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Deveron Reports Third Quarter Fiscal 2024 Financial Results

Published

8 months ago

30 May, 2024

Deveron Reports Third Quarter Fiscal 2024 Financial Results

Toronto, Ontario–(Newsfile Corp. – May 28, 2024) – Deveron Corp. (TSXV: FARM) (“Deveron” or the “Company”), a leading agricultural services and data company in North America, is pleased to report results for the three and nine months ended March 31, 2024. The results Complete financial statements are available at www.sedarplus.ca.

Q3 2024 Financial Highlights

Non-IFRS EBITDA for the quarter improved 57% year over year to a loss of $1,449,703 from a loss of $3,378,030. Non-IFRS adjusted EBITDA grew 674% year-over-year in the nine-month period ended March 31, 2024, to $3,273,198, from $423,158.
Gross revenue for the quarter grew 2% year over year to $5,453,028 from $5,358,540. Gross revenue grew 3% in the nine-month period ending March 31, 2024, to $28,480,027, from $27,691,334.
Third quarter fiscal 24/24 operating expenses decreased 15% year over year to $4,277,906 from $6,134,379 as the Company achieved results from previously announced cost optimizations.

While fiscal 2024 Q3 is typically seasonally weak, revenue grew 2% in the quarter. This was due to warmer conditions in March, allowing for a testing window in early spring before growers planted their seeds for the season.

The Company’s gross profit margin and adjusted EBITDA margin profiles showed substantial improvements year over year due to the completion of previously announced cost optimization programs, which are expected to generate cost savings of $2.4 million annually. The Company significantly reduced operating costs at the end of 2023 due to its decision to deprioritize collection services within its carbon business unit based on actual and expected customer volumes.

“Deveron made substantial strides to improve profitability in the third quarter of fiscal 2024. This quarter, we began to see the benefits of our recent cost changes as we focus more on profitability and our core fertility business unit” , said David MacMillan, president and CEO of Deveron Corp. “Due to the nature of our business, the third quarter of fiscal 2024 is the slowest season for the company. With positive improvements in EBITDA, operating expenses and profit margin, we feel we have found our footing from a business perspective. costs. Deveron, which help farmers optimize their inputs and increase productivity and reduce environmental impact. The company expects revenue to be high margin, as all service revenue is linked to testing, with 60% in the fertility and segment. 40% related to total organic carbon testing. Based on sales success to date and the company’s high customer retention rates and low turnover, total U.S. sales in 2024 are expected to demonstrate significant growth in comparison. with 2023 sales.”

The story continues

Summary of Financial Results

Result of operations	For the three months ended			For the nine months ended
	March 31, 2024	March 31, 2023	% To change	March 31, 2024	March 31, 2023	% To change
Total yield	US$5,453,028	$5,358,540	two%	US$28,480,027	US$27,691,334	3%
Gross profit	3,359,648	2,893,685	16%	19,708,528	18,939,676	4%
Gross profit margin %	62%	54%	8%	69%	61%	8%
Operational expenses	7,632,484	9,006,895	-15%	27,799,973	25,502,527	9%
Net Profit (Loss)	(4,277,906)	(6,134,379)	30%	(8,817,326)	(6,944,317)	27%
Add taxes	5,071	21,169	-6%	725,881	381,466	90%
Add interest	1,008,774	1,138,884	-11%	2,901,597	4,112,284	-27%
Add non-cash expenses^	1,814,359	$1,596,296	14%	8,300,031	2,873,725	189%
EBITDA (loss) adjusted non-IFRS*	(1,449,703)	(3,378,030)	57%	3,273,198	423,158	674%
Weighted average common shares outstanding	156,547,370	136,482,817		156.786.9729	136,482,817
Net loss per share	(0.03)	(0.04)		(0.07)	(0.05)

*Non-IFRS measure. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) should not be interpreted as an alternative to loss or comprehensive profit determined in accordance with IFRS. Adjusted EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Company defines Adjusted EBITDA.” as IFRS net loss excluding interest expense, depreciation and amortization expense, share-based payments, income tax expense, integration costs, one-time acquisition costs and impairment of goodwill, property, plant and equipment and right-of-use assets (ROU). The Company believes that Adjusted EBITDA is a meaningful financial metric because it measures the cash generated from operations that the Company can use to finance working capital needs, pay future interest and principal debt repayments, and finance future growth initiatives.

^ Calculation of non-cash expenses

	For the three months ended		For the nine months ended
	March 31, 2024	March 31, 2023	March 31, 2024	March 31, 2023
Depreciation and amortization	1,896,093	1,792,182	5,574,548	5,584,185
Share-based payments	236,906	563,786	845,321	1,098,189
Change in NCI sales obligation	(318,640)	(759,672)	1,880,162	(3,808,649)
Non-monetary expenses^	$1,814,359	$1,596,296	US$8,300,031	$2,873,725

Q3 2023 Operational Highlights

About February 7th, the Company announced the conclusion of a new business agreement with a leading player in PFAS remediation in water. PFAS are synthetic chemicals that have attracted significant attention due to their widespread use and potential environmental and health concerns.

After the end of the quarter

About April 25, the Company announced the closing of an insider-led non-brokered private placement through the issuance of 575 unsecured convertible debentures at a price of $1,000 per debenture for gross proceeds of $575,000. The Company intends to use the net proceeds from the Offering for general working capital.

On May 27, the Company announced that it has received a letter (the “Demand Letter”) from two unsecured creditors demanding repayment of unsecured loans evidenced by promissory notes dated May 20, 2022 (collectively, the “Loans”) issued by Deveron in connection with the acquisition of a 67% interest in A&L Laboratories Canada East, Inc. (“A&L”).

In addition to its press releases dated May 10, 2022 and May 18, 2022, whereby the Company issued 7.0% unsecured convertible debentures (each, a “Debenture”) for aggregate gross proceeds of U.S. $10 million. Pursuant to the Debentures, the Company elected to pay the interest accrued for the second year through the proposed issuance of 6,146,373 common shares (each, a “Common Share”) in the capital of the Company at a price of US$0, 11406 per Ordinary Share.

The issuance of Common Shares remains subject to receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange. All issued Common Shares are subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation.

The Management’s Discussion and Analysis for the period and the financial statements and explanatory notes are available on the Company’s profile on SEDAR+ at www.sedarplus.ca. This press release is in no way a substitute for reading these financial statements, including the notes to the financial statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Deveron: Deveron is an agricultural technology company that uses data and insights to help farmers and large agricultural companies increase productivity, reduce costs and improve agricultural outcomes. The company employs a digital process that leverages data collected on farms across North America to drive an unbiased interpretation of production decisions, ultimately recommending how to optimize input use. Our team of agronomists and data scientists creates products that recommend ways to better manage fertilizers, seeds, fungicides, and other agricultural inputs. Additionally, we have a national network of data technicians deployed to collect various types of agricultural data, from soil to drones, that build the foundation of our best-in-class data layers. Our focus is the USA and Canada, where 1 billion acres of farmland are actively cultivated annually.

For more information and to join our community, visit www.deveron.com/investors or contact us on Twitter @Deveron.

Philip Linton
Vice President of Corporate Development
plton@deveron.com
Tel: 647-622-0076

This press release includes certain “forward-looking statements” within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding the Company’s future plans and objectives are forward-looking statements that involve varying degrees of risk. Forward-looking statements reflect management’s current view with respect to possible future events and conditions and, by their nature, are based on management’s beliefs and assumptions and are subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes that the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments could differ materially from those in our forward-looking statements. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied in such forward-looking statements: changes in the world price of agricultural commodities, general market conditions, risks inherent in agriculture, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information about the material factors and assumptions that have been applied in making these forward-looking statements, as well as the various risks and uncertainties we face, are described in more detail in the “Risk Factors” section of our Annual and Interim Management’s Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements that we file with Canadian securities regulatory authorities, available at www.sedarplus.ca. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company has litigation protection for forward-looking statements.

To view the original version of this press release, please visit https://www.newsfilecorp.com/release/210862

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News

Breakfast on Wall Street: The Week Ahead

Published

6 months ago

14 July, 2024

FinCrypto Staff

The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).

The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.

In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.

Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.

Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.

Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.

Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.

Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.

IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.

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News

Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump

Published

6 months ago

14 July, 2024

FinCrypto Staff

Police cars outside the residence of Thomas Matthew Crooks, the alleged shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. In the aftermath of the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being killed by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.

“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”

Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.

An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.

Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.

Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.

Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.

“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.

Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.

But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.

Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.

“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”

Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.

“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”

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Latest Business News Live Updates Today, July 11, 2024

Published

6 months ago

14 July, 2024

FinCrypto Staff

Latest Business News Live Updates Today, July 11, 2024

Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.

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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Published

6 months ago

14 July, 2024

FinCrypto Staff

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.

Jio Financial Services News

Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”

“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.

Jio Financial Stock Target Price

Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”

On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”

Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.

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