Desert Control releases its Q1 2024 Report and Year-to-Date Company Update

Rhea-AI Summary

Desert Control (DSRT) released its Q1 2024 report showing notable progress. The company completed its first large-scale commercial project in Yuma, Arizona, and secured a significant contract in the Middle East through its partner, Mawarid. Financially, Desert Control ended Q1 2024 with a positive cash balance of NOK 105.1M and no interest-bearing debt. Despite a revenue drop to NOK 1.3M from NOK 1.9M in Q1 2023, the company improved its EBITDA from a loss of NOK 23.4M to NOK 14.7M. Net income also improved, moving from a loss of NOK 19.3M to NOK 7.8M. The equity ratio increased from 89% to 96.7%, reflecting a stronger financial position.

Positive

• Positive cash balance of NOK 105.1M.
• No interest-bearing debt.
• Improved EBITDA from NOK -23.4M to NOK -14.7M year-over-year.
• Net income loss reduced from NOK 19.3M to NOK 7.8M.
• Equity ratio increased from 89% to 96.7%.
• Successful large-scale commercial deployment in Yuma, Arizona.
• Significant contract secured in the Middle East through Mawarid.

Negative

• Revenue declined from NOK 1.9M to NOK 1.3M year-over-year.
• Continued net income loss of NOK 7.8M.
• Ongoing negative EBITDA of NOK 14.7M.

SANDNES, Norway, May 23, 2024 /PRNewswire/ -- Desert Control AS (DSRT) announces its first-quarter report and interim financial results for the fiscal period ending 31 March 2024.

Desert Control is off to a strong start in 2024. The company delivered its first larger-scale commercial deployment for Limoneira Company in Yuma, Arizona, executed a significant first-phase contract in the Middle East through its partner, Mawarid, and made solid progress developing and adapting its technology to expand markets, increase environmental benefits, and reduce the cost of goods sold.

Financial Highlights

The company closes Q1-24 with a positive cash balance of NOK 105.1 Million and has no interest-bearing debt.

First Quarter 2024
[first quarter 2023 in brackets]

• Revenue NOK 1.3M [NOK 1,9M]
• EBITDA NOK -14.7M [NOK -23.4M]
• Net Income NOK -7,8 [NOK -19.3M]
• Total cash balance 31.03.24 (incl. other current financial assets) NOK 105,1M
[NOK 56,7M]
• Equity 31.03.2024 NOK 115,4M (equity ratio 96,7%) [NOK 86.0M (89.0%)]

Cautionary Note:
Disclaimer related to forward-looking statements.
This release contains forward-looking information and statements relating to the business, performance, and items that may be interpreted to impact the results of Desert Control and/or the industry and markets in which Desert Control operates.
Forward-looking statements are statements that are not historical facts and may be identified by words such as "aims", "anticipates", "believes", "estimates", "expects", "foresees", "intends", "plans", "predicts", "projects", "targets", and similar expressions. Such forward-looking statements are based on current expectations, estimates, and projections, reflect current views concerning future events, and are subject to risks, uncertainties, and assumptions, and may be subject to change without notice. Forward-looking statements are not guaranteeing any future performance, and risks, uncertainties, and other important factors could cause the actual business, performance, results, or the industry and markets in which Desert Control operates in, to differ materially from the statements expressed or implied in this release by such forward-looking statements.
No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecasted performance, capacities, or results will be achieved, and you are cautioned not to place any undue reliance on any forward-looking statements.

Q1 Report 2024
The information enclosed is subject to the disclosure requirements pursuant to sections 5-12 in the Norwegian Securities Trading Act. 

For more information, please contact:
Ole Kristian Sivertsen
President and Group CEO
Email: oks@desertcontrol.com 
Mobile (NOR): +47 957 77 777
Mobile (USA): +1 650 643 6136

Leonard Chaparian
Chief Financial Officer
Email: leonard.chaparian@desertcontrol.com 
Mobile (NOR): +47 90 66 55 40

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/desert-control-as/r/desert-control-releases-its-q1-2024-report-and-year-to-date-company-update,c3976866

The following files are available for download:

https://mb.cision.com/Main/22706/3976866/2815584.pdf

DSRT_Q1_2024Report

 

View original content:https://www.prnewswire.com/news-releases/desert-control-releases-its-q1-2024-report-and-year-to-date-company-update-302153740.html

SOURCE Desert Control AS

FAQ

What were Desert Control's financial highlights for Q1 2024?

Desert Control reported a revenue of NOK 1.3M, EBITDA of NOK -14.7M, and a net income loss of NOK 7.8M. The company had a total cash balance of NOK 105.1M and an equity ratio of 96.7%.

How did Desert Control's revenue perform in Q1 2024?

Desert Control's revenue decreased to NOK 1.3M in Q1 2024, down from NOK 1.9M in Q1 2023.

What is Desert Control's cash position as of Q1 2024?

Desert Control closed Q1 2024 with a positive cash balance of NOK 105.1M and no interest-bearing debt.

Did Desert Control secure any major contracts in Q1 2024?

Yes, Desert Control executed a significant first-phase contract in the Middle East through its partner, Mawarid.

How did Desert Control's equity ratio change in Q1 2024?

Desert Control's equity ratio increased from 89% to 96.7% in Q1 2024.

What is the stock symbol for Desert Control?

The stock symbol for Desert Control is DRTFF.