Deveron Reports 2019 Year End and Fourth Quarter Financial Results

TORONTO, April 23, 2020 (GLOBE NEWSWIRE) -- Deveron UAS Corp. (CSE: DVR) (“Deveron” or the “Company”) a leading agriculture digital services and insights provider in North America is pleased to announce annual revenue growth of 311% for 2019.  Revenue grew to $2,055,437 in 2019 from $500,626 in 2018.  Q4/19 revenue was $584,492, an increase of 151% from $233,581 in Q4/2018.  For the third quarter in a row, Deveron achieved sales growth of over 100% and generated quarterly revenue surpassing full-year 2018 revenue.

Year-End 2019 and Fourth Quarter Financial and Operational Highlights

Year-End 2019  
For the calendar year, Deveron reported a significant improvement in revenue and gross margin.  This was driven by the success of our data insights business and increased usage across our network of data collection technicians.  Highlights of the year-end financial results ended December 31, 2019 are presented below:

• revenue grew 311% year over year to $2,055,437 in 2019, from $500,626 in 2018;
• gross profit grew 741% year over year to $1,212,030 in 2019 from $144,194 in 2018; and
• gross profit margin improved to 59% in 2019 from 29% in 2018;

Fourth Quarter 2019
Deveron achieved revenue growth driven by increased demand for our data technician services and market adoption of our data collection products.  Typically, Q4 is a busier time for data collection services as industry participants analyze and interpret data in preparation for the next crop season.  Highlights of the fourth quarter ended December 31, 2019 are presented below:

• revenue grew 151% to $584,492 in Q4/2019 compared to $233,581 in Q4/2018 ;
• gross profit grew 90% to $178,690 in Q4/2019 compared to $93,817 in Q4/2018; and
• gross profit margin declined to 31% in Q4/2019 from 40% in Q4/2018.

“Our annual results reflect the incredible contribution that our team has made to our two main lines of business,” commented David MacMillan, Deveron’s President and CEO.  “This year, we have achieved significant growth which continues to validate Deveron’s value proposition to our customers.  It was a challenging year for many of our customers across North America due to adverse weather, both in getting crops planted and then harvested, but we were still able to support their agronomic requirements and grow our footprint with new customers.  In the past 12 months, we have shifted from being a single product service company to a multi-product digital insights company.  With a solid base of digital products and offerings, I look forward to expanding our network and growing our acreage base across North America.”