Business
MineHub Reports $2 Million of Annual Recurring Revenue and Anticipates Strong User Growth in 2023
Vancouver, British Columbia--(Newsfile Corp. - May 11, 2023) - MineHub Technologies Inc. (TSXV: ...
About this update from Minehub Technologies, Inc.
[{"type":"text","content":"MineHub Reports $2 Million of Annual Recurring Revenue and Anticipates Strong User Growth in 2023Vancouver, British Columbia--(Newsfile Corp. - May 11, 2023) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) (\"MineHub\" or the \"Company\") is pleased to announce the Company's inaugural reporting of projected Annual Recurring Revenue (\"ARR\"1) of CAD $2 Million and anticipates an acceleration of user growth and ARR throughout 2023, reflecting MineHub's market-leading position among digitized commodity supply chains. MineHub expects that by the end of 2023, approximately 130 companies will be enrolled on its platforms, servicing the copper, aluminum and steel markets. In addition, MineHub reports that it has achieved cost synergies through its recent acquisition of Waybridge that will reduce the Company's timeline to anticipated profitability, including:A larger and more diversified base of large corporates providing recurring revenue-generating contractsAnticipated reductions of approximately 20-25% in operating costsAdditional potential revenue from existing customer base Shortened sales cycles and time to revenueMineHub's CEO, Arnoud Star Busmann, said, \"We are witnessing very strong network effects as existing customers expand usage across their own supply chains. MineHub is helping market-leading firms get ahead of the digitization trend to maintain market share and profitability in a rapidly changing competitive landscape. New legislation around materials' provenance, as well as carbon emissions and ESG reporting, means outdated manual processes for physical commodity movements will soon be too expensive or even unfeasible.\"\"We have heard from countless companies in the commodities industry that they have been waiting for a solution to emerge for digitizing the sale, purchase, transportation, and financing of raw materials. With the support of market leaders such as BHP, Sumitomo and Codelco, we believe MineHub is that solution, and on track to become the industry standard for modern supply chain management.\"Note Regarding Forward-Looking StatementsThis press release includes forward-looking statements which may differ materially from actual results. We believe the expectations and assumptions made regarding ARR are reasonable and appropriate in the circumstances based on information presently available. Reliance...