Toronto, Ontario – Deveron UAS Corp. (CSE: DVR) (“Deveron” or the “Company”) a leading
agriculture digital services and insights provider in North America is pleased to announce revenue
growth of 181% year over year to $283,420 in Q1 2020. For the fourth quarter in a row, Deveron
achieved sales growth of over 100%.
The Company’s financial performance improved over the previous year’s quarter, driven by the
continued customer uptake of Deveron’s soil sampling service. For the three-month financial
results ended March 31, 2020 (and comparable period ended March 31, 2019):
• Revenue grew 181% year over year to $283,420 in Q1 2020, from $100,564 in Q1 2019.
• Gross profit grew 160% year over year to $180,212 in Q1 2020, from $69,833 in Q1 2019.
“Our first quarter results are highlighted by continued growth in acres serviced for our data
collection group,” commented David MacMillan, Deveron’s President and CEO. “Building upon
our successful launch in 2019, we saw increased usage of our collection network reflecting trust
from our customers and our team’s ability to quickly turn around orders, helping our farm
partners prepare for the spring planting season. Considering that Q1 is typically slow for our
business, I think these results continue to illustrate our growing market penetration, the value
we provide as a low cost, reliable service provider and that we are on track for another year of
substantial growth. We are starting to see our organic sales channels deliver and coupled with
our recent acquisition of Better Harvest in Texas, we believe we have a solid foundation on which
we can continue to grow our farm acres under management and ultimately, average revenue per
acre. Finally, as was the case in 2019, we have already seen net bookings in April and May
outpace all of Q1.” Read more..