Connected assets reached 51,347 at the end of
Q2 2020, an 83% increase over the same
period last year, with more new connections coming from higher
revenue oil and gas assets
VANCOUVER, BC, July 28, 2020 /CNW/ - mCloud Technologies
Corp. (TSX-V: MCLD) (OTCQB: MCLDF) ("mCloud" or the
"Company"), a leading provider of asset management solutions
combining IoT, cloud computing, and artificial intelligence ("AI"),
today announced it had added 2,675 assets to its portfolio under
management in the second quarter of 2020 to reach a total of 51,347
connected assets while working under the severely restricted
commercial conditions imposed by COVID-19. This represents an 83%
increase in total connected assets over the same period last
year.
In the last quarter, a substantial proportion of new connected
assets came from oil and gas. The Company indicated the increased
demand for AssetCare in oil and gas came from customers needing to
remotely operate and maintain critical assets at their production
facilities. As mCloud celebrated its first anniversary of launching
AssetCare for this segment, the Company remarked it had connected
over 1,000 oil and gas assets under multi-year recurring revenue
contracts. These connected assets exclude any contributions from
mCloud's announcement on June 25,
2020 it would be acquiring oil and gas technology provider
kanepi Group Pty Ltd.
The Company said it expected oil and gas to be a meaningful
contributor to recurring revenues going forward. mCloud estimates
the monthly recurring revenue per connected oil and gas asset is
approximately five times the revenue seen from a comparable
connected asset in a commercial building.
"Though I have provided software and solutions to the oil and
gas industry for over 30 years, this is the first time I have seen
plant operators seeking solutions from technology companies in
response to the management challenges created by governments
responding to a global pandemic," said Russ
McMeekin, mCloud President and CEO. "Our recurring revenues
in the second quarter of 2020 grew relative to those seen in the
first quarter as a result of many new oil and gas assets coming
online."
"Our legacy technical project services have largely been at a
standstill since March due to government workplace restrictions
preventing us from executing on a continually increasing backlog of
work," McMeekin continued. "The mCloud team has cleverly put
AssetCare's remote connectivity into action to continue working
with customers at every opportunity."
The Company noted its mobile Connected Worker digital smart
glasses were being used by mCloud teams to remotely guide customers
through the process of digitally scanning their facilities.
mCloud's 3D Digital Twin capabilities allow teams to collaborate
over the cloud and eliminate onsite visits for operations and
maintenance.
"As we make our way into the second half of 2020, we are
encouraged by the demand for AssetCare in energy and air quality
optimization in buildings, our swift entrance into oil and gas
processing, and the continued adoption of our 3D digital twin and
Connected Worker capabilities by new customers," McMeekin added.
"Though we remain dependent on local, state, and national
back-to-work guidance enabling our access to customers, we maintain
a good line of sight to achieving our goal of connecting 70,000
assets around the world by end of year."
About mCloud Technologies Corp.
mCloud is creating a more efficient future with the use of AI
and analytics, curbing energy waste, maximizing energy production,
and getting the most out of critical energy infrastructure. Through
mCloud's AI-powered AssetCare™ platform, mCloud offers complete
asset management solutions in five distinct segments: commercial
buildings, renewable energy, healthcare, heavy industry, and
connected workers. IoT sensors bring data from connected assets
into the cloud, where AI and analytics are applied to maximize
their performance.
Headquartered in Vancouver,
Canada with offices in twelve locations worldwide, the
mCloud family includes an ecosystem of operating subsidiaries that
deliver high-performance IoT, AI, 3D, and mobile capabilities to
customers, all integrated into AssetCare. With over 100 blue-chip
customers and more than 51,000 assets connected in thousands of
locations worldwide, mCloud is changing the way energy assets are
managed.
mCloud's common shares trade on the TSX Venture Exchange under
the symbol MCLD and on the OTCQB under the symbol MCLDF. mCloud's
convertible debentures trade on the TSX Venture Exchange under the
symbol MCLD.DB. For more information, visit www.mcloudcorp.com.
Non-GAAP Measure
Selected financial information for the three month period ended
March 31, 2020 and fiscal year ended
December 31, 2019 set out above
includes reference to "Adjusted EBITDA", which is not recognized
under International Financial Reporting Standards and is a
non-generally accepted accounting principle ("Non-GAAP") measure.
This information should be read in conjunction with the
unaudited interim consolidated financial statements for the three
months ended March 31, 2020 and
audited consolidated financial statements and notes thereto for the
year ended December 31, 2019 along
with mCloud's MD&As for the corresponding periods, which are
available under mCloud's profile on SEDAR at www.sedar.com. Further
information regarding this Non-GAAP measure is contained in
mCloud's annual MD&A for the period ended December 31, 2019.
Forward-Looking Information and Statements
This press release contains certain "forward-looking
information" within the meaning of applicable Canadian securities
legislation and may also contain statements that may constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Such forward-looking information and forward-looking
statements are not representative of historical facts or
information or current condition, but instead represent only the
Company's beliefs regarding future events, plans or objectives,
many of which, by their nature, are inherently uncertain and
outside of the Company's control. Generally, such forward-looking
information or forward-looking statements can be identified by the
use of forward-looking terminology such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or may contain statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "will
continue", "will occur" or "will be achieved". The forward-looking
information contained herein may include information related to
expected growth in recurring oil and gas revenues, improvements in
technical project services activity, and growth in AssetCare
connections later this year.
By identifying such information and statements in this manner,
the Company is alerting the reader that such information and
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
information and statements.
An investment in securities of the Company is speculative and
subject to several risks as discussed under the heading "Risk
Factors" on pages 29 to 46 of the Company's filing statement dated
October 5, 2017. Although the Company
has attempted to identify important factors that could cause actual
results to differ materially from those contained in the
forward-looking information and forward-looking statements, there
may be other factors that cause results not to be as anticipated,
estimated or intended.
In connection with the forward-looking information and
forward-looking statements contained in this press release, the
Company has made certain assumptions. Although the Company believes
that the assumptions and factors used in preparing, and the
expectations contained in, the forward-looking information and
statements are reasonable, undue reliance should not be placed on
such information and statements, and no assurance or guarantee can
be given that such forward-looking information and statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information and
statements. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release, and the Company does not undertake to update
any forward-looking information and/or forward-looking statements
that are contained or referenced herein, except in accordance with
applicable securities laws. All subsequent written and oral
forward- looking information and statements attributable to the
Company or persons acting on its behalf is expressly qualified in
its entirety by this notice.
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.
SOURCE mCloud Technologies Corp.