"The Company has returned to profitability in the first quarter of 2024, in contrast to the net loss reported in Q3 2023 and Q4 2023. We had a slow start to Q1 2024, but ended the quarter very strongly in terms of top-line revenue and profitability. In Q1 2024, we were able to draw down on our new medium term facility to support rig purchases and other ancillary equipment for a new underground contract. We now have numerous multi-rig, multi-year contracts with tier one miners which will drive revenue and profits for years to come" said Geodrill Chief Financial Officer, Greg Borsk.
"Our focus on securing long-term contracts is pivotal for Geodrill; strengthening our foothold in West Africa and importantly, driving operational stability and a consistent revenue stream. This strategy is key for financial predictability allowing us to deliver value to our shareholders, reinforcing our commitment to sustainable growth and financial success," said Dave Harper, President and CEO of Geodrill.
https://www.newswire.ca/news-releases/geodrill-announces-2024-first-quarter-financial-results-809045870.html