- 12.7% increase in total revenue as compared to Q1 2023
- 79.1% increase in advertising revenue as compared to Q1 2023
- 38.0% increase in subscriptions revenue as compared to Q1 2023
- Net investment gains of $3.1M from our investment portfolio
- Ended the quarter with total cash, cash equivalents, and investments of $44.9M
Toronto, Ontario--(Newsfile Corp. - May 29, 2024) - EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) (FSE: 8EK0) ("EarthLabs" or the "Company") is pleased to announce the unaudited consolidated financial results for three months ended March 31, 2024 of the Company (the "Financial Results").
Highlights for the three-months period ended March 31, 2024:
- Completed the quarter with total cash and cash equivalents, due from brokers, investments and equity investments of $44,871,206 as compared to $42,943,109 as at December 31, 2023;
- Advertising revenue of $1,415,686 as compared to $790,494 for the three months ended March 31, 2023;
- Subscription revenue of $303,873 as compared to $220,251 for the three months ended March 31, 2023;
- Net investment gains of $3,310,372 from our investment portfolio as compared to net investment gains of $3,428,775 for the three months ended March 31, 2023;
- Net income and comprehensive income of $1,605,886 (basic earnings per share of $0.01) as compared to $2,265,931 (basic earnings per share of $0.02) for the three months ended March 31, 2023.
"This quarter has been a testament to EarthLabs' resilience and foresight, amid an evolving market landscape," said Denis Laviolette, Executive Chairman and CEO of EarthLabs. "Our significant growth in both advertising and subscription revenues underscores our expanding influence in the commodities sector. The current surge in the global commodities market presents a unique opportunity, and EarthLabs is positioned to capitalize on this trend through innovative solutions and strategic acquisitions. By continually enhancing our media portfolio and investing in cutting-edge technology, we are not only keeping pace with industry changes but also driving them. Our goal remains steadfast: to provide unmatched value and service to our clients while setting new standards in the mining and technology sectors. The strong financial performance of Q1 2024 marks just the beginning of what promises to be a year of growth and achievement for EarthLabs."
Summary of financial results
The following are selected interim condensed consolidated financial results as at and for the three ended March 31, 2024, with comparatives:
| Interim condensed consolidated statements of income and comprehensive income highlights | Three months ended March 31, | |||||
| 2024 | 2023 | |||||
| Advertising revenue | $ | 1,415,686 | $ | 790,494 | ||
| Subscriptions revenue | 303,873 | 220,251 | ||||
| Sales of exploration maps | 64,703 | 88,310 | ||||
| Net investment gains | 3,310,372 | 3,428,775 | ||||
| Other income | 278,246 | 241,514 | ||||
| Operating, general and administrative | (2,633,349 | ) | (1,738,610 | ) | ||
| Research and development expenses | (719,786 | ) | (410,546 | ) | ||
| Total expenses | (3,390,246 | ) | (2,154,236 | ) | ||
| Loss from equity investment | (14,840 | ) | (46,302 | ) | ||
| Income tax expense | (361,908 | ) | (302,8750 | ) | ||
| Net income and comprehensive income for the period | 1,605,886 | 2,265,931 | ||||
| Earnings per common share for the period - basic and diluted | 0.01 | 0.02 | ||||
| Interim condensed consolidated statements of financial position highlights | March 31, 2024 | December 31, 2023 | ||||
| Cash and cash equivalents | $ | 3,718,852 | $ | 5,227,657 | ||
| Due from brokers | 987,026 | 485,949 | ||||
| Accounts receivable, net of expected credit losses | 504,355 | 120,253 | ||||
| Investments, at fair value | 38,041,816 | 35,091,151 | ||||
| Equity investment | 2,123,512 | 2,138,352 | ||||
| Income tax receivable | 877,989 | 854,023 | ||||
| Property, equipment and right-of-use assets | 1,269,992 | 1,252,737 | ||||
| Intangible Assets | 3,019,303 | 3,127,000 | ||||
| Goodwill | 624,290 | 624,290 | ||||
| Total assets | 51,512,266 | 49,251,445 | ||||
| Accounts payable and accrued liabilities | 1,269,315 | 1,287,021 | ||||
| Deferred revenue | 2,055,281 | 1,921,102 | ||||
| Total promissory note | 998,868 | 980,971 | ||||
| Total lease liabilities | 1,125,643 | 1,155,154 | ||||
| Deferred tax liabilities | 590,564 | 204,690 | ||||
| Total liabilities | 6,136,285 | 5,589,812 | ||||
| Share capital, contributed surplus, and warrants | 52,332,819 | 52,224,357 | ||||
| Deficit | (6,956,838 | ) | (8,562,724 | ) |
About EarthLabs Inc.
EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) (FSE: 8EK0) is a mining investment, technology, and media company that aims to provide strategic leverage to the metals and mining sector through investments, royalties and a full suite of data-driven media SaaS tools and services.
For further information please contact:
Denis Laviolette
Executive Chairman and CEO
EarthLabs Inc.
Tel: 647-345-7720
Email: investors@earthlabs.com
Neither the TSX Venture Exchange ("TSXV"), OTC Best Market "(OTCQX") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements. Often, but not always, these forward-looking statements can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, risks detailed from time to time in the Company's filings with securities regulators and available under the Company's profile on SEDAR at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210823
SOURCE: EarthLabs Inc.
