VANCOUVER, BC, April 29,
2022 /CNW/ - 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.
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.
