Posts 1,500% YOY Growth in 2021 First Half Results VANCOUVER, BC, Aug. 31, 2021 /CNW/ - Minerva Intelligence Inc. (TSXV: MVAI) ("Minerva" or the "Company"), an artificial intelligence company focused on amplifying human intelligence to support decision making, today reported financial results for the six-month period ended June 30th, 2021. All amounts are presented in Canadian dollars.
- Total revenues of $269,351 in Q2 2021, with year-to-date revenues of $821,748, an increase of over 1,500% year over year;
- Loss and comprehensive loss of ($710,999) in Q2 2021 (YTD: $1,179,192) compared to Q2 2020 of ($784,098) (YTD: $1,397,548), a decrease in loss of 10% in the quarter and 16% year over year;
- Cash $530k as of June 30th compared to $1.4m as of December 31st, 2020.
"Q2 was an exciting quarter for Minerva," said Scott Tillman, Chief Executive Officer of Minerva. "We have been making great strides with our upcoming Climate Risk platform, and are on the cusp of breaking through with a revolutionary new system to enable effective evaluation of climate risk for multiple sectors. Besides this, our Economic Geology division –and our DRIVER application in particular– continues to build on strong word-off-mouth within the mining and exploration industries, and we expect strong uptake of this revolutionary software tool in the latter half of this year. The advances made by our software development team in the past six month are groundbreaking, and we look forward to proving the fruits of their labours in the quarters ahead."
Jake McGregor, COO, added, "We are in the midst of completing a private placement of up to CAD$3.5 million, initiated in part to build out our Climate Risk division in order to capitalize on strong demand in the ESG and Climate Risk Disclosure sector. Our numbers this quarter only hint at this growing demand and we are confident that we have just only scratched the surface of what we are able to accomplish over the coming quarters and years. Furthermore, as ESG standards are codified and become a critical component of reporting requirements for corporate issuers, Minerva's cognitive AI technology is uniquely positioned for application in this vertical. I continue to firmly believe that the Company is on track to becoming one of the leading technology providers in this space."
"As we continue to execute on our commercialization strategy, we anticipate our strong revenue growth to continue on a year-over-year basis for the foreseeable future, which will result in a record performance this year. Adoption of our unique software tools continues to grow, which is a great indication of Minerva's bright future." Mr. Tillman concluded.
For full details on Minerva's reported results, please go to https://minervaintelligence.com/investors.
About Minerva Intelligence, Inc.
Minerva Intelligence Inc. is a knowledge engineering company based in Vancouver, Canada, with a subsidiary office in Darmstadt, Germany. Their proprietary evidence-based decision-making software is bringing the benefits of artificial intelligence technology to industries dependent on reasoning with complex technical and scientific data.
Although Minerva's applications currently focus on earth science-related domains including natural hazards and mineral exploration, their technology has application in diverse industries and domains.
Minerva's common shares are currently listed on the TSX Venture (symbol MVAI).
For further details, please refer to their website (www.minervaintelligence.com).