Datametrex Announces Q2 Financial Results
- Over $4.9 million in revenue
- $1.8 million earned in AI and big data solutions
- Nexalogy reports approximately $1 million in revenue from Government Contracts
- Over $3 million earned in healthcare revenue
Toronto, Ontario--(Newsfile Corp. - August 29, 2023) - Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) (the "Company" or "Datametrex'') is pleased to announce the second quarter ("Q2 2023") financial results for the Company. The Company has filed its financial statements and management discussion and analysis on SEDAR+ for the six months ended on June 2023 ("Q2 2023").
The Company reported revenue of $4,912,584, which includes $1,844,054 earned from big data and Artificial Intelligence solutions, approximately $1 million in revenue from reaching certain milestones on its Government of Canada contract, and healthcare revenue of $3,068,530.
At June 30, 2023, the Company had current assets of $9.3 million, including cash of $3.5 million.
The following financial information from the financial results for the three and six months ending on June 2023, and Management Discussion & Analysis ("MD&A") are available for review on SEDAR+.
Please refer to the Q2 2023 financial statements in its entirety, which is available under Datametrex's profile at www.sedarplus.ca.
The following table summarizes revenue, net loss, EBITDA*, and adjusted EBITDA*.
All figures are in Canadian dollars unless otherwise noted.
|June 30, 2023||June 30, 2022|
|Net Income/(loss) per share - basic||(0.008)||(0.002)|
|Depreciation and amortization||$1,736,442||$1,255,173|
Normal Course Issuer Bid (NCIB) Share Buyback Program
The Company has purchased a total of 34,198,000 common shares of the Company for an aggregate amount of $3,574,073.36 through the NCIB share buyback program.
In the second quarter, the Company appointed Mr. Charles Park as the new Chief Operating Officer to further strengthen its management team and drive growth across its business units.
The Company achieved a significant milestone by successfully completing its AnalyticsGPT beta program for its new GPT software. As beta testing wrapped up, preparations swiftly commenced for the impending launch of AnalyticsGPT, tailored for businesses.
Additionally, the Company's DM EVS subsidiary announced a five-year partnership agreement with Holiday Inn Vancouver as the exclusive provider of EV charging services for the hotel's West Broadway establishment. Under the terms of the agreement, DM EVS will install chargers on the Holiday Inn's property and will be providing guests and visitors with convenient access to reliable EV charging infrastructure.
Recent Developments and Outlook
Nexalogy Environics Inc. ("Nexalogy") and AnalyticsGPT
Nexalogy is nearing the release of its next-generation discovery platform, AnalyticsGPT. AnalyticsGPT builds upon the decade-long success of Nexalogy's NexaSMART platform.
AnalyticsGPT unifies the ease of use of GPT technology and large language models (LLM) with the state-of-the-art, military-grade analytics of NexaSMART. AnalyticsGPT solves several of the most mentioned problems in data analytics, including finding the correct data for your analysis and discovering insights hidden in your data sets. AnalyticsGPT automates many of these tedious tasks through the use of easy-to-use, plain-language interfaces.
The release of AnalyticsGPT is slated for fall 2023. It aims to cater not only to large enterprises but also to small and medium enterprises (SMEs), diversifying Nexalogy's potential market. Looking forward to the third quarter, Nexalogy will be expanding its marketing and outreach efforts to cover these new markets and continue to support the expansion of Nexalogy into new market segments. Nexalogy will also continue to serve and expand its current clientele and continue to actively participate in both public and private Requests for Proposals (RFPs).
In line with the upcoming launch, AnalyticsGPT will be releasing price plans and a comprehensive launch guide for its new product. The Company will provide these updates in an official news release this fall, 2023.
Furthermore, the Company announced an update on the Canadian Government AI project, announcing that the criteria for completion of the R&D phase of the project have been met and that the project will be transitioning into the next phase, towards commercialization. The advancement to the next phase will allow Nexalogy to apply its initiatives on a larger scale. With the project moving beyond purely R&D and into complete and qualified levels, the current R&D project funding sources will need to be replaced with higher-level and expanded funding sources. The Canadian Government remains committed to the program and intends to continue the project to completion.
The Company received contracts worth approximately $2 million from its existing conglomerate clients for its advanced technology solutions, which is attributed to management's successful implementation of its land-and-expand strategy.
Medi-Call Inc. ("Medi-Call")
Medi-Call reports a 10% increase in subscribers, boasting 477 subscribers to date compared to the last report, which showed a total of 432 subscribers in May, 2023. This figure marks growth from the previous report and a 69% rise from the April 2023 count of 281 subscribers.
Imagine Health Centres ("Imagine Health")
Imagine Health continues to advance its offerings and expand its presence. The inaugural clinic in Edmonton has recently undergone a renovation, complemented by updated hardware upgrades. These modifications aim to enhance the clinic's operational capabilities and better equip the physicians to deliver quality care.
The Company is in the final stages of opening its third clinic in Vancouver, underscoring its commitment to business expansion and growth while extending accessible healthcare services to more Canadians.
Further to the Company's vision for integrated care, Imagine Health will be integrating the Medi-Call platform into its operations, offering patients a unified virtual and physical healthcare experience.
Additionally, the Company announced it is considering a possible spin-out of its healthcare division with a possible distribution of shares to existing Datametrex shareholders. A spin-out of medical assets will create a powerful healthcare entity, consisting of a hybrid model of brick-and-mortar clinics and virtual services, with the goal of being able to offer an integrated healthcare solution under one clinic. The Company will issue an official news release updating the market on the proposed spin-out transaction, including any details that relate to investors and their respective shares.
Datametrex Electric Vehicle Solutions ("DMEVS")
As part of the Company's long-term growth strategy, DM EVS has expanded its operations to Toronto and has secured a location for the installation of its EV charging infrastructure.
DM EVS's anticipated grand opening of its EV charging infrastructure is nearing completion for both Vancouver and Toronto operations. The Company will issue an official news release updating the market on these developments once available.
Following its expansion into Toronto, Ontario, DM EVS intends to expand its operations across Canada on a province-by-province basis, opening operations in new geographies as soon as it is operationally feasible.
In addition to pursuing large fleet contracts, DM EVS is expanding its scope and believes there is significant revenue potential within the small and medium enterprises (SMEs) market and will be targeting these types of businesses for electric charging solutions moving into the third quarter.
The Company would like to note that the launch of its AnalyticsGPT and EV charging operations are strategies to replace its COVID-19 revenue and increase profitability.
"We stand at an exciting juncture as a company, with numerous long-term growth prospects set to be completed. The imminent launch of our third Imagine Health Clinic underscores our commitment to extending healthcare services to more Canadians, ensuring their well-being remains a top priority, while also expanding business lines. Our impending AnalyticsGPT launch, coupled with the grand opening of our EV charging infrastructure, represents significant milestones that will propel us towards even greater achievements. These developments collectively chart a course for our Company's success," said Marshall Gunter, CEO of the Company.
"The launch of AnalyticsGPT and the commencement of our EV charging operations serve as revenue strategies aimed at substituting the COVID-19-generated revenue and enhancing our overall profitability. With these initiatives nearing their final stages, the Company is eagerly anticipating the opportunity to unveil these innovative ventures to the market. These endeavors mark significant steps forward in our pursuit of sustainable growth and expansion," said Charles Park, COO of the Company.
Datametrex AI Limited is a technology-focused company with verticals in leading industries, including artificial intelligence, machine learning, telehealth, healthcare, and electric vehicles. Datametrex's mission is to provide tools and solutions that support companies in optimizing and fulfilling their operational goals, with predictive and preventive technologies. By collaborating with businesses to establish innovative protocols using artificial intelligence and healthcare solutions, the Company delivers forward-thinking answers that enhance the performance and the bottom line for enterprises and provide customers efficient solutions in the technology and healthcare sectors.
Datametrex prides itself on its forward-thinking approach and the ability to develop progressive solutions that address the most pressing challenges facing businesses today. Datametrex is committed to supporting clients in achieving their goals and helping them stay ahead of the curve in an ever-changing business landscape.
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, please 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/178932