TransGaming, Inc. (PINK:TNSGF) Drops Post Yearly Report

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In yesterday’s trading TransGaming, Inc. (PINK:TNSGF) dipped another 13% in a series of sharp price drops that saw the stock go from $0.25 to its last close of $0.10 in a couple of weeks, following the company’s Q1 of 2012 report.

TransGaming Inc. provided cloud gaming solutions for smart TVs and set-top boxes. The company offers a pretty decent catalog of causal arcade, puzzle and adventure games by various developers that are offered to subscribers using compatible living room hardware.

TNSGF leaves plenty to be desired on the financial side of things. The Canadian company’s fiscal year ends in May and throughout 2012 it remained unprofitable, logging net losses ranging from $1.5 to $2.2 million. TransGaming recently filed their report for the first quarter of 2013 and while revenue has grown year-over-year, it has actually shrunk compared to the previous quarter, and by a solid 30+%.

Expenses went just a notch down and in the end TNSGF ended up logging a quarterly net loss of $1.7 million – virtually unchanged from the previous quarter. This makes Q1 of 2013 a fifth quarterly loss in the millions.

After the demise of OnLive, cloud gaming has yet to prove to be a profitable business. When services like Valve Software’s Steam store offer about 90% of TNSGF’s GameTree TV catalog for a massive discount every couple of months and customers get to actually own and keep the software they purchase, it seems the streaming subscription model may not be the best option, even for casual gamers.

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