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Deveron Corp (TSXV: FARM) is a prominent agriculture service and data company in North America. Specializing in helping farmers and large agriculture enterprises optimize yields, reduce costs, and enhance farm outcomes, Deveron employs a digital process utilizing data and insights collected from farms across the region. The company's products provide unbiased interpretation for production decisions, focusing on optimizing input use while offering recommendations on managing fertilizer, seed, fungicide, and other farm inputs efficiently. With a vast network of data technicians collecting a variety of farm data, Deveron has built a foundation of best-in-class data layers. Operating primarily in the US and Canada where 1 billion acres are farmed annually, Deveron aims to deliver innovative solutions to the agriculture sector.
Deveron Corp. (TSXV: FARM) reported its fiscal Q3 2024 results, highlighting key financial improvements. Non-IFRS EBITDA loss for the quarter improved by 57% YoY to $1.45M from $3.38M. Adjusted EBITDA for the nine-month period surged by 674% YoY to $3.27M. Quarterly gross revenue saw a modest 2% rise to $5.45M, while nine-month revenue grew by 3% to $28.48M. Operating expenses were reduced by 15% YoY to $4.28M due to cost optimizations. The company's focus on profitability led to a significant reduction in net losses and improved EBITDA margins. Two new enterprise contracts are expected to bring in $2.5M in sales in 2024.
Deveron has received a demand letter from two unsecured creditors for repayment of loans totaling $4,726,600. These loans, including $400,949 in accrued interest, were issued to fund the acquisition of a 67% stake in A&L Laboratories Canada East. The demand letter calls for repayment by May 30, 2024. The creditors involved are Directors and Officers of A&L Laboratories. Deveron is currently exploring its options to address these debts.
Deveron Corp., a prominent agriculture service and data company in North America, announced it will release its Q3 2024 financial results after market close on Tuesday, May 28, 2024. The results will be posted on SEDAR Plus and Deveron's financials web page. A live audio webcast to discuss these results will be held on Wednesday, May 29, 2024, at 8:00 AM Eastern Time. Participants can access the webcast through a specific link or by dialing in. A transcript and audio replay will be available on Deveron's Investor website after the event.
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