Toronto-based Datametrex AI Limited (TSX-Venture:DM) was trading in Toronto Thursday, and while it was Thanksgiving south of the border, the company had lots to be thankful for.
In the company’s latest quarter, DM said its cash position improved $812,853 compared to $66,296 in the previous quarter. In this quarter, the Company reported revenues of $1,683,985 compared to $589,648, up by 186%.
Operating costs were reduced $1,034,071 or 53% from the prior-year quarter’s $2,192,822.
CEO Marshall Gunter, “In Q3 2019, the Company achieved key milestones and made significant strides in strengthening its AI platform and offering. Increased sales and significant reduction in operating costs attributed substantial improvement in the bottom line."
The Company was successful in securing the second contract of a multi phase R&D program through the Department of National Defence’s Innovation for Defence Excellence and Security (IDEaS) program with a value of approximately $945,094.
What’s more, DM landed a software licencing contract with GreenInsightz Limited for the use of its proprietary Nexalogy’s Artificial Intelligence software platform for a value of approximately $1 million in cash and shares. It also secured another contact with a division of Lotte for approximately $1,000,000.
DM shares gathered half a cent, or 33.3%, to two cents, on volume of 852,000 shares.