In a rare move within the small cap space, Datametrex AI (TSXV: DM) has provided an update on guidance provided over a year ago. The guidance originally pertained to an arrangement signed with what was classified as a “major worldwide media & entertainment company.”
Under the original guidance, the firm expected the agreement to provide an estimated $20 million in revenue to the company, via the supply of COVID-19 test kits to a major film and TV studio group, whom has locations in both Vancouver and Toronto. The $20 million revenue figure was expected to be incurred over a nine month time frame.
As it turns out, revenue totaling $26 million was incurred over the time period instead, a significant increase from the initial projection.
Even more significantly, the company has provided revised guidance, with guidance this time applying to the whole fiscal year, wherein it expects to generate revenues of up to $50 million for the fill fiscal year ending December 31, 2021 – a near doubling of current revenues for the year from the single customer.
“We are thrilled to exceed the anticipated target. Datametrex remains committed to the film industry in Canada to help ensure the health and safety of the individuals working on sets and in production offices. We continue to ramp up our business to meet the demands and expectations of our clientele,” commented Marshall Gunter, CEO of Datametrex.
The revised guidance follows the company indicating in recent weeks that it has signed multiple new testing contracts with film and television studios within Canada.
Datametrex AI last traded at $0.19 on the TSX Venture.
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