- 1,119.9% increase in total revenue for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023;
- 384.3% increase in advertising revenue as compared to Q2 2023 with advertising revenue of $2,860,470 for the six-months period ended June 30, 2024 (162.7% increase);
- 41.3% increase in subscriptions revenue as compared to Q2 2023 with subscription revenue of $604,607 for the six-months period ended June 30, 2024 (39.6% increase);
- Ended the quarter with total cash, cash equivalents, and investments of $44,373,956.
Toronto, Ontario--(Newsfile Corp. - August 9, 2024) - EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) (FSE: 8EK0) ("EarthLabs" or the "Company") is pleased to announce the unaudited consolidated financial results for three and six months ended June 30, 2024 of the Company (the "Financial Results").
Highlights for the three-months period ended June 30, 2024:
- Advertising revenue of $1,444,784 as compared to $298,320 for the three months ended June 30, 2023, an increase of 384.3%;
- Subscription revenue of $300,734 as compared to $212,772 for the three months ended June 30, 2023, an increase of 41.3%;
- Net investment loss of $427,144 from our investment portfolio as compared to $693,821 for the three months ended June 30, 2023;
- Net loss and comprehensive loss of $1,962,457 (basic loss per share of $0.01) as compared to $1,801,140 (basic loss per share of $0.01) for the three months ended June 30, 2023.
Highlights for the six-months period ended June 30, 2024:
- Completed the six-month period with total cash and cash equivalents, due from brokers, investments and equity investments of $44,373,956 as compared to $42,943,109 as at December 31, 2023;
- Advertising revenue of $2,860,470 as compared to $1,088,814 for the six months ended June 30, 2023, an increase of 162.7%;
- Subscription revenue of $604,607 as compared to $433,023 for the six months ended June 30, 2023, an increase of 39.6%;
- Net investment gains of $2,883,228 from our investment portfolio as compared to $2,734,954 for the six months ended June 30, 2023;
- Net loss and comprehensive loss of $356,571 (basic loss per share of $0.00) as compared to net income and comprehensive income of $464,791 (basic earnings per share of $0.00) for the six months ended June 30, 2023.
"EarthLabs' Q2 2024 results highlights an important phase of our growth trajectory," said Denis Laviolette, Executive Chairman and CEO of EarthLabs. "With a 384.3% increase in advertising revenue and a 41.3% rise in subscriptions revenue, our strategic initiatives are clearly effective within the commodities sector and the larger investment community. Our investment in cutting-edge technology and platform acquisitions has strengthened our market position, enabling us to seize current opportunities. The performance of Q2 2024 is a testament to our resilience and strategic vision, marking another milestone in what promises to be a significant 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 and six months ended June 30, 2024, with comparatives:
| Interim condensed consolidated statements of income (loss) and comprehensive income (loss) highlights | Three months ended June 30, | Six months ended June 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Advertising revenue | $ | 1,444,784 | $ | 298,320 | $ | 2,860,470 | $ | 1,088,814 | ||||
| Subscriptions revenue | 300,734 | 212,772 | 604,607 | 433,023 | ||||||||
| Sales of exploration maps | 40,378 | 51,189 | 105,081 | 139,499 | ||||||||
| Net investment gains (losses) | (427,144 | ) | (693,821 | ) | 2,883,228 | 2,734,954 | ||||||
| Other income | 198,982 | 259,237 | 477,228 | 500,751 | ||||||||
| Operating, general and administrative | (2,689,917 | ) | (1,983,138 | ) | (5,323,266 | ) | (3,721,748 | ) | ||||
| Research and development expenses | (870,219 | ) | (441,473 | ) | (1,590,005 | ) | (852,019 | ) | ||||
| Total expenses | (3,596,811 | ) | (2,429,228 | ) | (6,987,057 | ) | (4,583,464 | ) | ||||
| Loss from equity investment | (1,671 | ) | (29,731 | ) | (16,511 | ) | (76,033 | ) | ||||
| Income tax recovery (expense) | 78,291 | 530,122 | (283,617 | ) | 227,247 | |||||||
| Net income (loss) and comprehensive income (loss) for the period | (1,962,457 | ) | (1,801,140 | ) | (356,571 | ) | 464,791 | |||||
| Earnings (loss) per common share for the period - basic | (0.01 | ) | (0.01 | ) | (0.00 | ) | 0.00 | |||||
| Earnings (loss) per common share for the period - diluted | (0.01 | ) | (0.01 | ) | (0.00 | ) | 0.00 | |||||
| Interim condensed consolidated statements of financial position highlights | June 30, 2024 | December 31, 2023 | ||||
| Cash and cash equivalents | $ | 4,356,101 | $ | 5,227,657 | ||
| Due from brokers | 856,684 | 485,949 | ||||
| Accounts receivable, net of expected credit losses | 385,395 | 120,253 | ||||
| Investments, at fair value | 37,039,330 | 35,091,151 | ||||
| Equity investment | 2,121,841 | 2,138,352 | ||||
| Income tax receivable | 219,557 | 854,023 | ||||
| Property, equipment and right-of-use assets | 1,224,968 | 1,252,737 | ||||
| Intangible Assets | 2,948,799 | 3,127,000 | ||||
| Goodwill | 624,290 | 624,290 | ||||
| Total assets | 50,091,620 | 49,251,445 | ||||
| Accounts payable and accrued liabilities | 1,281,849 | 1,287,021 | ||||
| Deferred revenue | 2,471,214 | 1,921,102 | ||||
| Total promissory note | 1,017,092 | 980,971 | ||||
| Total lease liabilities | 1,095,370 | 1,155,154 | ||||
| Deferred tax liabilities | 612,730 | 204,690 | ||||
| Total liabilities | 6,578,079 | 5,589,812 | ||||
| Share capital, contributed surplus, and warrants | 52,432,836 | 52,224,357 | ||||
| Deficit | (8,919,295 | ) | (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 including CEO.CA, The Northern Miner, MINING.COM, Canadian Mining Journal and DigiGeoData.
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/219269
SOURCE: EarthLabs Inc.
