Datametrex AI Ltd. (TSX-V: DM, OTC: DTMXF, Forum) released its Q3 2020 financial results this week, highlighting revenue of $4.9 million (CAD), up from $2.6 million, a 189% increase compared to the same period last year. Recognized revenue was $7.6 million for nine months ending Sept 30th 2020. The Company stated that it generated a net profit, excluding several expenses.
The Adjusted EBITDA showed an improvement achieving a positive Adjusted EBITDA of $362,059, compared to $539,116 in the same period of last year. With a balance sheet of $1.4 million cash and $2 million receivables, DM’s Chief Executive Officer, Marshall Gunter stated that multiple key milestones were also achieved, including 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.”
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The Canadian tech Company recently made news around its COVID-19 testing growth in film and television production.
DM’s leadership believes that (considering relationships it is pursuing and in discussions for) it is on track to achieve approximately 4,000 tests per week. Based on current operations, Datametrex, current cost and revenue model would result in revenue of approximately $20 million over the next 28 weeks.
The Company is currently supplying COVID-19 tests for 13 film productions launched in Vancouver, with additions in Montreal, and Toronto.
Datametrex Chief Executive Officer, Marshal Gunter stated that the Company is ramping up its business to meet increasing demand and our expectation based on what it is seeing in the market is on-track to execute on approximately 10,000 tests per week on a progressive basis.
“We are witnessing a paradigm shift within the film industry. With the advent of movie theaters being closed in numerous regions around the globe due to government enforced shutdowns by coronavirus, film and television companies rely more on at-home streaming services to maintain a robust revenue model. Content production is key to this and Canada is a major platform for content development. The demand remains high for qualified medical professionals from the private sector to be on site, and in the lab, ensuring complete and timely delivery of coronavirus tests supplied by Datametrex.”
FULL DISCLOSURE: Datametrex AI Ltd. is a client of Stockhouse Publishing.