TORONTO, April 30, 2019 (GLOBE NEWSWIRE) -- Datametrex AI Limited (the “Company” or “Datametrex”) (TSXV: DM, FSE: D4G) announces its 2018 audited annual consolidated financial statements, notes hereto, and management’s discussion and analysis in respect of the annual consolidated financial statements.
The revenue in 2018 was $2,230,296 compared to $228,019 in the previous year, an increase of 878%. The net loss in 2018 was ($19,399,366) compared to ($5,319,339) in the previous year, resulting in an increase of (265%). The Adjusted EBITDA was ($2,610,992) compared to ($3,244,101), thereby improving by 20%.
“We achieved key milestones in 2018, including; the successful spin-out of Graph Blockchain Inc. (CSE:GBLC) in the fourth quarter of 2018, restructuring Nexalogy, additional sales to our Canadian Federal Government clients, achieving vendor status with the United States Federal Government, generating revenues from Asia with multi-national clients including LOTTE, initiating new product development including our AI Agent and Fake News Filter which will be commercial in 2019. I am proud of the work our team accomplished in 2018, despite the challenging markets we were able to stay focused on building our AI and Machine Learning division and act swiftly to reduce additional financial exposure to the crypto markets as it imploded around us. We now have the team in place and product roadmap required to take advantage of the technology platform we own,” says Andrew Ryu, CEO and Chairman of the Company.
The following table summarizes revenue, net loss, EBITDA* and Adjusted EBITDA* for the year ended December 31, 2018 and 2017.
|December 31, 2018||December 31, 2017||% Increase|
|EBITDA per share||(0.086)||(0.070)||-23%|
|Adjusted EBITDA² *||(2,610,992)||(3,244,101)||20%|
|Adjusted EBITDA per share||(0.013)||(0.044)||70%|
|¹ EBITDA (non-IFRS measures) is calculated as Net Loss ($19,399,366) adjusted for 1. Income taxes of $648,983, 2. Depreciation and amortization of $2,835,109, and 3. Interest and accretion of $130,519.|
|² Adjusted EBITDA (non-IFRS measures) is calculated as EBITDA noted above adjusted for 1. Impairment of $12,915,925 mainly relating to Ronin Blockchain Corp. and the Cryptocurrency Mining segment, and 2. Share based compensation of $1,555,804.|
Andrew Ryu, CEO and Chairman of the Company also commented: “We will continue to pursue opportunities that create shareholder value utilizing our Big Data, Artificial Intelligence, and Blockchain platforms. We see tremendous potential in these sectors and are highly optimistic in our ability to position the Company for growth.”
The filings, along with additional information regarding the Company, are available on SEDAR at www.sedar.com.
About Datametrex AI Limited
Datametrex AI Limited is a technology focused company with exposure to Artificial Intelligence and Machine Learning through its wholly owned subsidiary, Nexalogy (www.nexalogy.com) and Implementing Blockchain technology for secure Data Transfers through its investee company, Graph Blockchain (www.graphblockchain.com).
Additional information on Datametrex is available at: www.datametrex.com
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EBITDA and Adjusted EBITDA*
Management believes that EBITDA and Adjusted EBITDA are effective measures for analyzing the performance of the Company. The term “EBITDA” refers to earnings before deducting interest, taxes, depreciation and amortization. The Company calculates Adjusted EBITDA as earnings before deducting interest and accretion, taxes, depreciation and amortization, impairment charges, listing expense, other reverse take-over fees, acquisition related costs, and share based compensation. “EBITDA”, “EBITDA per share”, “Adjusted EBITDA”, and “Adjusted EBITDA per share” are non-GAAP measures. The Company believes that Adjusted EBITDA is useful additional information to management, the Board and investors as it provides an indication of the operational results generated by its business activities prior to taking into consideration how those activities are financed and taxed and also prior to taking into consideration asset depreciation and amortization and it excludes items that could affect the comparability of our operational results and could potentially alter the trends analysis in business performance. Excluding these items does not necessarily imply they are non-recurring, infrequent or unusual. Adjusted EBITDA is also used by some investors and analysts for the purpose of valuing a company. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to operating earnings or net earnings determined in accordance with IFRS as an indicator of the Company’s financial performance or as a measure of the Company’s liquidity and cash flows. Adjusted EBITDA does not take into account the impact of working capital changes, capital expenditures, debt principal reductions and other sources and uses of cash, which are disclosed in the consolidated statements of cash flows.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information is not a guarantee of future performance or results, since it involves risks and uncertainties. There is no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in forward-looking statements. Except as required by law, the Company does not assume and expressly renounces any obligation to update any forward-looking information, which is only applicable on the date on which it is given.