2024.
Overall, Triterras’ performance is impressive, and the Company is well-positioned for long-term success. Investors are encouraged to remain focused on the Company’s positive prospects.