VANCOUVER, BC , May 27, 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 three-month period ended March 31 st , 2021. All amounts are presented in Canadian dollars.
- Total revenues of $552,397 in Q1 2021 compared to $53,000 in Q1 2020, an increase of 1,042% year over year;
- Adjusted EBITDA of ($454,986) in Q1 2021 compared to Adjusted EBITDA of ($860,824) in Q1 2020, a decrease in loss of 47% year over year;
- Cash balance of $1.0m as at March 31st, 2021 compared to $1.4m as at December 31st, 2020
"Q1 was a breakout quarter," said Scott Tillman , Chief Executive Officer of Minerva. "We beat our internal goals, landed substantial new contracts within our Climate Risk department, and completed all beta testing of our geology products while receiving validation of the strength of our offering from happy customers. Our Economic Geology division is garnering the attention of mining companies as we address a major challenge within the mining industry, with exploration costs continuing to rise while discovery rates continue to decrease. Incorporating Minerva's artificial intelligence into exploration processes, standardizing data, and providing precision mapping have proven to play a critical role in identifying drilling targets and managing exploration risk."
Mr. Tillman continued, "Our Climate Risk division is displaying strong growth as well, as we continue to service the Canadian Government to help them understand where risks lie when it comes to environmental disasters such as landslides and flooding and determine the standards underlying this information. Our numbers this quarter reflect this growing demand and the success we are having with these groups. 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 continue to become a critical component of reporting requirements for corporate issuers, we believe our technology can be applied in this vertical and we are on the right path to become one of the leading technology providers able to deliver proper standards for this reporting framework."
"As we continue to execute on our initial commercialization strategy, we expect continued strong revenue growth on a year-over-year basis for the foreseeable future that will result in a record performance this year, which bodes well for the future as adoption continues to grow." 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 ).
This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons," as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration is available.
Cautionary Note Regarding Forward-Looking Statements
Forward Looking Information: This news release includes certain information that may be deemed "forward-looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. All information in this release, other than information of historical facts, including, without limitation, the availability of financing to the Company are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our continuous disclosure filings which are available at www.sedar.com . Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Minerva Intelligence Inc.
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