Toronto, Ontario – Deveron UAS Corp. (CSE: DVR) (“Deveron” or the “Company”) a leading agriculture digital services and analytics provider in North America is pleased to announce revenue growth of 472% year over year to $727,973 in Q2 2019.
Second Quarter 2019 Financial and Operational Highlights
The Company’s financial performance improved significantly over the previous year’s quarter, driven by the launch of Deveron’s soil sampling as a service data collection product plus the continued growth of the company’s data analytics arm. For the three-month financial results ended June 30, 2019 (and comparable period ended June 30, 2018):
• Revenue grew 472% year over year to $727,973 in Q2 2019, from $127,199 in Q2 2018;
• Gross profit grew 562% year over year to $508,058 in Q2 2019, from $76,705 in Q2 2018;
• Total comprehensive loss improvement of 452% to a loss of $101,667 in Q2 2019, from a loss of $455,495 in Q2 2018;
• Surpassed 2018 total fiscal year revenue of $505,626 in one operating quarter (Q2 2019).
“Our second quarter results reflect continued revenue growth driven by data collection services, including drone and soil, as well as our data analytics business,” commented David MacMillan, Deveron’s President and CEO. “Our core strategy has been to develop relationships with large, influential partners across the North American agriculture industry, introduce bundled analytics to our data collection services and continue to add supplementary data collection services to our drone data solutions network. The financial performance of the company this quarter highlights the success of our strategy in the market. We see considerable opportunities ahead as we head into a busy fall for data collection and harvest data interpretation. Typically, Q3 and Q4 are periods of relatively high activity around soil optimization and future planning for the next crop season. This should continue to add to our success of already surpassing 2018 revenue in one single quarter.”