Fintech
Datametrex Reports over $18.3M Revenue in the Second Quarter
- Significant increase in IT services revenue of over $2 million, up 141% from the previous year.
- Positive cash flow of over $766K from operations.
- Revenue of over $18.3 million.
- Over $25 million in current assets, including $14m in cash
Toronto, Ontario–(Newsfile Corp. – August 26, 2022) – Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) (the “Company” or “Datametrex”) is pleased to report its financial results for the second quarter. Datametrex has filed on SEDAR its financial statements (“FS“) and related management discussion and analysis (“MD&A”) for the quarterly results ending June 30, 2022 (“Q2 2022”).
Q1 2022 Financial Summary
The Company’s financial performance experienced a significant increase in its IT services revenue and is currently working with several companies to expand and grow its AI and Technology sectors.
The Company reported revenue of over $18 million, EBITDA of $1,431,035 and adjusted EBITDA of $3,265,906 for six months ended June 30, 2022. The Company bared a non-cash expense of $1,834.871 for option issuance and depreciation and amortization of $1,255,173. Management believes adjusted EBITDA, $3,265,906, is the true reflection of operations within the last six months. The cash balance remains strong. The company used $934,116 to exercise the Normal Course Issuer Bid to increase return to the Company’s shareholders.
“Our 2022 second-quarter results reflect a strong increase in our IT services as expand our core AI and IT services to companies globally. We look forward to further expanding these services through MediCall and DMEVS. We are proud to be one of the small cap stocks to maintain a strong cash balance and are thrilled to see our share buy back program gain traction,” said Marshall Gunter, CEO of the Company.
The following financial information from the financial results ending June 30, 2022, and Management Discussion & Analysis (“MD&A”) are available for review on SEDAR.
Please refer to the Q2 2022 filing in its entirety, which is available under Datametrex’s profile at www.sedar.com.
Financial highlights for three-month financial results ended June 30, 2022 (Q2):
The following table reconciles net loss to EBITDA and Adjusted EBITDA for the six months ended June 30, 2022, and 2021:
| Three months ended June 30, | Six months ended June 30, | |||||||||||
| 2022 $ |
2021 $ |
2022 $ |
2021 $ |
|||||||||
| Net income (loss) | (1,357,832) | 850,134 | (5,282) | 10,410,485 | ||||||||
| Income taxes | 107,436 | 184,807 | 179,133 | 1,107,410 | ||||||||
| Depreciation and amortization | 611,963 | 530,470 | 1,255,173 | 720,834 | ||||||||
| Interest and accretion | 1,276 | 546 | 2,011 | 11,482 | ||||||||
| EBITDA | (637,157) | 1,565,957 | 1,431,035 | 12,250,211 | ||||||||
| Share based compensation | 736,639 | 2,036 | 1,834,871 | 3,270,440 | ||||||||
| Adjusted EBITDA | 99,482 | 1,567,993 | 3,265,906 | 15,520,651 | ||||||||
Outlook
The Company continues to build its EV operations as testing trials begin for the Smart EV Charger. Seven (7) commercial properties were also secured by the Company in North Vancouver to install DM EVS chargers and EV charging stations. The Company also continues to work on telehealth operations with Medi-Call. With the launch of the app on all iOS and Android devices, DM is focused on building subscribers and expanding Medi-Call with diversified services to fit patient needs.
Additionally, the Company is working towards building its core business in AI and IT technology and expanding globally to provide AI services to companies to broader the Company’s scope outside of government AI work. All required documents to graduate from the TSX Venture Exchange have been submitted to uplist to the TSX main board.
About Datametrex
Datametrex AI Limited is a technology-focused company using artificial intelligence (AI) to create progressive solutions for the cyber security, telehealth, and electric vehicle (EV) verticals. Datametrex’s mission is to provide tools that support companies in fulfilling their operational goals with predictive and preventive technologies.
For additional information on Datametrex and other corporate information, please visit the Company’s website at www.datametrex.com.
For further information:
Investor Relations & Communications
Priya Monique Atwal, Director of Communications
Email: investors@datametrex.com
Tel: 416-901-5611 x 204
Marshall Gunter, CEO
Email: mgunter@datametrex.com
Tel: 514-295-2300
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.
Forward-Looking Statements
All statements included in this press release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements, including statements regarding the Bid. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections, and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Except as required by law, the Company does not undertake to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134908