Minerva Intelligence Reports Q1 2022 Financial Results
May 30th, 2022 17:30 EST
VANCOUVER, BC, May 30, 2022 /PRNewswire/ - Minerva Intelligence Inc. (TSXV: MVAI) (OTCQB: MVAIF) ("Minerva" or the "Company"), an artificial intelligence software company focused on building decision support tools for climate risk, mineral exploration and mining, is pleased to announce its financial results for the three-month period ended March 31, 2021 ("Q1"). All amounts are presented in Canadian dollars.
Q1 Financial Highlights
- Total revenues for the three-month period ended March 31st 2022 of $123,122 compared to $552,397 for the three-month period ended March 31st 2021
- Net loss for the three-month period ended March 31st 2022 of $0.94 million compared to $0.46 million for the three-month period March 31st 2021
- Cash balance of $2,403,702 and working capital of $2,522,616
Q1 Operational Highlights
- Signed first licensed SaaS customer for DRIVER AI Software
- Signed four DRIVER proof of concept projects, one of which was converted directly to full license
- Transitioned to annually renewing contracts in SaaS products, creating reliable income
- Enhanced the Board of Directors with the addition of Dr. David Poole
"We are pleased with the results of our first quarter despite the change in revenue from same quarter in the prior year. We have made the transition to SaaS sales for DRIVER, which results in revenues being allocated over the period of the contract, as opposed to a fixed consulting contract which provided immediate revenues once completed. In our opinion, this transition is positive as it will result in longer term more stable revenues" said Scott Tillman, Chief Executive Officer.
Management expects future periods to result in higher sales as the contracts for DRIVER accumulate and renew.
In addition, the board of directors has authorized the issuance of 1,541,750 options to directors, officers and employees of the Company at an exercise price of $0.07 per share for a term of two years expiring May 26, 2024.
Additionally, the Company and Morgan Knowles have agreed to continue working together for one year, renewing the investor relations contract for a one-year term at the same rate as previously announced in addition to 100,000 options included in the prior paragraph on the same terms and conditions.
About Minerva Intelligence Inc.
Minerva Intelligence Inc. is a software development company based in Vancouver, Canada, with a subsidiary office in Darmstadt, Germany. Their proprietary technology is empowering organizations to make defensible decisions in the face of climate change.
Although Minerva's applications focus on the search for critical metals and the assessment of physical climate risk, their technology has application in diverse industries and domains.
Minerva's common shares are currently listed on the TSX Venture Exchange (symbol MVAI). For further details, please refer to their website www.minervaintelligence.com or follow Minerva on Twitter or LinkedIn.
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.