Minerva Intelligence Reports Q2 2022 Financial Results
VANCOUVER, BC, August 26, 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 June 30, 2021 (“Q2”). All amounts are presented in Canadian dollars.
Q2 Financial Highlights
- Total revenues for the three-month period ended June 30th, 2022, of $61,704 compared to $269,351 for the three-month period ended June 30th, 2021
- Net loss for the three-month period ended June 30th, 2022, of $1.014 million compared to $0.71 million for the three-month period June 30th, 2021
- Cash balance of $1,582,854 and working capital of $1,350,613
As of June 30, 2022, after allocating the above revenues, the Company held approximately $154,000 of customer deposits related to SaaS sales, which commenced on March 1st. Approximately $95,000 is expected to be recorded as 2022 revenue, with the balance to be recorded as 2023 revenue.
Q2 Operational Highlights
- Signed three licensed SaaS customer for DRIVER AI Software
- Signed five DRIVER proof-of-concept projects
- Launched climate85; a data and analytics platform providing access to physical climate risk information at every location in Canada
“Our second quarter operational highlights show some momentum with DRIVER sales that I am hopeful will continue to pick up in the fall. We were excited to launch the new climate85 product in the second quarter. climate85 integrates the best available data with state-of-the-art predictive models to forecast climate change impacts on our natural systems and economy, providing an extensive database of spatial layers as well as analytical tools to our prospective customers in order to help them better understand the impacts of climate change. climate85 has tools and functionalities designed to assess and help to disclose physical climate risks for a wide range of clients. We see this as a huge opportunity for our climate85 product given the current
climate risk issues worldwide and will be rolling out additionally functionality in the months ahead.” said Scott Tillman, Chief Executive Officer.
Management expects future periods to result in higher sales as the contracts for DRIVER accumulate and renew.
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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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.