Deveron Reports Q1 Revenue Growth of 181%
28 Mai 2020 - 1:30PM
Deveron UAS Corp. (CSE: DVR) (
“Deveron” or the
“Company”), a leading agriculture digital services
and insights provider in North America, is pleased to announce
revenue growth of 181% year over year to $283,420 in Q1 2020.
For the fourth quarter in a row, Deveron achieved sales growth of
over 100%.
First Quarter 2020 Financial and Operational
Highlights
The Company’s financial performance improved
over the previous year’s quarter, driven by the continued customer
uptake of Deveron’s soil sampling service. For the
three-month financial results ended March 31, 2020 (and comparable
period ended March 31, 2019):
- Revenue grew 181% year over year to $283,420 in Q1 2020, from
$100,564 in Q1 2019.
- Gross profit grew 160% year over year to $180,212 in Q1 2020,
from $69,833 in Q1 2019.
“Our first quarter results are highlighted by
continued growth in acres serviced for our data collection group,”
commented David MacMillan, Deveron’s President and CEO.
“Building upon our successful launch in 2019, we saw increased
usage of our collection network reflecting trust from our customers
and our team’s ability to quickly turn around orders, helping our
farm partners prepare for the spring planting season.
Considering that Q1 is typically slow for our business, I think
these results continue to illustrate our growing market
penetration, the value we provide as a low cost, reliable service
provider and that we are on track for another year of substantial
growth. We are starting to see our organic sales channels
deliver and coupled with our recent acquisition of Better Harvest
in Texas, we believe we have a solid foundation on which we can
continue to grow our farm acres under management and ultimately,
average revenue per acre. Finally, as was the case in 2019,
we have already seen net bookings in April and May outpace all of
Q1.”
Summary of Financial Results
Results of operations |
For the three months ended |
|
March 31, 2020 |
March 31, 2019 |
Total Revenue |
$ |
283,420 |
|
$ |
100,564 |
|
Gross Profit |
$ |
180,212 |
|
$ |
69,833 |
|
Gross Profit Margin % |
|
63 |
% |
|
69 |
% |
Operating Expenses |
$ |
748,995 |
|
$ |
952,919 |
|
Total Comprehensive Loss |
$ |
(568,783 |
) |
$ |
(882,919 |
) |
Weighted Average Common Shares Outstanding |
|
38.1 M |
|
|
37.8 M |
|
Per Share: |
|
Comprehensive Net Loss |
$ |
(0.01 |
) |
|
(0.02 |
) |
|
|
|
|
|
|
|
Operational Highlights for Q1:
- On January 7, Deveron announced
further collaboration with Huron Tractor, a leading John Deere
dealer, to offer data insights and collection products to help
deliver increased value to agriculture data while offering
additional support to help farmers leverage raw data into value add
solutions.
- Increased data collection revenue
to $139,786 in 2020 versus $3,332 in 2019.
- Increased data insights revenue of
47% to $143,634 in 2020 versus $97,232 in 2019.
Business Outlook“Our goal was to achieve
significant revenue growth in both our data collections and
analytics business. We achieved this in Q1 with revenue
growth of 181% over Q1 2019, in what is typically our lowest
activity quarter. We moved our strategy forward in Q1 by
growing our customer base and increasing the acres under management
that we service. This will directly impact the remainder of
the year and set us up for solid growth again in 2020.
Secondly, with our acquisition of Better Harvest in Texas finalized
subsequent to the quarter end, we have initiated an agronomist
acquisition strategy which we think provides significant potential
to accelerate revenue growth and acres under management.
Finally, with a new round of investment completed, our team has
ample runway to execute our 2020 plan.”
Subsequent to Quarter End
- On May 11, Deveron acquired Better
Harvest, a Texas based agronomy solutions business. Better
Harvest provides unbiased agronomic advice, nitrogen management
solutions and optimization for irrigation to over 100,000 acres of
growers. Better Harvest had unaudited reported revenue of
$471,769 USD in 2019.
- The Company also completed a
private placement of $1.35 million (see press releases dated April
7, 2020 and April 17, 2020). In conjunction with this
financing, Bill Linton joined its Board of Directors, where he will
serve as non-executive Chairman. Bill Linton is an
experienced Director and private investor. He currently serves on
the Boards of TMX Group (TSE: X), Empire Company (TSE: EMP.A), and
CSL Group. He has invested in and served as an advisor to and/or
Board member of a number of successful technology companies
including UXP Systems (acquired by AmDocs), In The Chat (acquired
by Pegasystems) and Softchoice Corp. (acquired by Birch Hill Equity
Partners). Bill retired in 2012 as the CFO of Rogers Communications
Inc. and prior to that was the CEO of Call Net Enterprises.
The Management’s Discussion and Analysis for the
period and the accompanying financial statements and notes are
available under the Company’s profile on SEDAR at
www.sedar.com. This news release is not in any way a
substitute for reading those financial statements, including the
notes to the financial statements.
About Deveron UAS: Deveron is a
leading agriculture technology company focused on providing data
acquisition services and data analytics in North America.
Through its on-demand network of drone pilots and soil sampling
technicians, the Company is providing scalable data acquisition
solutions in the imagery and soil space. Additionally,
through its wholly owned subsidiary Veritas Farm Management, the
company provides growers in North America with independent data
analytics and insights on the massive amount of data being
generated on farms today.
For more information and to join our community,
please visit www.deveronuas.com/register or reach us on
Twitter @DeveronUAS or @MyVeritas_HQ
David MacMillanPresident & CEO Deveron UAS
Corp.416-367-4571 ext. 221dmacmillan@deveronuas.com
This news release includes certain
“forward-looking statements” within the meaning of that phrase
under Canadian securities laws. Without limitation, statements
regarding future plans and objectives of the Company are forward
looking statements that involve various degrees of risk.
Forward-looking statements reflect management's current views with
respect to possible future events and conditions and, by their
nature, are based on management's beliefs and assumptions and
subject to known and unknown risks and uncertainties, both general
and specific to the Company. Although the Company believes the
expectations expressed in such forward-looking statements are
reasonable, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in our forward-looking statements. The
following are important factors that could cause the Company’s
actual results to differ materially from those expressed or implied
by such forward looking statements: changes in the world-wide price
of agricultural commodities, general market conditions, risks
inherent in agriculture, the uncertainty of future profitability
and the uncertainty of access to additional capital. Additional
information regarding the material factors and assumptions that
were applied in making these forward looking statements as well as
the various risks and uncertainties we face are described in
greater detail in the "Risk Factors" section of our annual and
interim Management's Discussion and Analysis of our financial
results and other continuous disclosure documents and financial
statements we file with the Canadian securities regulatory
authorities which are available at www.sedar.com. The Company
undertakes no obligation to update this forward-looking information
except as required by applicable law. The Company relies on
litigation protection for forward looking
statements.
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