An Update on our GrowthJuly 2, 2019
Throughout the first and second quarter, Deveron has successfully implemented several objectives to positively impact growth. The continued buildout of its technology and data collaboration tool, SOAR, is positioning Deveron to be a leading agriculture technology company that derives improved outcomes on the farm by turning data into actionable information. The linkage of data analytics and data acquisition services is a cornerstone to the future roadmap for Deveron. By linking these products directly to a collaborative data tool, farmers and agribusiness leaders are accessing new ways to collect, share and interpret data.
“Q1 is a slow quarter for agriculture related service businesses like ours, however we did sign significant new partnership arrangements and increased revenue 283% versus Q1 in 2018,” said Deveron President & CEO, David MacMillan. “All of our arrangements are continuing to grow our data services businesses in both analytics and collection and set us up for further success throughout the 2019 grow season. Finally, I am pleased to report that, in the month of May alone, we more than doubled our Q1 revenues as the planting season commenced and our service offerings became more broadly available.”
Throughout the first and second quarter, the company achieved success as highlighted below:
- Integration of Deveron’s wholly owned subsidiary, Veritas, is well underway
- Increase in data recommendations, including 31% increase in planting recommendations
- Robust launch of drone data analytics for leading global agriculture research and development divisions as highlighted in our press release from June 11, 2019
Soil Data Acquisition
- $3.8 million, 5 year agreement signed with A & L Laboratories to manage and collect soil data as press released on January 29, 2019
- Awarded an AI for Earth Grant from Microsoft (see press release, March 11, 2019)
- Partnered with World Class Extractions (CSE: PUMP) to provide data analytics to hemp farmers as reported on May 16, 2019
The Company has also granted 660,000 options to employees and advisors of the Company. The options, at prices ranging from $0.30 – $0.375 per shares, vest immediately and will expire on May 18, 2020 and July 1, 2022.