Datametrex Reports First Quarter Results
May 27 2020 - 8:30AM
Datametrex AI Limited (the
“
Company” or “
Datametrex”)
(
TSXV: DM, FSE: D4G, OTC: DTMXF) is pleased to
announce its financial results for Q1, ended March 31, 2020.
Although certain projects and various sales negotiations have
been postponed due to COVID-19 outbreaks, the Company was able to
expand its businesses, and recorded increase in revenue for Q1 2020
by 62%, $809,402 compared to $498,565 in the previous year.
Operating costs were reduced by 31% to $1,162,723 compared to
$1,692,958 in the previous year. The net results improved
significantly with a decrease by 25%, ($721,761) compared to
($904,792) in the previous year. The Adjusted EBITDA also had a
significant improvement with a decrease by 177%, ($257,303)
compared to ($712,256).
“In Q1 2020, we achieved multiple key milestones and made
significant strides in strengthening our AI platform and offering,
reducing operating costs, increasing sales, and focusing on our
core business. This resulted in a substantial improvement to the
bottom line,” says Marshall Gunter, CEO of the Company.
Highlights for Q1 2020
- The Company completed work for Democracy Labs on
#disinformation in social media regarding #covid19 and #coronavirus
and secured a relationship with Carnegie Mellon University
IDeaS. These projects assisted in getting Nexalogy in front of the
Government Agencies for the opportunity in the United States.
- The Company continued the second phase of a multi-phase R&D
program through the Department of National Defence’s Innovation for
Defence Excellence and Security IDEaS program.
- The Company was chosen as preferred vendor partner by LOTTE
Data Communication.
Financial Highlights
The following table summarizes revenue, net loss and EBITDA* and
Adjusted EBITDA* for the three months ended March 31, 2020 and
2019.
|
For the three months ended |
|
|
March 31, 2020 |
|
March 31, 2019 |
|
% |
|
$ |
|
$ |
|
|
REVENUE |
809,402 |
|
498,565 |
|
62 |
% |
NET LOSS |
(721,761 |
) |
(904,792 |
) |
25 |
% |
EBITDA |
(528,303 |
) |
(723,529 |
) |
37 |
% |
EBITDA per share |
(0.002 |
) |
(0.003 |
) |
68 |
% |
Adjusted EBTDA |
(257,303 |
) |
(712,256 |
) |
177 |
% |
Adjusted EBITDA per share |
(0.001 |
) |
(0.003 |
) |
34 |
% |
* Note: EBITDA (non-IFRS measures) is calculated as Net Loss
($721,761) adjusted for 1. Income taxes of ($16,207), 2.
Depreciation and amortization of $194,899, and 3. Interest and
accretion of $14,766. Adjusted EBITDA (non-IFRS measures) is
calculated as EBITFA adjusted for share based compensation of
271,000.
Non-IFRS financial measures do not have standardized meaning
prescribed by IFRS and are therefore unlikely to be comparable to
similar measures presented by other companies. Specific items may
only be relevant in certain periods. For reconciliation of non-IFRS
financial measures please refer to the Company’s Management
Discussion and Analysis for the three months ended March 31,
2020.
The financial statements, notes to the financial statements and
Management’s Discussion and Analysis for the three months ended
March 31, 2020 are available on the Company’s profile at SEDAR at
www.sedar.com.
About Datametrex
Datametrex AI Limited is a technology focused
company with exposure to Artificial Intelligence and Machine
Learning through its wholly owned subsidiary, Nexalogy
(www.nexalogy.com).
For further information, please
contact:
Marshall Gunter – CEOPhone: (514) 295-2300Email:
mgunter@datametrex.com
Jeff Stevens- AdvisorPhone: (647) 400-8494Email:
jstevens@datametrex.com
Forward-Looking Statements
This news release contains “forward-looking
information” within the meaning of applicable securities
laws. All statements contained herein that are not clearly
historical in nature may constitute forward-looking information. In
some cases, forward-looking information can be identified by words
or phrases such as “may”, “will”, “expect”, “likely”, “should”,
“would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”,
“estimate”, “believe” or the negative of these terms, or other
similar words, expressions and grammatical variations thereof, or
statements that certain events or conditions “may” or “will”
happen, or by discussions of strategy.
Readers are cautioned to consider these and
other factors, uncertainties and potential events carefully and not
to put undue reliance on forward-looking information. The
forward-looking information contained herein is made as of the date
of this press release and is based on the beliefs, estimates,
expectations and opinions of management on the date such
forward-looking information is made. The Company undertakes no
obligation to update or revise any forward-looking information,
whether as a result of new information, estimates or opinions,
future events or results or otherwise or to explain any material
difference between subsequent actual events and such
forward-looking information, except as required by applicable
law.
DataMetrex AI (TSXV:DM)
Historical Stock Chart
From Aug 2024 to Sep 2024
DataMetrex AI (TSXV:DM)
Historical Stock Chart
From Sep 2023 to Sep 2024