Business
Minerva Intelligence Announces Over 1,000% Revenue Growth From Prior Year Quarter and 2021 Q1 Results
Minerva Intelligence Announces Over 1,000% Revenue Growth From Prior Year Quarter and 202...
About this update from Aisix Solutions Inc
[{"type":"text","content":"\n \n \n \n Minerva Intelligence Announces Over 1,000% Revenue Growth From Prior Year Quarter and 2021 Q1 Results\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n May 27, 2021\n \n /CNW/ - Minerva Intelligence Inc. (TSXV: MVAI) (\"Minerva\" or the \"Company\"), an artificial intelligence company focused on amplifying human intelligence to support decision making, today reported financial results for the three-month period ended\n \n March 31\n \n \n st\n \n , 2021. All amounts are presented in Canadian dollars.\n \n \n \n Total revenues of\n \n $552,397\n \n in Q1 2021 compared to\n \n $53,000\n \n in Q1 2020, an increase of 1,042% year over year;\n \n \n Adjusted EBITDA of\n \n ($454,986)\n \n in Q1 2021 compared to Adjusted EBITDA of\n \n ($860,824)\n \n in Q1 2020, a decrease in loss of 47% year over year;\n \n \n Cash balance of\n \n $1.0m\n \n as at\n \n March 31st, 2021\n \n compared to\n \n $1.4m\n \n as at\n \n December 31st, 2020\n \n \n \n \n \"Q1 was a breakout quarter,\" said\n \n Scott Tillman\n \n , Chief Executive Officer of Minerva. \"We beat our internal goals, 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 happy customers. Our\n \n Economic Geology\n \n division is garnering the attention of mining companies as we address a major challenge within the mining industry, with exploration costs continuing to rise while discovery rates continue to decrease. Incorporating Minerva's artificial intelligence into exploration processes, standardizing data, and providing precision mapping have proven to play a critical role in identifying drilling targets and managing exploration risk.\"\n \n \n Mr. Tillman continued, \"Our\n \n Climate Risk\n \n division is displaying strong growth as well, as we continue to service the Canadian Government to help them understand where risks lie when it comes to environmental disasters such as landslides and flooding and de...