Datametrex AI Records Q2 Revenues Of $10.4 Million, Net Income

Datametrex AI (TSXV: DM) this morning reported its second quarter financial results, reporting revenues of $10.4 million for the period ended June 30, 2021. The company also managed to post yet another net income for the quarter, a result of its Health Security division continuing to drive sales for the firm.

Datametrex AI's Logo

Revenues for the quarter were down from the prior quarter, while still being up significantly from the $2.0 million in the year-ago period. Following direct costs of $5.1 million, the company posted a gross profit of $5.4 million for the three month period, compared to $0.8 million in the second quarter of 2020.

The firm also managed to keep expenses low during the quarter, with expenses of just $1.8 million for the quarter, lead by salaries, benefits and consulting fees of $0.6 million. Datametrex posted an operating income of $3.5 million for the three month period.

Following an unrealized loss of $2.5 million on marketable securities during the quarter and income taxes of $0.2 million, the firm managed to post a net income of $0.9 million for the second quarter.

The company currently holds a cash position of $10.6 million as of June 30, 2021.

The release of the financial results follows the recent announcement of the firm being a final contender in a $40.0 million AI bid in Canada, as well as the news that the firm has locked in further COVID-19 testing clients in Canada.

Datametrex AI last traded at $0.195 on the TSX Venture.

FULL DISCLOSURE: DataMetrex AI Limited is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover DataMetrex AI Limited on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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