VANCOUVER, BC, April 29, 2022 – 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 December 31, 2021 (“Q4”) and year end 2021. “We are pleased with the results of our fourth quarter as we achieved record revenue surpassing our internal goals for the company, more than tripling our year over year revenue, while keeping costs stable.” said Scott Tillman, Chief Executive Officer. “This was a very strong year for us and affirmed the value of our DRIVER product. DRIVER is now a fully web enabled SAAS product that we sell via annual licenses. In Q4 as well as recently, we have made key hires to accelerate the sales and marketing of DRIVER. We believe the momentum will continue to grow and our current team is well prepared to handle the expected increase in sales. Q4 marks the end of one-off DRIVER sales. Future sales will be sold via license, with revenue recognized over the course of the annual contract, while the timing of the contract will affect how much revenue is recognized during the year, we fully expect to end the year with many more multiples of contracted DRIVER sales than we had in the year prior. Coupled with other possible activities within Terra and the continued maturation of our Climate Risk group, we expect 2022 to show continued strong improvement.”
Q4 and 2021 Year End Financial Highlights
- Year end revenue of $1.049 million in 2021 compared to $0.341 million year end 2020.
- Year end operating expenses of $3.876 million in 2021 compared to $3.329 million year end 2020.
- Comprehensive loss for the year ended 2021 $2.838 million compared to $2.773 million in 2020.
- Revenue of $0.149 million for the three-month period ended December 31st, 2021, compared to $0.139 million for the same period in 2020 and $0.078 million for the third quarter of 2021.
- Operating Expenses of $1.089 million for the three-month period ended December 31st, 2021, compared to $0.888 million for the same period in 2010 and $0.800 million for the third quarter of 2021.
- Net Loss for the three-month period ended December 31st, 2020, of $0.946 million compared to $0.750 million for the same period in 2020 and $0.712 million for the third quarter of 2021.
- Closed non-brokered private placements, totalling $4,586,703 including $301,503 from members of board of directors, management and employees.
- Cash on hand $3.18million as of December 31st, 2021.
Q4 and 2021 Operational Highlights
- Strengthened the Board of Directors by the appointments of Jason Petralia, Gleb Chuvpilo and Marvin Pestcoe.
- Strengthened Management team with several new appointments and hiring of Grant R. Jay VP of Growth and Partnerships.
- $94,000 contract with Natural Resources Canada; The project “Review of Stakeholder Data Needs for Geological Data and the Assessment of Data Readiness for National Distribution” aims to support the identification and prioritization of opportunities to unify and standardize geoscience information and databases across provincial, territorial and federal sources.
- Partnered with 4DM to design a national-scale hydrographic data model for Natural Resources Canada.
- DRIVER Software won Axora’s global cost-saving technology challenge.
- Climate Risk Division awarded phase one $130,000 Canadian coastal zone project; this project was awarded for the proprietary Climate Risk technology to identify how different hazards can affect the coastline such as storm surge and sea level rise.
For full details on Minera’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. 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.
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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.
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