Datametrex Earns over $1.3M with over $10M Revenue in First Quarter
- Significant increase in AI and Technology Revenue of $2.1 million, up 337%.
- Increased strong cash balance of $15.7 million, up 240%.
Toronto, Ontario--(Newsfile Corp. - May 30, 2022) - Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) (the "Company" or "Datametrex'') is pleased to report the record achievement in the history of the Company. Datametrex has filed on SEDAR its financial statements ("FS") and related management discussion and analysis ("MD&A") for the quarterly results ending March 31, 2022 ("Q4 2022").
Q1 2022 Financial Summary
The Company's financial performance improved in the first quarter, attributed mostly to significant growth in its core artificial intelligence (AI) technology business with secondary revenue from its health tech business, including COVID-19 testing.
The Company reported revenue of $10 million and net earnings of over $1.35 million and adjusted EBITDA of over $3.16 million. This Adjusted EBITDA* reflects the Company's operations, not including non-cash items. The Company significantly improved its cash balance from $4 million to over $15.7 million, up 240% from March 31, 2021.
"Our 2022 first-quarter results reflect another strong period with momentum as the Company continues to grow its core AI business and evolve from health security and begin to ramp up with our telehealth and EV verticals," said Marshall Gunter, CEO of the Company.
The following financial information from the financial results ending March 31, 2022, and Management Discussion & Analysis ("MD&A") are available for review on SEDAR.
Please refer to the Q1 2021 filing in its entirety, which is available under Datametrex's profile at www.sedar.com.
Financial highlights for three-month financial results ended March 31, 2022 (Q1):
The following table summarizes revenue, net loss, and EBITDA* and adjusted EBITDA* for the year ended December 31, 2021, and 2020.
All figures are in Canadian dollars unless otherwise noted.
|March 2022||March 2021||% Change|
|Income Tax Expenses||$(71,697)||$(922,603)||-92%|
|Net income (loss) per share - basic||$0.01||$0.03||-67%|
|Depreciation and amortization||$641,110||$190,366||238%|
|Share based compensation||$1,098,232||$3,268,404||-66%|
|March 2022||March 2021||Dollar Change||Percent Change|
Q1 Highlights and Recent Developments
- The Company's board of directors approved the decision to initiate a move to the TSX main board.
- The Company graduates to Tier 1 status from Tier 2 on the TSXV effective February 8, 2022.
- In March of this year, the Company's wholly-owned subsidiary, Nexalogy ("Nexalogy") successfully completed the first phase of a $40M artificial intelligence (AI) contract with the Canadian government.
- The Company completed the initial stages of EV initiatives and announces using their proprietary AI engine to address the EV charging market.
- The Company expands operations for their Medi-Call telehealth application with the goal to expand rapidly into the telehealth vertical. On March 1, 2022, the Company began beta testing with a focus group of patients and physicians.
- The Company was recognized as "Most Promising Canadian Tech Company" by an online publication, CIOReview.
The Company's financial performance has been steady in the first quarter with a significant increase in revenue from its AI technology business, despite a cooling market. The Company continues to focus on building out the telehealth vertical and expects Medi-Call to generate revenue by Q3. The Company plans to introduce the Medi-Call app to the public with the pending release on the app store which will be announced soon.
Additionally, the Company continues to build on its success in the public sector by fulfilling and expanding its contractual business with the Canadian and US governments. The Company also is looking forward to uplisting to the TSX main board and building solutions for the EV space, which is a new and exciting vertical for Datametrex.
Datametrex AI Limited is a technology-focused company, using artificial intelligence (AI) to create progressive solutions for the cyber security, telehealth, and electric vehicle (EV) verticals. Datametrex's mission is to provide tools that support companies in fulfilling their operational goals with predictive and preventive technologies.
For additional information on Datametrex and other corporate information, please visit the Company's website at www.datametrex.com.
For further information:
Investor Relations & Communications
Kristina Colpitts, Director
Tel: 416-901-5611 x 204
Marshall Gunter- CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements included in this press release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections, and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. In particular, there is no guarantee that its telehealth business will be successful. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not undertake to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
NON-IFRS FINANCIAL MEASUREMENTS
The Company has included non-IFRS performance measures throughout this press release, including (a) Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"); (b) Adjusted EBITDA which is EBITDA adjusted for the gain (loss) on change in fair value of the Company's investment properties and the gain (loss) on change in fair value of derivative instruments; and (c) Book Value per Share which is calculated as equity attributable to Datametrex AI Limited shareholders divided by total common shares outstanding at the end of the reporting period. These non-IFRS financial measurements do not have any standardized meaning as prescribed by International Financial Reporting Standards ("IFRS") and are therefore unlikely to be comparable to similar measures presented by other issuers. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management uses EBITDA metrics to measure the profit trends of the business units and segments in the consolidated group since it eliminates the effects of financing decisions. Certain investors, analysts and others utilize these non-IFRS financial metrics in assessing the Company's financial performance. These non-IFRS financial measurements have not been presented as an alternative to net income or any other financial measure of performance prescribed by IFRS. Reconciliation of non-IFRS measures has been provided throughout the Company's MD&A, as applicable, filed under the Company's profile on www.SEDAR.COM.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125670