Deveron Reports 127% Year-Over-Year Revenue Growth in Q3 Financial Results

Toronto, Ontario – Deveron Corp. (TSX-V: FARM) (Deveronor the “Company”) a leading agriculture digital services and analytics provider in North America is pleased to announce its financial results for the three months and nine months ended September 30, 2021.

Q3 and YTD Summary

  • Revenue in Q3 grew 127% year-over-year to $1,607,569. Revenue in the 9 months rose 94% year-over-year to $4,107,373.
  • Gross profit in Q3 grew 128% year-over-year to $1,007,514 and YTD grew 63% year-over-year to $2,650,313.
  • Better Harvest was acquired by Deveron prior to Q3/2020 and YTD revenue grew 34% from the prior comparable period to $657,004.
  • Successfully launched its carbon services platform. Since the end of Q3/2021, Deveron has announced four contracts for this program.

“The third quarter results reflect a number of key milestones in our growth strategy, commented David MacMillan, Deveron’s President and CEO. “First, we launched our carbon services platform, which has already experienced great adoption and momentum, signing four enterprise contracts since September 2021. Second, we have recorded revenue of $615K from the four acquisitions that closed in Q2 and Q3. This acquisition strategy of acquiring and integrating independent agronomists and soil laboratories is key to our building a high-quality soil health network across North America. Third, we achieved 34% revenue growth, year over year in our first acquired company, Better Harvest by leveraging our analytics, sales, and technology capabilities. Overall, the results reflect Q3 revenue growth of 127% year over year, strong gross margin at 63% and most importantly significant momentum for Q4 and beyond.”

Read the full press release