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mCloud Technologies Corp. (symbol: MCLD) is a forward-thinking provider of cloud technology solutions that aims to optimize the performance, reliability, and sustainability of energy-intensive assets. Headquartered in San Francisco, mCloud's innovative technology focuses on uniting people, data, and knowledge to enhance the health and performance of critical equipment.
The company’s core business revolves around its AssetCare® platform, which leverages cloud-based digital twins, artificial intelligence, and advanced analytics. This suite of tools empowers asset owners and operators in various industries, including oil and gas, wind energy, and commercial facilities, to maximize energy production, reduce energy waste, and minimize harmful emissions.
Recent developments at mCloud include the formation of a special committee to explore strategic alternatives aimed at maximizing shareholder value. This includes the potential separation of its industrial and commercial business from its aerospace and defense sector, focusing on NGRAIN, a subsidiary acquired in 2018 that provides specialized solutions for military and defense applications. This restructuring aims to ensure NGRAIN's standalone operation remains highly regulated and continues to secure long-standing, multi-year engagements with high-profile clients.
The company is also working closely with various stakeholders and financial advisors, such as ATB Capital Markets Inc., to explore potential transactions, including asset sales and recapitalization. Recent approvals from the special committee will potentially involve the sale of mCloud's broader industrial and commercial assets, allowing for a more focused approach in each business segment. The anticipated cash proceeds from these sales are intended to address current financial obligations.
mCloud’s common shares are traded on the Nasdaq and the TSX Venture Exchange under the symbol MCLD. The company maintains a global presence with offices across North America, Europe, the Middle East, and the Asia-Pacific region.
For more details, visit the official website at mcloudcorp.com.
mCloud Technologies Corp. (Nasdaq: MCLD) announced an interest payment of C$586,437.50 on its outstanding unsecured convertible debentures, covering accrued interest up to August 31, 2022. The funds have been sent to TSX Trust Company, and the Company is awaiting regulatory approval for repayment. mCloud specializes in AI-powered asset management and ESG solutions, optimizing energy production and minimizing energy waste across multiple sectors with its AssetCare platform, serving over 100 blue-chip customers globally.
mCloud Technologies Corp. (NASDAQ: MCLD) announced its Q2 2022 financial results, reporting net revenues of C$2.3 million, down from C$6.6 million in Q2 2021, primarily due to a one-time US$5.96 million payment from Agnity and a C$2.6 million balance sheet charge. The company added 2,921 new connected assets, reaching a total of 67,471. Operating EBITDA for the quarter was -C$8.496 million. Despite challenges, mCloud aims to achieve 90,000 connections by year-end and is optimistic about revenue growth as customer engagement increases post-pandemic.
mCloud Technologies Corp. (NASDAQ: MCLD) will host a conference call to discuss its second quarter financial results on August 16, 2022, at 10:00 a.m. EDT. Interested parties can join by dialing 416-764-8659 or 1-888-664-6392 with confirmation number 41933518. The call will also be available as a live audio webcast and archived for one year. mCloud specializes in AI-powered asset management and ESG solutions, aiming to maximize energy production and reduce waste across various industries, with over 100 blue-chip customers and 64,000 connected assets globally.
mCloud Technologies Corp. (Nasdaq: MCLD) announced a Technology Continuation Agreement with Agnity Global Inc. on August 2, 2022. This agreement replaces an earlier royalty agreement and includes a one-time payment of approximately US$6.0 million from Agnity. The agreement enables mCloud to enhance its offerings, particularly through the AssetCare Mobile solution. This collaboration aims to improve secure communications technology in energy management across various industries globally. mCloud’s AI-powered solutions connect over 64,000 assets worldwide, further positioning the company as a leader in asset management.
mCloud Technologies Corp. (Nasdaq: MCLD) has signed a commercial agreement with Mercedes-Benz Grand Prix to deploy its AssetCare Connected Buildings solution at the Brackley headquarters, covering 650,000 square feet. The implementation, commencing in September 2022, aims to enhance energy efficiency and reduce emissions. While the initial revenues from this project are deemed immaterial, the partnership underscores mCloud's commitment to sustainable operations in sports. The agreement includes a recurring subscription model as assets are connected, with plans for an ESG dashboard to promote transparency in energy usage.
mCloud Technologies Corp. (Nasdaq: MCLD) has updated its plan for repaying outstanding unsecured convertible debentures due on June 30, 2022. Following the SEC's feedback on its F-1 registration statement related to a preferred share offering, mCloud expects to complete this offering by July 14, 2022. The company plans to fully repay the principal and interest on the debentures upon completion of the offering. The company operates in AI-powered asset management and ESG solutions, serving over 100 global clients with more than 64,000 connected assets.
mCloud Technologies Corp. (Nasdaq: MCLD) announced an update regarding the repayment of its outstanding unsecured convertible debentures maturing on June 30, 2022. The company filed an F-1 registration statement with the SEC on May 11 for a preferred share offering, which is expected to provide proceeds from existing and new strategic investors. These funds will be used to fully repay the convertible debentures' principal and accrued interest. mCloud leverages AI and analytics through its AssetCare™ platform to enhance energy management across various sectors.
mCloud Technologies Corp. (MCLD) has commenced the onboarding of its AssetCare Digital Oilfield solutions at wellsites across the United States, aiming to connect 500 sites by year-end. The initiative follows strong demand after the launch of AssetCare Mobile in May. This AI-driven solution optimizes production, reduces downtime, and mitigates methane emissions. mCloud also introduced an online store to expedite the delivery of its services, enhancing access for global customers. The company plans to connect an additional 3,000 wells by the end of 2023.
mCloud Technologies Corp. (MCLD) shared its Q1 2022 financial results, reporting a 40% decline in total revenues at C$4.4 million compared to C$7.4 million in Q1 2021. AssetCare Over Time revenues fell 38%, reaching C$4.0 million. Despite these declines, the company added 774 new connected assets, boosting their total to 64,550. Q1 2022 operating EBITDA showed a loss of C$6.7 million. mCloud closed US$15 million in funding to enhance its EV charging optimization solutions. Growth in the Middle East, Canada, and Europe is anticipated moving forward.
mCloud Technologies Corp. (Nasdaq: MCLD) will host a conference call on May 17, 2022, at 10:00 a.m. EDT to discuss its first quarter financial results. Interested participants can join by calling 416-764-8659 or 1-888-664-6392 using confirmation number 41593877. The call can also be accessed via a live audio webcast here. An archived version will be available until May 24, 2022. mCloud specializes in AI-powered asset management, focusing on optimizing energy-intensive assets.
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