Business
MineHub Reports Record Revenue in Second Quarter
MineHub achieved over $1 million in combined Total Revenue and Other Income in Fiscal Q2-2024. ...
About this update from Minehub Technologies, Inc.
[{"type":"text","content":"MineHub Reports Record Revenue in Second QuarterMineHub achieved over $1 million in combined Total Revenue and Other Income in Fiscal Q2-2024. Management provides a positive outlook based on an expanded sales pipeline and recently announced contracts. Vancouver, British Columbia--(Newsfile Corp. - September 19, 2023) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) (\"MineHub\" or the \"Company\"), the leading provider of digital supply-chain solutions for commodity markets, is pleased to announce that it has filed its condensed interim consolidated financial statements (the \"Interim Financial Statements'') and management's discussion and analysis (the \"MD&A\") for Fiscal Q2-2024, representing the three months ended July 31, 2023. Copies of the Interim Financial Statements and MD&A are available on the Company's profile on SEDAR+ at www.sedarplus.ca.Andrea Aranguren, President & CEO of MineHub, comments, \"We are very pleased with the second quarter results in which we achieved record revenue and benefited from a surge in customer engagement. Furthermore, our recently announced contracts with Codelco and another large global mining company solidify MineHub's position as the leading digital provider for the commodities industry. The combination of MineHub and Waybridge earlier this year has created an inflection point which is propelling us forward with groundbreaking technology, increasing sales activity and customer wins. Through strategic cost synergies, we've also accelerated our path to anticipated profitability. Our focus on growth, innovation, and customer value continues to propel us forward as the market leader in digitizing commodity supply chains.\"Second Quarter Financial Highlights:MineHub achieved quarterly revenue of $375,071 during Q2, compared to $19,826 generated in the same period of 2022, an increase of 1,792%. Revenue growth was primarily driven by the addition of SaaS revenue from Waybridge customers and project-related revenue from the roll-out of the MineHub platform and enterprise applications into the operations of a prominent global mining company and business network. MineHub recognized $690,807 of Other Income from the Concentrates Application Development Agreement with Sumitomo Corporation announced on June 20, 2023. The combination of Revenue plus Other Income equaled $1,065,878...