MineHub Achieves Record Annual Revenue in Fiscal 2024

May 30, 2024 8:00 AM EDT | Source: MineHub Technologies Inc.

  • MineHub achieved record annual revenue of $2.0 million in its fiscal year 2024, an increase of 976% compared to its fiscal year 2023. The Company achieved revenue of $641 thousand in Q4-2024, an increase of 379% compared to Q4-2023.
  • Management offers a positive outlook, driven by a growing sales pipeline, enhanced product offerings, and successful implementations with major customers and their ecosystem partners.

Vancouver, British Columbia--(Newsfile Corp. - May 30, 2024) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) ("MineHub" or the "Company"), a leading provider of digital supply chain solutions for the commodity markets, is pleased to announce it has filed its audited annual consolidated financial statements (the "Annual Financial Statements") and management's discussion and analysis (the "MD&A") for its fiscal year ended January 31st, 2024, representing the three and twelve months ended January 31, 2024. Copies of the Annual Financial Statements and MD&A are available on the Company's profile on SEDAR+ at www.sedarplus.ca.

Andrea Aranguren, President and CEO of MineHub, commented, "Fiscal 2024 was a milestone year for MineHub, marked by significant growth and strategic achievements. In the fourth quarter, we successfully implemented our platform with Codelco, the world's largest copper producer, and we bolstered our financial position by closing a substantial private placement financing. The outlook for MineHub is exceptionally promising with rising sales, the continued enhancement of our offerings, and the ongoing onboarding of new customers and their ecosystem partners."

Fiscal 2024 Annual Financial Highlights:

  • MineHub achieved annual revenue of $2,009,166 during fiscal 2024, an increase of 976% as compared to revenue of $186,784 generated in fiscal 2023. Revenue growth was primarily driven by increasing SaaS revenue and realizing revenue from MineHub's commercial agreements and the acquisition of Waybridge on March 10, 2023.
  • In addition to the Company's annual revenue, MineHub also recognized $968,383 of Other Income in fiscal 2024 from the Concentrates Application Development Agreement with Sumitomo Corporation announced on June 20, 2023.
  • MineHub reported a Net Loss of $6.5 million in fiscal 2024, compared to a net loss of $8.5 million in fiscal 2023. The reduction in losses is attributable to higher revenue in the fiscal year offsetting cost increases.
  • MineHub ended fiscal 2024 with a clean balance sheet having cash of $3,869,376 with no bank debt as of January 31, 2024, compared to cash of $1,153,102 as of January 31, 2023.
  • The Company achieved cumulative gross merchandise value (GMV) of $13.8 billion of commodities transacted on its platform on a fiscal year basis from February 1, 2023 to January 31, 2024.

Fourth Quarter Financial Highlights:

  • MineHub achieved quarterly revenue of $641,482 during Q4, an increase of 379% as compared to revenue of $133,785 generated in the same period of Fiscal 2023. Revenue growth was primarily driven by increase in SaaS revenue and realizing revenue from MineHub's commercial agreements.
  • MineHub reported a Net Loss of $1.2 million in Q4, compared to a net loss of $1.8 million in Q4 of the prior year. The reduction in losses is attributable to higher revenue in the quarter offsetting cost increases.

Fourth Quarter Business Highlights:

  • On November 8, 2023, the Company announced it had successfully implemented and gone live with Codelco, the world's largest copper producer. MineHub's contract with Codelco is aimed at digitizing its global refined copper business, representing a significant validation of MineHub's technology platform. Through MineHub's advanced technology, Codelco will now be able to offer its customers heightened visibility, traceability, and operational efficiencies, elevating the overall customer experience.
  • On December 6, 2023, the Company announced a strategic partnership with several prominent mining and commodity analysis laboratories. The collaboration involves signed contracts with multiple labs that collectively represent the majority of mining and commodity analysis for MineHub's customers.
  • On January 31, 2024, the Company issued 36,716,366 common shares and 36,716,366 share purchase warrants for gross proceeds of $4,038,800 pursuant to the closing of a non-brokered private placement.

Events Subsequent to January 31, 2024:

  • On March 1, 2024, the Company consolidated its common shares on the basis of one post-consolidation share for every two pre-consolidation shares. This reduces the number of outstanding shares by half, with fractional shares rounded down.
  • On March 7, 2024, the Company announced the launch of its Business Confirmations Module, a tool designed to transform the way sellers and buyers engage in contract negotiations. This software module allows seamless sharing of structured contract terms, allowing for efficient agreements through an audited approval workflow to ensure compliance.
  • On March 27, 2024, the Company signed a services agreement with a large Canadian bank (the "Bank") to deploy MineHub's Consignment Module to manage non-ferrous metals transactions for the Bank. The Consignment Module provides an accurate, real-time view of consignment stocks, allowing both manufacturers and suppliers to improve inventory management.
  • On May 8, 2024, the Company appointed Troy Bullock and Andrea Aranguren to the Board of Directors. Mr. Bullock is a recognized leader in the Canadian technology space with over 25 years of international finance leadership experience having previously served as the President and CEO of Nanotech Security Corp, a publicly listed company acquired in 2021.
  • On May 14, 2024, the Company announced a partnership with Surecomp, a global leader in digital trade and supply chain finance solutions. This collaboration will integrate MineHub's platform into Surecomp's RIVO™️ solution.
  • On May 21, 2024, the Company announced the launch of a pilot program with Southwire Company LLC and the Panama City Port Authority in Florida to incorporate digital truck bills of lading. This initiative aims to modernize and streamline the transportation process for copper cathode shipments, enhancing real-time tracking and security.
  • On May 28, 2024, the Company announced the appointment of Monika Russell as CFO effective June 1, 2024. Ms. Russell is a seasoned executive business leader with a distinguished career spanning over 20 years across various industries, including ecommerce, technology, manufacturing and forestry.


MineHub boasts a robust sales pipeline, with demand for its products steadily increasing as the company continues to enhance its offerings. Management is optimistic about MineHub's growth prospects and is pleased to announce the Company's key goals for Fiscal 2025:

  • Continue to accelerate the Company's growth, improve margins and increase long-term customer value.
  • Increase the Company's Annual Recurring Revenue (ARR)(1) by executing new customer contracts and expanding volumes of commodities managed for existing customers.
  • Improve profitability with cost containment strategies while increasing revenue and cash flow.
  • Leveraging our successful implementations with industry leaders to continue to grow the ecosystem of companies we are connected to.

MineHub strives to amplify the value delivered to customers by enhancing the offering of features and functionality available on its platform. The Company also continues to explore longer-term opportunities to launch the MineHub platform into adjacent markets such as steel and chemicals.

Webinar Details:

The Company will also host an investor webinar for its Fourth Quarter and Year-End 2024 Financial Results on Thursday, May 30, 2024 at 9:30am PT (12:30pm ET). Andrea Aranguren, CEO of MineHub, will provide a corporate update, review the year end financial results, and discuss the business's outlook; followed by a Question & Answer session.

Registration Link: https://bit.ly/MHUB-Q4-webinar
Date: Thursday, May 30, 2024
Time: 9:30 am PT (12:30 pm ET)
Dial-in: 778-907-2071 (Vancouver local)
647-374-4685 (Toronto local)
Confirmation #: 883 8585 0181


(1) ARR is a Key Performance Indicator for the Company. We consider ARR a key indicator of future recurring revenues and the trajectory of the business. ARR includes annualized revenue of all active SaaS platform revenue as of a specified point in time and assumes all active contracts are renewed on existing terms. ARR is subject to change through acquisition of new customers, and expansion or attrition of existing customers. ARR is not a standardized measure and may not be comparable to ARR disclosed by other issuers.

About MineHub:

MineHub is the digital supply chain platform for the commodity markets, making raw material supply chains more efficient, resilient and sustainable. MineHub provides enterprise-grade digital solutions that connect buyers, sellers, laboratories and financiers within physical commodities supply chains in a digitally integrated workflow powered by data that is useable, shareable, verifiable and unforgeable. Users of MineHub solutions are in full control of their supply chains, enabling them to optimize their use of resources, respond better and faster to disruptions, and provide a better customer service. Global enterprises already use MineHub solutions as part of their logistics, compliance, trade management and financing operations.

Andrea Aranguren
CEO, MineHub Technologies Inc.

For further information regarding MineHub, please email info@minehub.com or visit our website at www.minehub.com. Tel: (604) 628-5623

Cautionary Note Regarding Forward-Looking Statements

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.

This news release contains statements that are considered "forward-looking information" within the meaning of applicable Canadian securities legislation ("forward-looking statements") with respect to MineHub including, but not limited to, statements with respect to MineHub's future operational plans, the timing of such plans and anticipated customers. Forward-looking statements are statements that are not historical facts are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although MineHub believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund its operations, applications and for general working capital purposes, changes in economic conditions or financial markets, changes in laws or regulations that could have an impact on the Company's operations, dependence on its key management personnel and market competition. Other risk factors are identified in the Company's management discussion and analysis, available on the Company's SEDAR+ profile at www.sedarplus.ca. There may be other risk factors not presently known that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. Although the Company has attempted to identify risk factors that could cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date included herein, and the Company assumes no obligation to publicly update or revise such forward-looking information. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of MineHub's management on the date the statements are made. However, except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change.

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