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EarthLabs Reports Results For The Fourth Quarter and Fiscal Year 2024
April 28, 2025 4:30 PM EDT | Source: EarthLabs Inc.
- Ended the year with total cash, cash equivalents, and investments of $39,234,437;
- 172.1% increase in advertising revenue as compared to Q4 2024 with advertising revenue of $6,108,765 for the year ended December 31, 2024 (176.9% increase);
- 39.9% increase in subscriptions revenue as compared to Q4 2024 with subscription revenue of $1,237,035 for the year ended December 31, 2024 (41.3% increase);
Toronto, Ontario--(Newsfile Corp. - April 28, 2025) - EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) (FSE: 8EK0) ("EarthLabs" or the "Company") is pleased to announce the consolidated financial results for three months and year ended December 31, 2024 of the Company (the "Financial Results").
Highlights for the three-months period ended December 31, 2024:
- 172.1% increase in Advertising revenue to $1,843,012 as compared to $677,279 for the three months ended December 31, 2023;
- 39.9% increase in Subscriptions revenue to $322,338 as compared to $230,391 for the three months ended December 31, 2023;
- 12.0% increase in Sales of exploration maps to $37,655 as compared to $33,610 for the three months ended December 31, 2023;
- Net investment losses of $3,667,473 from our investment portfolio as compared to $1,263,270 for the three months ended December 31, 2023;
- Net loss and comprehensive loss of $4,959,177(basic loss per share of $0.04) as compared to net loss and comprehensive loss of $11,220,627 (basic loss per share of $0.08) for the three months ended December 31, 2023.
Highlights for the year ended December 31, 2024:
- Completed the nine-month period with total cash and cash equivalents, due from brokers, investments and equity investments of $39,234,437 as compared to $42,943,109 as at December 31, 2023;
- 176.9% increase in Advertising revenue to $6,108,765 as compared to $2,206,523 for the year ended December 31, 2023;
- 41.3% increase in Subscriptions revenue to $1,237,035 as compared to $875,682 for the year ended December 31, 2023;
- 20.3% decrease in Sales of exploration maps to $177,763 as compared to $223,038 for the year ended December 31, 2023;
- Net investment gains of $160,441 from our investment portfolio as compared to net investment losses of $2,277,329 for the year ended December 31, 2023;
- Net loss and comprehensive loss of $6,187,284 (basic loss per share of $0.04) as compared to 16,623,683 (basic loss per share of $0.12) for the year ended December 31, 2023.
"While this quarter brought significant challenges, we're actively reshaping our approach. Our advertising revenue has nearly tripled year-over-year, subscription revenue is up over 41%, and we've built a $3.45M war chest of deferred revenue that signals significant client confidence despite the macro headwinds. This growth comes as we continue to invest in developing high-ARR potential tools and platforms that will drive long-term shareholder value," said Denis Laviolette, Executive Chairman and CEO of EarthLabs. "While that development is taking longer than anticipated, we're taking decisive action to address our challenges by implementing targeted cost-cutting measures and making tough decisions about underperforming initiatives. At the same time, we're strategically building our asset base and strengthening our portfolio, which already includes stakes in some of the most promising companies in the mining sector. Given the current strength in commodities and the broader global economic landscape, we're confident these initiatives position EarthLabs for meaningful opportunities ahead, benefiting both the company and our shareholders."
Summary of financial results
The following are selected interim condensed consolidated financial results as at and for the three and twelve months ended December 31, 2024, with comparatives:
| Consolidated statements of loss and comprehensive loss highlights | Three months ended December 31, | Twelve months ended December 31, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Advertising revenue | $ | 1,843,012 | $ | 677,279 | $ | 6,108,765 | $ | 2,206,523 | ||||
| Subscriptions revenue | 322,338 | 230,391 | 1,237,035 | 875,682 | ||||||||
| Sales of exploration maps | 37,655 | 33,610 | 177,763 | 223,038 | ||||||||
| Net investment gains (losses) | (3,667,473 | ) | (1,263,270 | ) | 160,441 | (2,277,329 | ) | |||||
| Other income | 180,074 | 167,400 | 755,956 | 902,780 | ||||||||
| Operating, general and administrative | (3,239,686 | ) | (2,256,744 | ) | (11,339,500 | ) | (9,358,659 | ) | ||||
| Research and development expenses | (742,954 | ) | (359,641 | ) | (3,173,710 | ) | (1,605,738 | ) | ||||
| Total expenses | (4,016,968 | ) | (2,622,561 | ) | (14,657,449 | ) | (10,984,404 | ) | ||||
| Loss from equity investment | (325,339 | ) | (16,670 | ) | (355,724 | ) | (107,524 | ) | ||||
| Impairment of goodwill and intangible assets | - | (9,530,129 | ) | - | (9,530,129 | ) | ||||||
| Income tax recovery | 667,524 | 1,187,884 | 385,929 | 2,152,241 | ||||||||
| Net loss and comprehensive loss for the period | (4,959,177 | ) | (11,220,627 | ) | (6,187,284 | ) | (16,623,683 | ) | ||||
| Loss per common share for the period - basic and diluted | (0.04 | ) | (0.08 | ) | (0.04 | ) | (0.12 | ) | ||||
| Consolidated statements of financial position highlights | December 31, 2024 | December 31, 2023 | ||||
| Cash and cash equivalents | $ | 4,122,474 | $ | 5,227,657 | ||
| Due from brokers | 416,907 | 485,949 | ||||
| Accounts receivable, net of expected credit losses | 519,491 | 120,253 | ||||
| Investments, at fair value | 32,912,428 | 35,091,151 | ||||
| Equity investment | 1,782,628 | 2,138,352 | ||||
| Income tax receivable | 268,362 | 854,023 | ||||
| Property, equipment and right-of-use assets | 1,128,713 | 1,252,737 | ||||
| Intangible Assets | 2,826,438 | 3,127,000 | ||||
| Goodwill | 624,290 | 624,290 | ||||
| Total assets | 44,930,710 | 49,251,445 | ||||
| Accounts payable and accrued liabilities | 1,697,947 | 1,287,021 | ||||
| Deferred revenue | 3,452,044 | 1,921,102 | ||||
| Total promissory note | 726,458 | 980,971 | ||||
| Total lease liabilities | 1,031,645 | 1,155,154 | ||||
| Deferred tax liabilities | - | 204,690 | ||||
| Total liabilities | 7,105,575 | 5,589,812 | ||||
| Share capital, contributed surplus, and warrants | 52,575,143 | 52,224,357 | ||||
| Deficit | (14,750,008 | ) | (8,562,724 | ) |
About EarthLabs Inc.
EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) (FSE: 8EK0) is a mining investment, technology, and media company that aims to provide strategic leverage to the metals and mining sector through investments, royalties and a full suite of data-driven media SaaS tools and services including CEO.CA, The Northern Miner, MINING.COM, Canadian Mining Journal and DigiGeoData.
For further information please contact:
Denis Laviolette
Executive Chairman and CEO
EarthLabs Inc.
Tel: 647-345-7720
Email: investors@earthlabs.com
Neither the TSX Venture Exchange ("TSXV"), OTC Best Market ("OTCQX") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements. Often, but not always, these forward looking statements can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, risks detailed from time to time in the Company's filings with securities regulators and available under the Company's profile on SEDAR at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
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