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Datametrex Earned $362K in Q3

  • Recognized revenue of $7.6 million

  • Earned $362K excluding non cash expenses

  • Very strong balance sheet with $1.4M cash and $2M receivables

  • Introduced Naxalogy's Social Media Automated Reporting Technologies.

  • Completed the second phase of a multi-phase R&D program through the Department of National Defence's Innovation for Defence Excellence and Security IDEaS program.

TORONTO - Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTC Pink: DTMXF) (the "Company" or "Datametrex") is pleased to announce record third quarter 2020 ("Q3") financial and operating results. All currency is in Canadian dollars, unless otherwise stated. All results are reported on a 100% basis.

The Company's revenue increased by 189% in Q3 compared to the same period of last year. The Company's cash position improved significantly to $1,413,374 compared to $119,675 at the end of 2019. The net loss improved with a decrease of 35% to ($451,353) compared to ($695,803) in the same period of last year. There was a $607,997 of option issuance expense and $194,517 of Depreciation and Amortization expense, which are non-cash based expenses.

Excluding these expenses, the Company generated a net profit. This is reflected in Adjusted EBITDA. The Adjusted EBITDA showed a significant improvement achieving a positive Adjusted EBITDA of $362,059, compared to ($539,116) in the same period of last year.

"In Q3 2020, the Company achieved multiple key milestones, a significant increase in gross revenue and improvement in its cash position. This positive outcome was a direct result of our quick response in implementing a plan to begin selling test kits as result of the global impact of the COVID-19 virus. This resulted in a substantial improvement to the bottom line," said Marshall Gunter, CEO of the Company.

Business Outlook

AI and Technology

The Company is now targeting larger bids with the Canada's Industrial and Technological Benefits ("ITB") program that are in the range of tens of millions of dollar. At the same time, we are continuing to work with the United States Air Force ("USAF"), Office of Naval Reesarch ("ONR") and the Defence Research and Development Canada ("DRDC").

The Company is also continuing to expand its product and, as such, Nexalogy SMART technology will be available imminently on the market.

Our footprint in Korea continues to expand as demonstrated by the recent growth in our revenue. We are looking to bring the formula used in Korean sales to Canada and the United State for the private sector.

COVID-19 Test Kits

The Company continues to expand our footprint with film production companies and mining companies, performing approximately 5,000 tests a week. We expect the number of tests per week to grow continuously as the Company is now running tests in Vancouver, Toronto and Montreal.

Highlights for Q3 2020

  • Recognized revenue of $7.6 million for the nine-month 2020 period compared to $2.6 million in same period 2019, of which $4.9 million was earned in the third quarter.

  • The Company started securing and delivering purchase orders of COVID-19 test kits and generated $2.3 million COVID-19 related revenue in Q3 2020.

  • The Company has received $1.8 million from the exercise of share purchase warrants and options.

  • The Company introduced Naxalogy's Social Media Automated Reporting Technologies.

  • The Company completed the second phase of a multi-phase R&D program through the Department of National Defence's Innovation for Defence Excellence and Security IDEaS program.

Financial Highlights

The following table summarizes revenue, net loss and EBITDA* and Adjusted EBITDA* for the three and nine months ended September 30, 2020 and 2019.

* Note: EBITDA (non- IFRS measures) is calculated as Net Loss adjusted for 1. Income taxes, 2. Depreciation and amortization, and 3. Interest and accretion. Adjusted EBITDA (non-IFRS measures) is calculated as EBITFA adjusted for share based compensation.

Non-IFRS financial measures do not have standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Specific items may only be relevant in certain periods. For reconciliation of non-IFRS financial measures please refer to the Company's Management Discussion and Analysis for the nine months ended September 30, 2020.

The Company's Financial Statements and Management Discussion & Analysis ("MD&A") are at SEDAR at

About Datametrex

Datametrex AI Limited is a technology-focused company with exposure to Artificial Intelligence and Machine Learning through its wholly owned subsidiary, Nexalogy ( Datametrex's mission is to provide tools that support companies in fulfilling their operational Health and Safety goals with predictive and preventive technologies. By working with companies to set a new standard of protocols through Artificial Intelligence and health diagnostics, the Company provides progressive solutions to support the supply chain.

Additional information on Datametrex is available at

For further information, please contact:

Marshall Gunter - CEO

Phone: (514) 295-2300


Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy.

Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

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