Datametrex Reports First Quarter Results
May 22 2019 - 6:46PM
Datametrex AI Limited (“Datametrex” or the “Company”) today
released its financial results for the three (“Q1 2019”) months
ended March 31, 2019. For Q1 2019, the Company reported revenues of
$498,596 and EBITDA of $(723,529), an increase of 39% and an
improvement of 54% respectively as compared to the three months
ended March 31, 2018.
“In Q1 2019, the Company achieved key milestones
and made significant strides in strengthening its AI platform and
offering,” said Andrew Ryu, the Chief Executive Officer and
Chairman of the Company. “The Company anticipates continued demand
for its solutions not only in government but across Fortune 1000
organizations.”
Further commenting on the Q1 2019 results, Jeff
Stevens, President of the Company stated “Datametrex sees
tremendous opportunity across the Asian markets where it is gaining
wide acclaim. This market has the potential to drive strong revenue
across a variety of multinationals.”
Other highlights for Q1 2019:
- Net loss for Q1 2019 was $904,792, an improvement of 61% from
the same period in 2018
- Successfully completed a non-brokered private placement raising
gross proceeds of $1,102,200.
- The Company promoted Marshall Gunter from CTO to CEO of its
wholly subsidiary, Nexalogy Environics on January 25th 2019.
- The Company was successful in securing new contracts with
HomePlus, Korea Press Foundation and was able to secure an
additional contract with Lotte Group with a value of approximately
$300,000.
Consolidated Financial Highlights
|
For the
three months ended |
|
March 31, 2019 |
|
March 31, 2018 |
|
|
|
Revenue |
498,565 |
|
358,423 |
|
|
|
|
Expenses |
|
|
Direct
costs |
102,919 |
|
- |
|
Selling,
general and administrative |
835,910 |
|
759,231 |
|
Depreciation
and amortization |
203,559 |
|
742,911 |
|
Other
expenses |
653,489 |
|
1,737,538 |
|
Total expenses |
1,795,877 |
|
3,239,680 |
|
|
|
|
Loss
from operations |
1,297,312 |
|
2,881,257 |
|
|
|
|
|
|
|
Loss
before taxes |
950,041 |
|
2,337,209 |
|
|
|
|
Income tax benefit |
(45,249 |
) |
(45,249 |
) |
|
|
|
Net
Loss |
904,792 |
|
2,291,960 |
|
|
|
|
Loss
per share: |
|
|
Basic and diluted |
0.004 |
|
0.012 |
|
|
|
|
EBITDA |
(723,529 |
) |
(1,557,199 |
) |
Adjusted EBITDA |
(712,256 |
) |
(415,934 |
) |
|
|
|
Adjusted EBITDA per Share |
|
|
|
|
(basic and diluted) |
(0.003 |
) |
(0.002 |
) |
|
|
|
|
|
Note: EBITDA and Adjusted EBITDA are
non-GAAP/IFRS figures. “EBITDA” represents net income plus income
tax, finance expense and depreciation. “Adjusted EBITDA” represents
EBITDA plus share-based compensation and one-time costs. “Adjusted
Net Income” represents net income plus one-time finance
expenses.
The Company believes that Adjusted EBITDA is
useful additional information to management, the board and
investors as it provides an indication of the operational results
generated by its business activities prior to taking into
consideration how those activities are financed and taxed and also
prior to taking into consideration asset depreciation and
amortization and it excludes items that could affect the
comparability of our operational results and could potentially
alter the trends analysis in business performance. Excluding these
items does not necessarily imply they are non-recurring, infrequent
or unusual. Adjusted EBITDA is also used by some investors and
analysts for valuing a company. Investors are cautioned that
Adjusted EBITDA should not be construed as an alternative to
operating earnings or net earnings determined in accordance with
IFRS as an indicator of the Company’s financial performance or as a
measure of the Company’s liquidity and cash flows. Adjusted EBITDA
does not take into account the impact of working capital changes,
capital expenditures, debt principal reductions and other sources
and uses of cash, which are disclosed in the consolidated
statements of cash flows.
Non-GAAP financial measures do not have
standardized meaning prescribed by GAAP 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-GAAP financial measures please refer to the
Company’s Management Discussion and Analysis for the period ended
March 31, 2019.
The financial statements, notes to the financial
statements and Management’s Discussion and Analysis for the
three-month period ended March 31, 2019 are available on SEDAR at
www.sedar.com.
In addition, the Company announces that its
Chief Financial Officer, Mr. Randy Clifford, has resigned to pursue
other opportunities. The directors of the Company have appointed
Mr. Steve Kang as the Company’s Chief Financial Officer. The
Company wishes Mr. Clifford success in his future endeavours.
“Mr. Kang has the necessary public market
experience and expertise to assist and guide Datametrex to the next
level,” stated Ms. Janeen Stodulski, a director and chair of the
Audit Committee.
About Datametrex AI Limited
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) and Implementing Blockchain technology for
secure Data Transfers through its investee company, Graph
Blockchain (www.graphblockchain.com).
Additional information on Datametrex is
available at: www.datametrex.com
To stay informed about Datametrex, please
join our Investor Group on 8020 Connect http://bit.ly/2fPUNwF for
all upcoming news releases, articles comments and
questions.
For further information, please contact:
Jeffrey Stevens – President &
COOEmail: jstevens@datametrex.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Statements
This news release contains “forward-looking
statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities legislation. Generally, these forward-looking statements
can be identified by the use of forward-looking terminology such as
“plans”, “anticipated”, “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 state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will be taken”, “occur” or “be achieved”. The Company is subject
to significant risks and uncertainties which may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward looking statements contained in this
release. Datametrex cannot assure investors that actual results
will be consistent with these forward looking statements and
Datametrex assumes no obligation to update or revise the forward
looking statements contained in this release to reflect actual
events or new circumstances.
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