Deveron Reports Q1 Revenue Growth of 181%

TORONTO, May 28, 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 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%.

First Quarter 2020 Financial and Operational Highlights

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.”

Summary of Financial Results

Results of operations	For the three months ended
	March 31, 2020			March 31, 2019
Total Revenue	$	283,420		$	100,564
Gross Profit	$	180,212		$	69,833
Gross Profit Margin %		63	%		69	%
Operating Expenses	$	748,995		$	952,919
Total Comprehensive Loss	$	(568,783	)	$	(882,919	)
Weighted Average Common Shares Outstanding		38.1 M			37.8 M
Per Share:
Comprehensive Net Loss	$	(0.01	)		(0.02	)

Operational Highlights for Q1: