Minerva Intelligence Reports Q3 2022 Financial Results

Rhea-AI Summary

Minerva Intelligence Inc. (OTCQB: MVAIF) reported its financial results for Q3 2022, revealing total revenues of $89,422 and a net loss of $812,124. The company holds a cash balance of $812,684 and a working capital of $595,196. The financial results reflect the ongoing challenges in the artificial intelligence sector focused on climate risk and mineral exploration. Minerva continues to emphasize its commitment to developing tools that support decision-making in these critical areas.

Positive

• None.

Negative

• Net loss of $812,124 for Q3 2022, indicating ongoing financial struggles.
• Total revenues of $89,422 are relatively low, reflecting potential business challenges.

VANCOUVER, BC, Nov. 29, 2022 /PRNewswire/ - Minerva Intelligence Inc. (TSXV: MVAI) (OTCQB: MVAIF) ("Minerva" or the "Company"), an artificial intelligence software company focused on building decision support tools for climate risk, mineral exploration and mining, announces its financial results for the three-month period ended September 30, 2022 ("Q3"). All amounts are presented in Canadian dollars.

• Total revenues for the three-month period ended September 30^th, 2022, of $89,422
• Net loss for the three-month period ended September 30^th, 2022, of $812,124
• Cash balance of $812,684 and working capital of $595,196

For full details on Minera's reported results, please go to https://minervaintelligence.com/investors.  

About Minerva Intelligence Inc.  
Minerva Intelligence Inc. is a software development company based in Vancouver, Canada, with a subsidiary office in Darmstadt, Germany. Their proprietary technology is empowering organizations to make defensible decisions in the face of climate change. Although Minerva's applications focus on the search for critical metals and the assessment of physical climate risk, their technology has application in diverse industries and domains. Minerva's common shares are currently listed on the TSX Venture Exchange (symbol MVAI).  For further details, please refer to their website www.minervaintelligence.com or follow Minerva on Twitter or LinkedIn.  

Cautionary Note Regarding Forward-Looking Statements   
Forward Looking Information: This news release includes certain information that may be deemed "forward-looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. All information in this release, other than information of historical facts, including, without limitation, the availability of financing to the Company are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.   

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.  

View original content:https://www.prnewswire.com/news-releases/minerva-intelligence-reports-q3-2022-financial-results-301689407.html

SOURCE Minerva Intelligence Inc.

FAQ

What were the financial results for Minerva Intelligence in Q3 2022?

Minerva Intelligence reported total revenues of $89,422 and a net loss of $812,124 for Q3 2022.

How much cash does Minerva Intelligence have as of September 30, 2022?

As of September 30, 2022, Minerva Intelligence has a cash balance of $812,684.

What is the working capital of Minerva Intelligence as of Q3 2022?

The working capital of Minerva Intelligence as of Q3 2022 is $595,196.

What challenges is Minerva Intelligence facing based on their Q3 2022 results?

Minerva Intelligence is facing challenges indicated by a net loss of $812,124 and low revenues of $89,422.