• MineHub Technologies Inc. has filed its interim financial statements and management's discussion and analysis for the three and six months ended July 31, 2024.
• The company reported a 21% increase in year-over-year revenue and a 24% reduction in operating expenses for the second quarter of Fiscal 2025.
• MineHub's customers transacted US$7.3 billion in commodities on the MineHub platform in the first half of Fiscal 2025.
• MineHub continues to onboard Codelco's ecosystem partners in the quarter.
• MineHub announced a partnership with Surecomp, a global Troy Bullock and Andrea Aranguren have been appointed to the Board of Directors.
• MineHub reported revenue of $445,566 in Q2 fiscal 2025, 21% higher than the prior year.
• SaaS revenue increased by 53% compared to Q2-FY2024.
• Professional services revenue decreased by $74,688 as the Company focused on growing stable, recurring SaaS revenues.
• MineHub recorded a net loss of $1.6 million in Q2-FY2025, compared to a net loss of MineHub recorded revenue of $1.2 million in the first half of fiscal 2025.
• The company completed a non-mineHub re-affirms its four goals for Fiscal 2025: Continue to accelerate the Company's growth and increase the Annual Recurring Revenue (or "ARR")(1).
Vancouver, British Columbia--(Newsfile Corp. - September 19, 2024) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) ("MineHub" or the "Company"), a leading provider of digital supply chain solutions for the commodity markets, is pleased to announce it has filed its interim financial statements (the "Interim Financial Statements") and management's discussion and analysis (the "MD&A") for the three and six months ended July 31, 2024. 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 and CEO of MineHub, commented, "Q2-FY2025 was another solid quarter for MineHub, with exciting strategic partnerships, continued growth in the platform and year-over-year improvements in financial performance. While sales cycles have proved challenging, we remain encouraged by our robust sales pipeline and by the feedback and growth we see from our existing customers. I am especially excited about our strategic partnership with Abaxx, which opens significant opportunities for MineHub to expand into the LNG, carbon, lithium, and nickel commodities markets. Phase 1 of the collaboration has been initiated to integrate Abaxx's secure chat functionality into the MineHub platform allowing for enhanced communication and streamlined information flow."
Accelerating Customer Activity
Accelerating customer activity is increasing cumulative gross merchandise value ("GMV") transacted on the MineHub platform. MineHub achieved GMV of US$7.3 billion of commodities transacted on its platform in the six months ended July 31, 2024, compared to US$6.3 billion of commodities transacted on its platform in the six months ended July 31, 2023.
MineHub is pleased to provide an update on the following customer engagements:
Product Development Progress
MineHub strives to amplify the value delivered to customers by enhancing the offering of features and functionality available on its platform. The Company added the following functionality to its platform in the quarter:
Corporate Updates
Second Quarter Financial Highlights
Year to Date Financial Highlights
Results of Operations
Three Months Ended July 31 | Six Months Ended July 31, | ||||||||||||
Select Financial Information | 2024 | 2023 | 2024 | 2023 | |||||||||
Revenue | $ | 455,566 | $ | 375,071 | $ | 1,231,311 | $ | 716,707 | |||||
Cost of sales | 291,125 | 252,634 | 600,626 | 477,747 | |||||||||
Gross margin | 164,441 | 122,437 | 630,686 | 238,960 | |||||||||
Operating expenses | |||||||||||||
Research and development | 768,633 | 1,335,019 | 1,642,700 | 2,619,589 | |||||||||
Sales and marketing | 276,246 | 84,054 | 497,577 | 198,940 | |||||||||
General and administrative | 530,205 | 655,423 | 1,032,584 | 1,597,083 | |||||||||
Stock based compensation | 107,427 | 146,681 | 192,742 | 268,316 | |||||||||
Amortization | 26,816 | 34,476 | 53,636 | 51,714 | |||||||||
Total operating expenses | 1,709,327 | 2,255,653 | 3,419,239 | 4,735,642 | |||||||||
Net loss from operations | (1,544,885 | ) | (2,133,216 | ) | (2,788,553 | ) | (4,496,682 | ) | |||||
Total other income (expenses) | (49,313 | ) | 607,317 | (83,828 | ) | 660,248 | |||||||
Net and comprehensive loss | $ | (1,594,198 | ) | $ | (1,526,079 | ) | $ | (2,872,381 | ) | $ | (3,836,434 | ) |
Key Goals for Fiscal 2025
MineHub is pleased to re-iterate its four goals for Fiscal 2025:
Management has provided a fulsome update on the Company's progress toward these goals in the Business Outlook section of the MD&A.
Outlook
MineHub's long-term profitability is dependent on achieving ARR growth. The Company continues to maintain a robust sales pipeline with several opportunities advancing to later stages over the past quarter, but sales cycles are longer than initially estimated. Management believes that the platform enhancements, cost containment strategies and ongoing ecosystem growth have laid the foundation for growth in ARR and progress toward profitability in the long-term. The Company remains on track to achieve internal sales targets for the fiscal year.
In the short-term, profitability over the next several quarters may be highly variable. Management is not expecting any non-recurring professional services revenue as the Company has shifted its strategic focus toward annually recurring SaaS subscription revenue. In addition, MineHub may make further investments in personnel to ensure that the Company can scale to support planned revenue growth. These incremental costs may precede revenue and reduce short-term profitability.
Webinar Details
The Company will also host an investor webinar for its Second Quarter Fiscal 2025 Financial Results on Thursday, September 19, 2024, at 9:00am PT (12:00pm ET). Andrea Aranguren, CEO, and Monika Russell, CFO, will provide a corporate update, review the quarterly financial results, and discuss the business's outlook; followed by a Question & Answer session.
Registration Link: https://bit.ly/MHUB-Q2-2025
Date: Thursday, September 19, 2024
Time: 9:00 am PT (12:00 pm ET)
Dial-in: 778-907-2071 (Vancouver local)
647-374-4685 (Toronto local)
Confirmation #: 841 7925 5160
About MineHub
MineHub is the digital supply chain platform for the commodity markets, making raw material supply chains more efficient, resilient and sustainable. MineHub provides enterprise-grade digital solutions that connect buyers, sellers, laboratories and financiers within physical commodities supply chains in a digitally integrated workflow powered by data that is useable, shareable, verifiable and unforgeable. Users of MineHub solutions are in full control of their supply chains, enabling them to optimize their use of resources, respond better and faster to disruptions, and provide a better customer service. Global enterprises already use MineHub solutions as part of their logistics, compliance, trade management and financing operations.
Andrea Aranguren
CEO, MineHub Technologies Inc.
For further information regarding MineHub, please email This email address is being protected from spambots. You need JavaScript enabled to view it. or visit our website at www.minehub.com. Tel: (604) 628-5623
Cautionary Note Regarding Forward-Looking 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.
This news release contains statements that are considered "forward-looking information" within the meaning of applicable Canadian securities legislation ("forward-looking statements") with respect to MineHub including, but not limited to, statements with respect to MineHub's future operational plans, the timing of such plans and anticipated customers. Forward-looking statements are statements that are not historical facts are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although MineHub believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund its operations, applications and for general working capital purposes, changes in economic conditions or financial markets, changes in laws or regulations that could have an impact on the Company's operations, dependence on its key management personnel and market competition. Other risk factors are identified in the "Risks and Uncertainties" section of the Company's management discussion and analysis for the year ended January 31, 2024, available on the Company's SEDAR+ profile at www.sedarplus.ca. There may be other risk factors not presently known that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. Although the Company has attempted to identify risk factors that could cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date included herein, and the Company assumes no obligation to publicly update or revise such forward-looking information. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of MineHub's management on the date the statements are made. However, except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change.
Last Trade: | US$0.19 |
Daily Change: | 0.0005 0.27 |
Daily Volume: | 2,700 |
Market Cap: | US$14.270M |
June 05, 2024 December 19, 2023 December 06, 2023 |
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