Toronto, Ontario – Deveron Corp. (TSX-V: FARM) (“Deveron” or the “Company”) a leading agriculture digital services and insights provider in North America, is pleased to announce revenue growth of 63% year over year to $1,832,078 in Q2 2021.
Second Quarter 2021 Financial Highlights
The Company’s financial performance improved over the previous year’s quarter, driven by the integration of our recently acquired companies and growing data insight solutions sales:
- Revenue grew 63% year over year to $1,832,078 in Q2 2021, from $1,123,867 in Q2 2020
- The Company’s data insight solutions sales grew 71% year over year to $1,069,926 from $624,255 in Q2 2021
“The second quarter was another high double-digit revenue growth quarter for Deveron,” commented David MacMillan, Deveron’s President and CEO. “In six months, we have nearly eclipsed 2020 revenue even though this includes only partial revenue impact from our recently acquired companies, which will begin to significantly impact our revenue in the third and fourth quarters of this year. We continue to see a great opportunity to consolidate the soil health solutions segment through organic growth and selective acquisitions. In addition through our continued investment in Farm Dog we intend to increase efficiencies in soil health solutions and open new revenue opportunities based on the aggregate data we are collecting.”
Second Quarter 2021 Operational Highlights
The Company continued to grow its acres under management and geographic reach by making accretive acquisitions during the quarter which added annualized revenue of approximately $3.5M and EBITDA of approximately $1.5 M.