TORONTO, May 27, 2020 (GLOBE NEWSWIRE) -- Datametrex AI Limited (the “Company” or “Datametrex”) (TSXV: DM, FSE: D4G, OTC: DTMXF) is pleased to announce its financial results for Q1, ended March 31, 2020.
Although certain projects and various sales negotiations have been postponed due to COVID-19 outbreaks, the Company was able to expand its businesses, and recorded increase in revenue for Q1 2020 by 62%, $809,402 compared to $498,565 in the previous year. Operating costs were reduced by 31% to $1,162,723 compared to $1,692,958 in the previous year. The net results improved significantly with a decrease by 25%, ($721,761) compared to ($904,792) in the previous year. The Adjusted EBITDA also had a significant improvement with a decrease by 177%, ($257,303) compared to ($712,256).
“In Q1 2020, we achieved multiple key milestones and made significant strides in strengthening our AI platform and offering, reducing operating costs, increasing sales, and focusing on our core business. This resulted in a substantial improvement to the bottom line,” says Marshall Gunter, CEO of the Company.
Highlights for Q1 2020
- The Company completed work for Democracy Labs on #disinformation in social media regarding #covid19 and #coronavirus and secured a relationship with Carnegie Mellon University IDeaS. These projects assisted in getting Nexalogy in front of the Government Agencies for the opportunity in the United States.
- The Company continued 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 Company was chosen as preferred vendor partner by LOTTE Data Communication.
Financial Highlights
The following table summarizes revenue, net loss and EBITDA* and Adjusted EBITDA* for the three months ended March 31, 2020 and 2019.
| For the three months ended | ||||||
| March 31, 2020 | March 31, 2019 | % | ||||
| $ | $ | |||||
| REVENUE | 809,402 | 498,565 | 62 | % | ||
| NET LOSS | (721,761 | ) | (904,792 | ) | 25 | % |
| EBITDA | (528,303 | ) | (723,529 | ) | 37 | % |
| EBITDA per share | (0.002 | ) | (0.003 | ) | 68 | % |
| Adjusted EBTDA | (257,303 | ) | (712,256 | ) | 177 | % |
| Adjusted EBITDA per share | (0.001 | ) | (0.003 | ) | 34 | % |
* Note: EBITDA (non-IFRS measures) is calculated as Net Loss ($721,761) adjusted for 1. Income taxes of ($16,207), 2. Depreciation and amortization of $194,899, and 3. Interest and accretion of $14,766. Adjusted EBITDA (non-IFRS measures) is calculated as EBITFA adjusted for share based compensation of 271,000.
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 three months ended March 31, 2020.
The financial statements, notes to the financial statements and Management’s Discussion and Analysis for the three months ended March 31, 2020 are available on the Company’s profile at SEDAR at www.sedar.com.
About Datametrex
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).
For further information, please contact:
Marshall Gunter – CEO
Phone: (514) 295-2300
Email: mgunter@datametrex.com
Jeff Stevens- Advisor
Phone: (647) 400-8494
Email: jstevens@datametrex.com
Forward-Looking Statements
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.