- Recognized revenue of $7.6 million
- Earned $362K excluding non cash expenses
- Very strong balance sheet with $1.4M cash and $2M receivables
- Introduced Naxalogy’s Social Media Automated Reporting Technologies.
- Completed 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.
Toronto, Ontario–(Newsfile Corp. – November 25, 2020) – Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTC Pink: DTMXF) (the “Company” or “Datametrex“) is pleased to announce record third quarter 2020 (“Q3”) financial and operating results. All currency is in Canadian dollars, unless otherwise stated. All results are reported on a 100% basis.
The Company’s revenue increased by 189% in Q3 compared to the same period of last year. The Company’s cash position improved significantly to $1,413,374 compared to $119,675 at the end of 2019. The net loss improved with a decrease of 35% to ($451,353) compared to ($695,803) in the same period of last year. There was a $607,997 of option issuance expense and $194,517 of Depreciation and Amortization expense, which are non-cash based expenses.
Excluding these expenses, the Company generated a net profit. This is reflected in Adjusted EBITDA. The Adjusted EBITDA showed a significant improvement achieving a positive Adjusted EBITDA of $362,059, compared to ($539,116) in the same period of last year.
“In Q3 2020, the Company achieved multiple key milestones, a significant increase in gross revenue and improvement in its cash position. This positive outcome was a direct result of our quick response in implementing a plan to begin selling test kits as result of the global impact of the COVID-19 virus. This resulted in a substantial improvement to the bottom line,” said Marshall Gunter, CEO of the Company.
AI and Technology
The Company is now targeting larger bids with the Canada’s Industrial and Technological Benefits (“ITB”) program that are in the range of tens of millions of dollar. At the same time, we are continuing to work with the United States Air Force (“USAF”), Office of Naval Reesarch (“ONR”) and the Defence Research and Development Canada (“DRDC”).
The Company is also continuing to expand its product and, as such, Nexalogy SMART technology will be available imminently on the market.
Our footprint in Korea continues to expand as demonstrated by the recent growth in our revenue. We are looking to bring the formula used in Korean sales to Canada and the United State for the private sector.
COVID-19 Test Kits
The Company continues to expand our footprint with film production companies and mining companies, performing approximately 5,000 tests a week. We expect the number of tests per week to grow continuously as the Company is now running tests in Vancouver, Toronto and Montreal.
Highlights for Q3 2020
- Recognized revenue of $7.6 million for the nine-month 2020 period compared to $2.6 million in same period 2019, of which $4.9 million was earned in the third quarter.
- The Company started securing and delivering purchase orders of COVID-19 test kits and generated $2.3 million COVID-19 related revenue in Q3 2020.
- The Company has received $1.8 million from the exercise of share purchase warrants and options.
- The Company introduced Naxalogy’s Social Media Automated Reporting Technologies.
- The Company completed 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 following table summarizes revenue, net loss and EBITDA* and Adjusted EBITDA* for the three and nine months ended September 30, 2020 and 2019.
ended June 30
ended September 30
|EBITDA per share*
|Adjusted EBITDA per share*
* Note: EBITDA (non- IFRS measures) is calculated as Net Loss adjusted for 1. Income taxes, 2. Depreciation and amortization, and 3. Interest and accretion. Adjusted EBITDA (non-IFRS measures) is calculated as EBITFA adjusted for share based compensation.
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 nine months ended September 30, 2020.
The Company’s Financial Statements and Management Discussion & Analysis (“MD&A”) are at SEDAR at www.sedar.com.
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). Datametrex’s mission is to provide tools that support companies in fulfilling their operational Health and Safety goals with predictive and preventive technologies. By working with companies to set a new standard of protocols through Artificial Intelligence and health diagnostics, the Company provides progressive solutions to support the supply chain.
Additional information on Datametrex is available at www.datametrex.com
For further information, please contact:
Marshall Gunter – CEO
Phone: (514) 295-2300
Email: [email protected]
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.
Expressions of Interest for Director of the European Bank for Reconstruction and Development
The Minister for Finance, Michael McGrath, is inviting Expressions of Interest from suitably qualified candidates to be considered as Ireland’s Director of the London-based European Bank for Reconstruction and Development (EBRD). The remunerated position of Director is an important post with a demanding workload. A full-time residential position, it is based at Bank headquarters in London.
The Minister’s nominee is expected to be appointed by the EBRD, with the agreement of Ireland’s Constituency partner countries, for a three-year term from 1 August 2024.
Minister McGrath commented:
“This is an exciting opportunity to represent Ireland (and our Constituency partners Denmark, Lithuania and Kosovo) as a Director on the Board of the European Bank for Reconstruction and Development overseeing the policy-making and governance of the Bank. The EBRD is a unique International Financial Institution supporting projects across three continents. By investing in projects which otherwise would not be fully met by the market, the EBRD promotes entrepreneurship and fosters transition towards open and sustainable market economies. I am keen to ensure our Irish representative has the ability, education, vision, and experience to make a significant contribution to the Board and brings a range of skills and diverse perspective to the deliberations of the Board.
My nominee will need high competence in economic and financial matters. Expertise can come from notable or significant achievements in the corporate or financial sector, academia, policy-focused institutions, or public service. Importantly, they will have the highest ethical standards, a strong sense of professionalism and commitment, and dedication to serving the interests of all the shareholders and be able to make themself readily available to the Board in the fulfilment of their duties.”
Expressions of interest will be accepted up to 3pm on 27th March 2024
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Council adopts regulation on instant payments
The Council adopted today a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.
The new rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures. Improving the possibilities to mobilize cash-flows will bring benefits for citizens and companies and allow for innovative added value services.
The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.
Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro. The charges that apply (if any) must not be higher than the charges that apply for standard credit transfers.
The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.
The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD). As a result, these entities will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period. The regulation includes appropriate safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.
Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.
The regulation includes a review clause with a requirement for the Commission to present a report containing an evaluation of the development of credit charges.
This initiative comes in the context of the completion of the capital markets union. The capital markets union is the EU’s initiative to create a truly single market for capital across the EU. It aims to get investment and savings flowing across all member states for the benefit of citizens, businesses, and investors.
On 26 October 2022 the Commission put forward a proposal on instant payments that amends and modernises the single euro payments area (SEPA) regulation of 2012 on standard credit transfers in euro by adding to it specific provisions for instant credit transfers in euro.
Source: European Council
FCA highlights need for enhanced competition in wholesale data markets
The FCA has unveiled the outcomes of its in-depth study into the wholesale data market, focusing on the sectors of credit ratings data, benchmarks, and market data vendor services.
Despite deciding against major regulatory actions due to the risk of unintended consequences that could affect the data’s availability and quality—a crucial resource for global investors—the FCA has pinpointed several areas where competition could be significantly improved.
The study’s revelations indicate that the current state of competition in these markets may lead to users incurring higher costs for data than would be the case in a more competitive environment. This concern is particularly pressing given the critical role that such data plays in supporting effective investment decisions across the financial sector.
In a move to address these findings, the FCA has proposed initiatives aimed at ensuring wholesale data is distributed under fair, reasonable, and transparent conditions. This approach forms a part of the regulator’s broader strategy to ‘repeal and replace’ assimilated EU law, reinforcing the UK’s status as a premier global financial hub fostering investment, innovation, and sustainable growth.
Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, emphasised the importance of quality and accessible wholesale data for the efficiency of financial markets. “The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills stated. He further clarified, “Our market study found that firms can access the data they need to make effective investment decisions. We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms.”
In its commitment to fostering a competitive and fair marketplace, the FCA will continue to scrutinize allegations of anti-competitive behavior across all markets, including wholesale data markets, leveraging its powers under the Competition Act to address any such issues.
Source: Fintech Global
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