TGL posts 125% revenue surge but swings to $7.6M loss on credit provisions and control gaps

Filed May 20, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~2 min read

Key Changes

• high

  Active users collapsed 72.5% year-over-year to 2,926 (from 10,647), while registered-user growth slowed to 0.02% per quarter. Company cites reduced e-voucher inventory and lower marketing spend as drivers of engagement decline.

  MD&A: User Metrics verify on EDGAR →
• high

  Gross margin collapsed from 73.0% to 0.4% as high-margin software revenue ($603k in Q3 FY2025) disappeared and low-margin e-voucher sales dominated the mix. Gross profit fell 98.7% to $6,000.

  MD&A: Gross Margin verify on EDGAR →
• high

  Credit-loss provisions surged $1.4 million, driving allowance for credit losses to $3.8 million (up 1,097% year-over-year). Company advanced $1.5 million to Tazte Technology before closing acquisition, raising collectibility concerns.

  MD&A: Credit Losses & Tazte Advances verify on EDGAR →