VANCOUVER, BC, Nov. 26, 2021 – Minerva Intelligence Inc. (TSXV: MVAI) (“Minerva” or the “Company”), an artificial intelligence software company focused on building decision support tools for climate risk, mineral exploration and mining, today reported financial results for the three- and nine-month period ended September 30, 2021. All amounts are presented in Canadian dollars.
- Total revenues of $78,685 in Q3 2021 compared to $149,000 in Q3 2020, with year-to-date revenues of $900,433, an increase of over 346% year over year.
- Loss and comprehensive loss of ($712,783) in Q3 2021 (YTD: $1,179,192) compared to Q3 2020 of ($626,101). Year to date, loss and comprehensive loss totaled ($1,891,975) compared to ($2,023,649) for the same period in 2020, a decrease in loss of 6%.
- Cash balance of $4.1m as of September 30th, 2021, compared to $1.4m as of December 31st, 2020.
“Q3 was an important quarter for Minerva as we completed an over-subscribed $4.5m financing, giving us the capital we need to pursue our economic geology and climate risk strategies,” said Scott Tillman, CEO of Minerva Intelligence. “With a strong balance sheet in place we are all well positioned to continue executing in our highly innovative and proprietary Climate Risk strategy in Q4’21 and well into the future. We are seeing growing demand for a solution that provides detailed insight on risks associated with climate change and its impact on various sectors, whether it be governments, insurance companies or issuers globally and we are confident that Minerva technology can provide transparency and clarity when it comes to these risks. Furthermore, our economic geology segment continues to see growing demand as the mining industry as a whole looks for innovative technology to help eliminate the inherent risks of drilling for precious metals and minerals.”
Mr. Tillman continued, “While revenues this quarter were below expectations, we are confident in our strategy moving ahead. With the addition of our new VP of Sales and the allocation of more resources towards sales and marketing, we are already seeing strong traction in Q4 2021 and believe this will continue well into 2022.”
For full details on Minerva’s reported results, please go to https://minervaintelligence.com/investors.
About Minerva Intelligence Inc.
Minerva Intelligence Inc. is a software development company based in Vancouver, Canada, with a subsidiary office in Darmstadt, Germany. Our 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.
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