VANCOUVER, British Columbia, 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 released its financial results for the period three months completed March, 31stst, 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 the loss of 47% over one year;
- Cash balance of $ 1.0 million like a March 31, 2021 compared to $ 1.4 million like a December 31, 2020
“The first quarter was a quarter,” said Scott tillman, Managing Director of Minerva. “We exceeded our internal targets, 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 satisfied customers. Economic geology The division is gaining the attention of mining companies as we tackle a major challenge in the mining industry as exploration costs continue to rise while discovery rates continue to decline. The integration of Minerva’s artificial intelligence into exploration processes, data standardization and the provision of precision mapping has proven to play a critical role in identifying drill targets and managing risk. exploration. “
Mr. Tillman continued: “Our Climatic risk The division is also showing strong growth, as we continue to serve the Canadian government to help them understand where the risk lies from environmental disasters such as landslides and floods and determine the standards underlying these informations. Our numbers this quarter reflect this growing demand and the success we have with these groups. We are convinced that we have only scratched the surface of what we are able to accomplish in the quarters and years to come. Additionally, as ESG standards continue to become an essential part of reporting requirements for corporate issuers, we believe our technology can be applied in this vertical industry and we are on track to become one. major technology providers capable of providing appropriate standards in this regard. reporting framework. “
“As we continue to implement our initial go-to-market strategy, we anticipate continued strong year-over-year revenue growth for the foreseeable future, which will translate into a record performance this year, which is bodes well for the future as adoption continues. grow. ”Mr. Tillman concluded.
For more details on the results reported by Minerva, please see https://minervaintelligence.com/investors.
About Minerva Intelligence, Inc.
Minerva Intelligence Inc. is a knowledge engineering company based in Vancouver, Canada, with a subsidiary in Darmstadt, Germany. Their proprietary evidence-based decision-making software brings the benefits of artificial intelligence technology to industries that rely on reasoning with complex technical and scientific data.
Although Minerva’s applications currently focus on fields related to earth sciences, including natural hazards and mineral exploration, their technology has applications in various industries and fields.
Minerva’s common shares are currently listed on the TSX Venture Exchange (symbol MVAI).
For more details, please see their website (www.minervaintelligence.com).
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of such securities in any jurisdiction where such an offer, solicitation or sale would be illegal prior to registration. or qualification under the titles. laws of that jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”), or any national securities law and may not be offered or sold. in the United States or in, or on behalf of or for the benefit of, “United States nationals” as that term is defined in Regulation S of the US Securities Act, unless an exemption from such registration is available.
Caution Regarding Forward-Looking Statements
Forward-Looking Information: This press release contains certain information that may be considered “forward-looking information”. Forward-looking information can generally be identified by the use of forward-looking terms such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, ” continue “,” plans “or similar terminology. All information contained in this press release, other than information on historical facts, including, without limitation, the availability of funding for the Company, is forward-looking information that involves various risks and uncertainties. Although the Company believes that the expectations expressed in this forward-looking information are based on reasonable assumptions, these expectations are not guarantees of future performance and actual results or developments may differ materially from those of the forward-looking information. Forward-looking information is based on a number of important factors and assumptions. Factors that could cause actual results to differ materially from forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing at low prices. acceptable conditions, general economic, market or business conditions, regulatory changes. , delays in receiving approvals and other risks detailed herein and from time to time in documents filed by the Company with securities regulatory authorities in Canada. Mineral exploration and mine development are inherently risky activities. Therefore, 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 consult our continuous disclosure documents available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update forward-looking information, except in accordance with applicable securities laws.
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