Datametrex Reports Q2 Results
August 28 2019 - 5:00PM
Datametrex AI Limited (the “
Company” or
“
Datametrex”) (
TSXV: DM, FSE:
D4G) today released its financial results for the three
(“Q2 2019”) months ended June 30, 2019. For the six months
operations, the Company reported revenues of $875,083 and EBITDA of
$(1,553,756).
“In Q2 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 Q2 2019 results, Jeff
Stevens, President of the Company stated, “Datametrex sees
tremendous opportunity across the North American and Asian markets
where it is gaining wide acclaim. These markets have the potential
to drive strong revenue across a variety of multinationals.”
Highlights for Q2 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.
- The Company was successful in securing a contract with Hyosung
Co. Ltd. through Comas Co., a sister company of Daewoo Information
Systems Co. for a value of approximately $850,000.
- The Company was successful in securing another contract with a
division of Lotte for approximately $1,000,000.
- The Company was chosen as the Technology partner for Two Lakes
Group for Africa projects.
- The Company participated in NATO Research Task Group in Paris,
France.
- The Company won another Government contract with approximate
value of $250,000.
Financial Highlights
The following table reconciles income from
operations to EBITDA and Adjusted EBITDA for the three and six
months ended June 30, 2019 and June 30, 2018:
|
Three months
ended June 30, |
|
Six months
ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
$ |
$ |
$ |
$ |
|
|
|
|
|
Revenue |
376,518 |
|
924,873 |
|
875,083 |
|
1,283,296 |
|
|
|
|
|
|
|
|
Management fees from Graph1 |
105,000 |
|
884,956 |
|
210,000 |
|
1,769,912 |
|
|
|
|
|
|
|
|
Net loss |
(1,011,962) |
|
(1,042,458) |
|
(1,916,754) |
|
(2,929,607) |
|
|
|
|
|
|
|
|
EBITDA* 1 |
(830,227) |
|
(206,724) |
|
(1,553,756) |
|
(1,359,112) |
|
|
|
|
|
|
|
|
Adjusted EBITDA* 1 |
(841,500) |
|
(131,469) |
|
(1,553,756) |
|
(142,592) |
|
|
|
|
|
|
|
|
Adjusted EBITDA per share* 1 |
(0.004) |
|
(0.001) |
|
(0.007) |
|
(0.001) |
1 In the six months ended June 2018, DM
generated a one time management fee of $1,769,912 for management
consulting services provided to its associate company, Graph, to
assist with Graph’s initial set up and its reverse take-over.
* 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
June 30, 2019.
The financial statements, notes to the financial
statements and Management’s Discussion and Analysis for the
six-month period ended June 30, 2019 are available on SEDAR at
www.sedar.com.
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
For further information, please contact:
Jeffrey Stevens – President & COOPhone:
(647) 400-8494Email: 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.
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