CORRECTION FROM SOURCE: Datametrex Reports over $9.2M Revenue with over $961K Net Income in Q3
This document corrects and replaces the press release issued earlier today. "1,780,500 Shares" has been changed to "17,807,500 Shares". A fourth bullet point has also been added: “During the nine months ended September 30, 2022, the Company repurchased 17,807,500 common shares of the Company for $2,040,350 by NCIB.” The updated release follows below:
- $9.2 million in revenue earned during Q3 and over $27.5M revenue in nine months.
- Significant increase in AI and Tech revenue of over $3.78M in nine months, up 16% vs. $3.25M in the previous year.
- Significant increase in Q3 net income of over $961K, up 464% compared to the previous year.
- During the nine months ended September 30, 2022, the Company repurchased 17,807,500 common shares of the Company for $2,040,350 by NCIB.
Toronto, Ontario--(Newsfile Corp. - November 22, 2022) - Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) (the "Company" or "Datametrex'') is pleased to report its financial results for the third quarter. The Company has filed its financial statements ("FS") on SEDAR and related management discussion and analysis ("MD&A") for the quarterly results ending September 30, 2022 ("Q3 2022").
Q3 and nine months 2022 Financial Highlights:
For the three months ended September 30, 2022 (Q3-2022), the Company reported revenue of $9,202,894, net income of $961,922 and EBITDA of $2,699,239. For the nine months ended September 30, 2022 (Q3-YTD), revenue was $27,544,338, net income of $2,791,511, and EBITDA of $5,965,145.
The Company continues to hold a strong cash and marketable securities position of approximately $13 million after deploying over $2 million for the Company's Normal Course Issuer Bid. As of September 30, 2022, 17,807,500 Shares have been purchased for cancellation under the NCIB. The Company spent a total of $2,040,350.71. The Company holds over $53.8 million in total assets.
The following financial information from the financial results September 30, 2022, and Management Discussion & Analysis ("MD&A") are available for review on SEDAR.
Please refer to the Q3 2022 filing in its entirety, which is available under Datametrex' profile at www.sedar.com.
Financial highlights for three months, ended September 30, 2022 ("Q3"):
The following table summarizes revenue, net income, ETBITDA* and adjusted EBITDA*
All figures are in Canada dollars unless otherwise noted.
|September 30, 2022||September 30, 2021||% Of Change|
|Net Income/(loss) per share - basic||0.002||0.001||+100%|
In the last few months, the Company has achieved great success with its NexaSMART Artificial Intelligence ("AI") and machine learning ("ML") technology, bringing in over $2.4 million in AI contracts from multiple Korean and Silicon Valley technology companies and over $100K in purchase orders for its Operating System Calibration Management and Monitoring System ("SysMind").
The great return from the Company's AI business is due to management's land and expand strategy which has navigated Datametrex to execute multiple business deals, land contracts and expand business lines with its clientele. Additionally, the Company continues to work on the second phase of the $40 million AI project with the Canadian government to help aid in the defense of Canadian cyber security initiatives. Most recently, the company's wholly-owned subsidiary Nexalogy Environics Inc. ("Nexalogy"), the powerhouse and core of the Company's NexaSMART AI, announced it is working on an AI driven mental health detection tool which will focus on depression and anxiety detection.
With an abundance of developments in the Company's core business in AI, the latest update includes a new President of Nexalogy to bring a more acute focus within the AI business and grow all operations to a new level field.
Medi-Call Inc., ("Medi-Call"), the Company's wholly-owned telehealth subsidiary, has made progress in the last month announcing it has signed three (3) distribution agreements for its telehealth services with International Student agencies. This new partnership will help grow Medi-Call's patient base and subscribers. Due to the current Canadian healthcare crisis that has been flooding the news for the last year, Medi-Call plans to focus on growing its volume of patients and subscribers, and fill the gap for patients who are subjected to long wait times for services and unable to receive accessible healthcare.
Datametrex EV Solutions ("DM EVS"), the Company's wholly-owned Electric Vehicle ("EV") subsidiary announced back in October that it has commenced its roadside assistance and mobile charging vehicle in British Columbia for EV consumers and is currently servicing EV consumers on film and production sites. Currently, the operations team is working on developing EV charging stations around B.C. and will be available for consumers to use in the new year.
"Our third quarter reflects strong results in our cash position, improved net income and fantastic results from our operations in AI and healthcare. Nexalogy and our AI initiatives are expanding rapidly with ongoing contracts. With the recent news of our new Nexalogy President, Medi-Call contracts with International Student Agencies and the deployment of DM EVS, Datametrex is entering the new year with many exciting opportunities to take the Company to greater heights,"said Marshall Gunter, CEO of the Company.
Datametrex AI Limited is a technology-focused company with exposure to artificial intelligence, machine learning, telehealth and has recently entered the electric vehicle (EV) market. Datametrex's mission is to provide tools and solutions that support companies in fulfilling their operational goals, including health and safety, with predictive and preventive technologies. By working with companies to set a new standard of protocols through artificial intelligence and health diagnostics, the Company provides progressive solutions to support the supply chain.
For additional information on Datametrex and other corporate information, please visit the Company's website at www.datametrex.com.
To learn more about how our AI is used in Cyber Security, Telehealth and EV, visit: https://www.youtube.com/watch?v=ApFk3sWAXtg.
For further information:
Investor Relations & Communications
Priya Monique Atwal, Director of Communications
Tel: 416-901-5611 x 204
Marshall Gunter, CEO
Neither 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. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145270