Datametrex Earned $362K in Q3
- 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.
I am way wrong for the Q4 estimate that I thought was 6-8 million....Q3 came in 7.6......we should be somewhat better than is a logical guess.