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Thinkific Labs Swing to First-quarter Loss; Revenue Rises; Leigh Ramsden Named CFO

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-- Thinkific Labs (THNC.TO) after trade Monday said it swung to first-quarter loss, higher revenue and appointed Leigh Ramsden as chief financial officer.

Ramsden will take over on June 1 and will be replacing Kevin Wilson, who served as interim CFO. Wilson will remain with the company, resuming his position as senior finance advisor, according to the statement.

The company lost US$1.1 million, or US$0.02 per share, compared with net income of US$401,000, or US$0.01 per share, a year ago. FactSet expected per share loss of US$0.02.

Revenue rose to US$18.7 million from US$17.8 million a year prior. FactSet projected US$18.6 million.

"We delivered a solid Q1 while instrumenting significant, AI-driven changes across our R&D teams. Customer response to the release of our AI Teaching Assistant, Thinker, validates both the investment and the direction of our AI Strategy. We are seeing significant productivity gains from our AI investments which gives me confidence that we can accelerate our ability to deliver value to our customers and shareholders," Chief Executive Greg Smith said.

For Q2, the company expects revenue of US$18.2 to US$18.5 million and adjusted EBITDA in the range of negative 2% to negative 5%.

Thinkific shares closed up C$0.04 to C$1.62 on the Toronto Stock Exchange.

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