Business
EarthLabs Reports Results for the First Quarter of 2023
728.9% increase in total revenue as compared to Q1 2022 94.2% increase in advertising revenue as...
About this update from Earthlabs Inc
[{"type":"text","content":"EarthLabs Reports Results for the First Quarter of 2023728.9% increase in total revenue as compared to Q1 202294.2% increase in advertising revenue as compared to Q1 2022Net investment gains of $3.4M from our investment portfolioEnded the quarter with total cash, cash equivalents, and investments of $53.6MToronto, Ontario--(Newsfile Corp. - May 25, 2023) - EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) (\"EarthLabs\" or the \"Company\"), a leading mineral exploration technology and investment company, is pleased to announce the unaudited consolidated financial results for three months ended March 31, 2023 of the Company (the \"Financial Results\").\"We are proud of the performance EarthLabs has shown in the first quarter of 2023,\" said Denis Laviolette, Executive Chairman and CEO of EarthLabs. \"Our 728.9% increase in total revenue, including a 94.2% increase in advertising revenue as compared to Q1 2022, underscores the effectiveness of our strategic acquisitions and the unique value proposition we offer. Moreover, our reported net investment gains of $3,428,775 from our investment portfolio are a significant turnaround from the same period last year as we deploy capital into compelling opportunities. These results are a testament to the hard work of our team and the trust our shareholders and clients have in us. As we move forward, we remain focused on our commitment to maximizing torque to the junior resource sector and delivering superior value to our stakeholders.\"Highlights for the three-months period ended March 31, 2023:Advertising revenue of $790,494 as compared to $406,981 for the three months ended March 31, 2022;Net investment gains of $3,428,775 from our investment portfolio as compared to net investment losses of $258,474 for the three months ended March 31, 2022; Net income from operations of $2,265,931 (basic earnings per share of $0.02) as compared to net loss from operations of $872,749 (basic loss per share of $0.00) for the three months ended March 31, 2022.Net income and comprehensive income of $2,265,931 (basic earnings per share of $0.02) as compared to net loss and comprehensive loss of $619,058 (basic loss per share of $0.00) for the three months ended March 31, 2022. Summary of financial resultsThe following are selected unaudited consolidated financial results as at and for the three months ended March 3...