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Computer Modelling Group Announces Second Quarter Results

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Computer Modelling Group Ltd. reported its financial results for the three and six months ended September 30, 2022. Total revenue increased by 13% year-over-year, driven by a 12% rise in annuity/maintenance license revenue and 33% in professional services revenue. Operating profit margin adjusted for restructuring expenses rose to 44%. Basic EPS remained at $0.05. However, operating expenses surged 19%, largely due to restructuring costs of $2.3 million. CMG maintained a strong financial position with $56.9 million in cash and no debt.

Positive
  • Total revenue increased by 13% year-over-year.
  • Annuity/maintenance license revenue rose by 12%.
  • Professional services revenue surged by 33%.
  • Adjusted operating profit margin reached 44%.
  • Basic EPS remained stable at $0.05.
  • Strong financial position with $56.9 million in cash and no debt.
Negative
  • Operating expenses increased by 19% due to restructuring costs.
  • Perpetual license revenue decreased by 8% in Q3.

CALGARY, AB / ACCESSWIRE / November 10, 2022 / Computer Modelling Group Ltd. ("CMG" or the "Company") announces its financial results for the three and six months ended September 30, 2022.

Quarterly Performance

Fiscal 2021 (2)Fiscal 2022 (3)Fiscal 2023 (4)
($ thousands, unless otherwise stated)
Q3Q4Q1Q2Q3Q4Q1Q2
Annuity/maintenance license revenue
13,47713,79012,28613,23913,57514,30613,52914,825
Perpetual license revenue
6601,1841258461,4972,351386780
Software license revenue
14,13714,97412,41114,08515,07216,65713,91515,605
Professional services revenue
1,9011,8272,0031,8641,9732,1372,1922,477
Total revenue
16,03816,80114,41415,94917,04518,79416,10718,082
Operating profit
8,4376,5565,5735,4407,7557,3124,9615,555
Operating profit (%)
5339393445393131
Profit before income and other taxes
7,4105,7474,8275,3217,3106,5635,1825,989
Income and other taxes
1,5351,4541,0941,1751,7361,6111,3691,579
Net income for the period
5,8754,2933,7334,1465,5744,9523,8134,410
EBITDA (1)
9,5097,6276,5966,4738,8438,3665,8926,492
Cash dividends declared and paid
4,0154,0144,0154,0164,0174,0164,0174,025
Funds flow from operations
7,3226,2674,8114,9047,0227,1054,5584,974
Free cash flow (1)
7,0055,7554,4784,4946,2276,5844,2554,505
Per share amounts - ($/share)
Earnings per share (EPS) - basic and diluted
0.070.050.050.050.070.060.050.05
Cash dividends declared and paid
0.050.050.050.050.050.050.050.05
Funds flow from operations per share - basic
0.090.080.060.060.090.090.060.06
Free cash flow per share - basic (1)
0.090.070.060.060.080.080.050.06
  1. This is a non-IFRS financial measure. See the "Non-IFRS Financial Measures" section.
  2. Q3 and Q4 of fiscal 2021 include $nil and $1.1 million, respectively, in revenue that pertains to usage of CMG's products in prior quarters.
  3. Q1, Q2 Q3 and Q4 of fiscal 2022 include $nil, $0.5 million, $nil and $0.8 million, respectively, in revenue that pertains to usage of CMG's products in prior quarters.
  4. Q1 and Q2 of fiscal 2023 include $0.2 million and $0.3 million, respectively, in revenue that pertains to usage of CMG's products in prior quarters.

Commentary on Quarterly Performance

For the Three Months Ended

For the Six Months Ended

September 30, 2022 and compared to the same period of the previous fiscal year, when appropriate:

  • Annuity/maintenance license revenue increased by 12%;
  • Annuity/maintenance license revenue increased by 11%;
  • Total revenue increased by 13%;
  • Total revenue increased by 13%;
  • Total operating expenses increased by 19%. Adjusted for the restructuring charges, operating expenses increased by 5%, primarily due to higher professional services and travel-related costs, partially offset by lower full-time equivalent staff costs;
  • Total operating expenses increased by 22%. Adjusted for the restructuring charges and CEWS/CERS benefits, operating expenses increased by 5%, primarily due to higher professional services and travel-related costs, partially offset by lower full-time equivalent staff costs;
  • Quarterly operating profit margin was 31%, decreasing from 34% in the comparative quarter. Adjusted for the restructuring charges, operating profit margin was 44%, increasing from 39% in the comparative quarter;
  • Year-to-date operating profit margin was 31%, decreasing from 36% in the comparative period. Adjusted for the restructuring charges and the CEWS/CERS benefits, operating profit margin was 42%, increasing from 38%, in the comparative quarter;
  • Basic EPS of $0.05 was the same as the comparative quarter in the prior fiscal year;
  • Basic EPS of $0.10 was the same as the comparative period in the prior fiscal year;
  • Achieved free cash flow per share of $0.06;
  • Achieved free cash flow per share of $0.11;
  • Declared and paid a dividend of $0.05 per share.
  • Declared and paid dividends of $0.10 per share.

Revenue

Three months ended September 30,
20222021$ change% change
($ thousands)





Software license revenue
15,60514,0851,52011%
Professional services revenue
2,4771,86461333%
Total revenue
18,08215,9492,13313%
Software license revenue as a % of total revenue
86%88%
Professional services revenue as a % of total revenue
14%12%

Six months ended September 30,
20222021$ change% change
($ thousands)









Software license revenue
29,52026,4963,02411%
Professional services revenue
4,6693,86780221%
Total revenue
34,18930,3633,82613%
Software license revenue as a % of total revenue
86%87%
Professional services revenue as a % of total revenue
14%13%

CMG's revenue is comprised of software license sales, which provides the majority of the Company's revenue, and fees for professional services.

Total revenue for the three and six months ended September 30, 2022 both increased by 13%, due to increases in both software license revenue and professional services revenue.

Software License Revenue

Three months ended September 30,
20222021$ change% change
($ thousands)









Annuity/maintenance license revenue
14,82513,2391,58612%
Perpetual license revenue
780846(66)-8%
Total software license revenue
15,60514,0851,52011%
Annuity/maintenance as a % of total software license revenue
95%94
Perpetual as a % of total software license revenue
5%6%

Six months ended September 30,
20222021$ change% change
($ thousands)









Annuity/maintenance license revenue
28,35425,5252,82911%
Perpetual license revenue
1,16697119520%
Total software license revenue
29,52026,4963,02411%
Annuity/maintenance as a % of total software license revenue
96%96
Perpetual as a % of total software license revenue
4%4%

Total software license revenue for the three months ended September 30, 2022 increased by 11%, compared to the same period of the previous fiscal year, due to an increase in annuity/maintenance license revenue, partially offset by a decrease in perpetual license revenue. Total software license revenue for the six months ended September 30, 2022 increased by 11%, compared to the same period of the previous fiscal year, due to increases in both annuity/maintenance license revenue and perpetual license revenue.

Annuity/maintenance license revenue increased by 12% and 11% during the three and six months ended September 30, 2022, respectively, due to increases in all regions, supported by license fee increases, increased license usage by existing customers and the addition of new customers.

Perpetual license revenue decreased by 8% during the three months ended September 30, 2022, compared to the same period of the previous fiscal year. During the six months ended September 30, 2022, compared to the same period of the previous fiscal year, perpetual license revenue increased by 20% due to an increase in sales in the Eastern Hemisphere.

Software Revenue by Geographic Region

Three months ended September 30,
20222021$ change% change
($ thousands)




Annuity/maintenance license revenue




Canada
3,1813,088933%
United States
3,7043,08961520%
South America
1,8941,817774%
Eastern Hemisphere (1)
6,0465,24580115%

14,82513,2391,58612%
Perpetual license revenue
Canada
---0%
United States
157966164%
South America
---0%
Eastern Hemisphere
623750(127-17%

780846(66-8%
Total software license revenue
Canada
3,1813,088933%
United States
3,8613,18567621%
South America
1,8941,817774%
Eastern Hemisphere
6,6695,99567411%
15,60514,0851,52011%

Six months ended September 30,
20222021$ change% change
($ thousands)




Annuity/maintenance license revenue




Canada
6,1316,12290%
United States
7,0546,07398116%
South America
3,5933,3112829%
Eastern Hemisphere (1)
11,57610,0191,55716%

28,35425,5252,82911%
Perpetual license revenue
Canada
---0%
United States
157221(64-29%
South America
---0%
Eastern Hemisphere
1,00975025935%

1,16697119520%
Total software license revenue
Canada
6,1316,12290%
United States
7,2116,29491715%
South America
3,5933,3112829%
Eastern Hemisphere
12,58510,7691,81617%

29,52026,4963,02411%
  1. Includes Europe, Africa, Asia and Australia.

During the three and six months ended September 30, 2022, compared to the same periods of the previous fiscal year, total software license revenue increased in all regions.

The Canadian region (representing 21% of year-to-date total software license revenue) experienced a 3% increase in annuity/maintenance license revenue during the three months ended September 30, 2022, due to license fee increases as well as increased licensing by existing customers. The quarterly results continue to be negatively impacted by consolidation activity that affected the Canadian region's annuity/maintenance revenue in the previous quarter. Annuity/maintenance license revenue was flat in the six months ended September 30, 2022, compared to the same period of the previous fiscal year, due to the aforementioned negative impact from the consolidation activity during the first quarter of the fiscal year.

The United States (representing 24% of year-to-date total software license revenue) experienced increases of 20% and 16% in annuity/maintenance license revenue during the three and six months ended September 30, 2022, respectively, due to new customers, including those within the carbon capture and storage industry, and increased licensing by existing customers.

South America (representing 12% of year-to-date total software license revenue) experienced increases of 4% and 9% in annuity/maintenance license revenue during the three and six months ended September 30, 2022, respectively, primarily due to a multi-year lease that commenced in the second quarter of the previous fiscal year.

The Eastern Hemisphere (representing 43% of year-to-date total software license revenue) experienced increases of 15% and 16% in annuity/maintenance license revenue during the three and six months ended September 30, 2022, respectively, due to increased license fees as well as increased licensing by existing customers, and the addition of new customers, including new customers in the carbon capture and storage industry in Europe. Perpetual revenue decreased by 17% during the three months ended September 30, 2022, relative to the same period of the previous fiscal period, while it increased by 35% during the six months ended September 30, 2022, compared to the same period of the previous fiscal year, as a result of the increases experienced in the previous quarter.

Deferred Revenue

($ thousands)
Fiscal 2023Fiscal 2022Fiscal 2021$ change% change
Deferred revenue at:
Q1 (June 30)
24,40923,451 9584%
Q2 (September 30)
24,16421,242 2,92214%
Q3 (December 31)
 23,05615,3477,70950%
Q4 (March 31)
 30,45430,461(7)0%

CMG's deferred revenue consists primarily of amounts for prepaid licenses. Our annuity/maintenance revenue is deferred and recognized ratably over the license period, which is generally one year or less. Amounts are deferred for licenses that have been provided and revenue recognition reflects the passage of time.

The above table illustrates the normal trend in the deferred revenue balance from the beginning of the calendar year (which corresponds with Q4 of our fiscal year), when most renewals occur, to the end of the calendar year (which corresponds with Q3 of our fiscal year). Our fourth quarter corresponds with the beginning of the fiscal year for most oil and gas companies, representing a time when they enter a new budget year and sign/renew their contracts.

The deferred revenue balance at the end of Q2 of fiscal 2023 was 14% higher than Q2 of fiscal 2022. There were no significant timing differences impacting the balance.

Expenses

Three months ended September 30,
20222021$ change% change
($ thousands)
Sales, marketing and professional services
3,8723,840321%
Research and development
5,1194,65646310%
General and administrative
3,5362,0131,52376%
Total operating expenses
12,52710,5092,01819%
Direct employee costs (1)
9,4978,57991811%
Other corporate costs (1)
3,0301,9301,10057%

12,52710,5092,01819%

Six months ended September 30,
20222021$ change% change
($ thousands)









Sales, marketing and professional services
7,4637,2522113%
Research and development
9,3248,6736518%
General and administrative
6,8863,4253,461101%
Total operating expenses
23,67319,3504,32322%
Direct employee costs (1)
18,44415,6492,79518%
Other corporate costs (1)
5,2293,7011,52841%

23,67319,3504,32322%

  1. This is a non-IFRS financial measure. See the "Non-IFRS Financial Measures" section.

Adjusted total operating expenses, adjusted direct employee costs and adjusted other corporate costs are non-IFRS financial measures. They do not have a standard meaning prescribed by IFRS and, accordingly, may not be comparable to measures used by other companies. They are calculated by excluding CEWS subsidies, CERS subsidies and restructuring charges, as applicable, from the related non-adjusted measures. Management believes that analyzing the Company's expenses exclusive of these items illustrates underlying trends in our costs and provides better comparability between periods.

The following tables provide a reconciliation of total operating expenses to adjusted total operating expenses, direct employee costs to adjusted direct employee costs and other corporate costs to adjusted other corporate costs:

Three months ended September 30
20222021
($ thousands)




Total operating expenses
12,52710,509
Restructuring charge
(2,341)(851)
Adjusted total operating expenses
10,1869,658
Direct employee costs
9,4978,579
Restructuring charge
(2,293)(851)
Adjusted direct employee costs
7,2047,728
Other corporate costs
3,0301,930
Restructuring charge
(48)-
Adjusted other corporate costs
2,9821,930
Six months ended September 30
20222021
($ thousands)
Total operating expenses
23,67319,350
CEWS
-324
CERS
-43
Restructuring charge
(3,943)(851)
Adjusted total operating expenses
19,73018,866
Direct employee costs
18,44415,649
CEWS
-324
Restructuring charge
(3,771)(851)
Adjusted direct employee costs
14,67315,122
Other corporate costs
5,2293,701
CERS
-43
Restructuring charge
(172)-
Adjusted other corporate costs
5,0573,744

In May 2022, Ryan Schneider stepped down as the Company's President and CEO and Pramod Jain was appointed CEO. This change resulted in restructuring costs of $1.6 million in the first quarter of the current fiscal year. During the second quarter of the current fiscal year, the Company restructured primarily its Calgary office, resulting in additional restructuring costs of $2.3 million in the current quarter and bringing the total restructuring charges for the fiscal year to $3.8 million. The restructuring was mainly aimed at streamlining operations to align resources with the Company's priorities. This prioritization will allow the Company to strengthen other business operations that are necessary for the Company to be responsive, resilient and able to adapt more quickly to changing business priorities.

For the three and six months ended September 30, 2022, adjusted direct employee costs decreased by 7% and 3%, respectively, compared to the same periods of the previous fiscal year, primarily as a result of a reduction in full-time equivalent staff.

Adjusted other corporate costs increased by $1.1 million and $1.3 million for the three and six months ended September 30, 2022, respectively, compared to the same periods of the previous fiscal year, primarily due to higher professional services costs and travel-related costs.

Quarterly Summary

Fiscal 2023 continues to be positive, with the strengthening fundamentals across the oil and gas sector, and new opportunities created by demand for energy transition projects.

During the three and six months ended September 30, 2022, CMG's annuity/maintenance revenue increased by 12% and 11%, respectively, compared to the same periods of the previous fiscal year, continuing the trend of comparative quarterly increases that started in the third quarter of the previous fiscal year. Similar to the previous quarters, this increase was supported by improved industry conditions and a multi-year license lease in South America that commenced in September of 2021.

Geographically, all regions saw increases in annuity/maintenance revenue due to the addition of new customers, including carbon capture and storage companies, increased license fees and increased licensing by some existing customers.

While perpetual license revenue decreased by 8% in the three months ended September 30, 2022, it increased by 20% during the six months ended September 30, 2022, compared to the same period of the prior fiscal year, supported by sales in the Eastern Hemisphere predominantly during the first quarter of the current fiscal year.

During the three and six months ended September 30, 2022, CMG's expenses were impacted by restructuring charges of $2.3 million and $3.9 million, respectively. The second quarter restructuring reduced our full-time equivalent staff from 173 at June 30, 2022 to 159 at September 30, 2022. The Company made these changes to concentrate the focus of our research and development activities into the areas with the potential to deliver the greatest value to our customers and have the greatest commercial impact on the business. This allows the Company to reinvest to strengthen other business operations that are necessary to support our growth strategy without materially altering the current cost structure. When adjusted for the restructuring charges, as well as CEWS and CERS subsidies in the comparative periods of the previous year, total operating expenses increased by 5% in the three and six months ended September 30, 2022, due to increases in professional services and travel costs as COVID-19 related travel restrictions eased.

Adjusted operating profit margins were 44% and 42% during the three and six months ending September 30, 2022, respectively, compared to 39% and 38% during the same periods in the previous fiscal period, which is in line with the pre-COVID fiscal 2019 and fiscal 2020 historic average of 40% and reflective of CMG's continuous cost management. Basic earnings per share was $0.05 and $0.10, consistent with the comparative periods of the prior fiscal year.

CMG maintains a strong financial position and closed the period with $56.9 million of cash and no debt. Despite the restructuring charges and the increase in professional fees in the current quarter, CMG generated $0.06 and $0.11 per share of free cash flow for the three and six months ended September 30, 2022, which was consistent with the same periods of fiscal 2022.

Additional IFRS Measure

Funds flow from operations is an additional IFRS measure that the Company presents in its consolidated statements of cash flows. Funds flow from operations is calculated as cash flows provided by operating activities adjusted for changes in non-cash working capital. Management believes that this measure provides useful supplemental information about operating performance and liquidity, as it represents cash generated during the period, regardless of the timing of collection of receivables and payment of payables, which may reduce comparability between periods.

Non-IFRS Financial Measures

Certain financial measures in this press release - namely, EBITDA, free cash flow, free cash flow per share, direct employee costs, other corporate costs, adjusted total operating expenses, adjusted direct employee costs and adjusted other corporate costs - do not have a standard meaning prescribed by IFRS and, accordingly, may not be comparable to measures used by other companies.

Certain additional disclosures for these non-IFRS financial measures have been incorporated by reference and can be found on page 2 in the Company's MD&A for the three and six months ended September 30, 2022, available on SEDAR at www.sedar.com and on the Company's website under the Investors section at www.cmgl.ca /investors.

Reconciliations of the non-IFRS financial measures to the most directly comparable IFRS financial measure are presented below:

Free Cash Flow Reconciliation to Funds Flow from Operations

Fiscal 2021Fiscal 2022Fiscal 2023
($ thousands, unless otherwise stated)
Q3Q4Q1Q2Q3Q4Q1Q2
Funds flow from operations
7,3226,2674,8114,9047,0227,1054,5584,974
Capital expenditures
(7)(41)(27)(133)(481)(62)-(130)
Repayment of lease liabilities
(310)(471)(306)(277)(314)(459)(303)(339)
Free cash flow
7,0055,7554,4784,4946,2276,5844,2554,505
Weighted average shares - basic
(thousands)
80,28680,28680,28680,30780,33580,33580,33580,412
Free cash flow per share - basic
0.090.070.060.060.080.080.050.06

Forward-Looking Information

Certain information included in this press release is forward-looking. Forward-looking information includes statements that are not statements of historical fact and which address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as investment objectives and strategy, the development plans and status of the Company's software development projects, the Company's intentions, results of operations, levels of activity, future capital and other expenditures (including the amount, nature and sources of funding thereof), business prospects and opportunities, research and development timetable, and future growth and performance. When used in this press release, statements to the effect that the Company or its management "believes", "expects", "expected", "plans", "may", "will", "projects", "anticipates", "estimates", "would", "could", "should", "endeavours", "seeks", "predicts" or "intends" or similar statements, including "potential", "opportunity", "target" or other variations thereof that are not statements of historical fact should be construed as forward-looking information. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management of the Company. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

Corporate Profile

CMG is a computer software technology company serving the energy industry. The Company is a leading supplier of advanced process reservoir modelling software, with a diverse customer base of international oil companies and technology centers in approximately 60 countries. CMG's existing technology has differentiating capabilities built into its software products that can also be directly applied to the energy transition needs of its customers. The Company also provides professional services consisting of highly specialized support, consulting, training, and contract research activities. CMG has sales and technical support services based in Calgary, Houston, London, Dubai, Bogota and Kuala Lumpur. CMG's Common Shares are listed on the Toronto Stock Exchange ("TSX") and trade under the symbol "CMG".

Condensed Consolidated Statements of Financial Position

UNAUDITED (thousands of Canadian $)
 September 30, 2022 March 31, 2022




Assets



Current assets:



Cash
 56,859 59,660
Trade and other receivables
 13,683 17,507
Prepaid expenses
 1,214 792
Prepaid income taxes
 1,370 959
73,126 78,918
Property and equipment
 10,360 10,908
Right-of-use assets
 31,923 33,113
Deferred tax asset
 2,128 2,209
Total assets
 117,537 125,148
Liabilities and shareholders' equity
Current liabilities:
Trade payables and accrued liabilities
 5,418 6,819
Income taxes payable
 - 13
Deferred revenue
 24,164 30,454
Lease liabilities
 1,787 1,626
31,369 38,912
Long-term stock-based compensation liability
 1,089 1,556
Long-term lease liabilities
 37,159 37,962
Total liabilities
 69,617 78,430
Shareholders' equity:
Share capital
 81,055 80,248
Contributed surplus
 15,223 15,009
Deficit
 (48,358) (48,539)
Total shareholders' equity
 47,920 46,718
Total liabilities and shareholders' equity
 117,537 125,148

Condensed Consolidated Statements of Operations and Comprehensive Income


Three months ended
September 30		Six months ended
September 30
UNAUDITED (thousands of Canadian $ except per share amounts)
2022202120222021





Revenue
18,08215,94934,18930,363
Operating expenses
Sales, marketing and professional services
3,8723,8407,4637,252
Research and development
5,1194,6569,3248,673
General and administrative
3,5362,0136,8863,425

12,52710,50923,67319,350
Operating profit
5,5555,44010,51611,013
Finance income
9203841,631224
Finance costs
(486)(503)(976)(1,089)
Profit before income and other taxes
5,9895,32111,17110,148
Income and other taxes
1,5791,1752,9482,269
Net and total comprehensive income
4,4104,1468,2237,879
Earnings per share - basic and diluted
0.050.050.100.10
Dividend per share
0.050.050.100.10

Condensed Consolidated Statements of Cash Flows


Three months ended
September 30
Six months ended
September 30
UNAUDITED (thousands of Canadian $)
2022202120222021





Operating activities




Net income
4,4104,1468,2237,879
Adjustments for:
Depreciation
9371,0331,8682,056
Deferred income tax expense (recovery)
23515781(55)
Stock-based compensation
(608)(432)(640)(165)
Funds flow from operations
4,9744,9049,5329,715
Movement in non-cash working capital:
Trade and other receivables
1,428(5,264)3,8249,158
Trade payables and accrued liabilities
3231,582(622)(209)
Prepaid expenses
(360)(153)(422)(200)
Income taxes receivable (payable)
(264)(867)(424)(1,527)
Deferred revenue
(245)(2,209)(6,290)(9,219)
Decrease (increase) in non-cash working capital
882(6,911)(3,934)(1,997)
Net cash provided by (used in) operating activities
5,856(2,007)5,5987,718
Financing activities
Proceeds from issuance of common shares
415-415-
Repayment of lease liabilities
(339)(277)(642)(583)
Dividends paid
(4,025)(4,016)(8,042)(8,031)
Net cash used in financing activities
(3,949)(4,293)(8,269)(8,614)
Investing activities
Property and equipment additions
(130)(133)(130)(160)
Increase (decrease) in cash
1,777(6,433)(2,801)(1,056)
Cash, beginning of period
55,08254,44559,66049,068
Cash, end of period
56,85948,01256,85948,012
Supplementary cash flow information
Interest received
377126557224
Interest paid
4865039761,010
Income taxes paid
1,3871,7822,8833,510

See accompanying notes to consolidated financial statements, which are available on SEDAR at www.sedar.com or on CMG's website at www.cmgl.ca.

For further information, contact:

Pramod Jain
Chief Executive Officer
(403) 531-1300
pramod.jain@cmgl.ca		orSandra Balic
Vice President, Finance & CFO
(403) 531-1300
sandra.balic@cmgl.ca

www.cmgl.ca

SOURCE: Computer Modelling Group Ltd.



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https://www.accesswire.com/724946/Computer-Modelling-Group-Announces-Second-Quarter-Results

FAQ

What were the financial results of CMDXF for Q3 2022?

For Q3 2022, CMDXF reported a total revenue increase of 13%, with basic EPS at $0.05.

How did CMDXF's annuity/maintenance revenue perform in Q3 2022?

Annuity/maintenance license revenue increased by 12% in Q3 2022 compared to the previous year.

What were CMDXF's operating expenses in Q3 2022?

Operating expenses for Q3 2022 increased by 19%, mainly due to restructuring costs.

What is the outlook for CMDXF's revenue growth?

CMDXF's revenue growth is expected to continue, supported by increasing demand in the oil and gas sector.

What is CMDXF's cash position as of September 30, 2022?

As of September 30, 2022, CMDXF maintained a strong cash position with $56.9 million and no debt.

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CMDXF Stock Data

597.08M
80.54M
1.48%
60.84%
Software - Application
Technology
Link
United States of America
Calgary