Fiscal 2020 Financial Results Announced by exactEarth
exactEarth has announced its financial results for the three- and twelve-month periods ended October 31, 2020. All fiscal 2020 financial results figures are in Canadian dollars unless otherwise stated.
"Fiscal 2020 was a very successful year both operationally and financially, which we believe reflects the essential nature of our service and the resilience of our team."
Peter Mabson, President and CEO of exactEarth.
Q4 and Fiscal 2020 Financial Results Highlights:
Revenue was $5.8 million, up 55% compared to $3.8 million in Q4 Fiscal 2019; Fiscal 2020 revenue was $19.1 million, up 26% compared to $15.2 million in Fiscal 2019
Subscription Services1 revenue was $4.7 million, up 37% compared to $3.5 million in Q4 Fiscal 2019; Fiscal 2020 Subscription Services revenue was $16.9 million, up 28% compared to $13.2 million in Fiscal 2019
New Order Bookings were $3.8 million compared to $1.5 million in Q4 Fiscal 2019; Fiscal 2020 new Order Bookings were $24.5 million compared to $13.5 million in Fiscal 2019
Order Bookings backlog at the end of Fiscal 2020 was $28.8 million compared to $22.4 million at the end of Fiscal 2019
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $811 thousand compared to ($1.9) million in Q4 Fiscal 2019; Fiscal 2020 Adjusted EBITDA was $382 thousand compared to ($6.1) million in Fiscal 2019
Cash from operations was $865 thousand compared to ($4.8) million in Q4 Fiscal 2019; Fiscal 2020 cash used in operations was ($2.2) million compared to ($6.3) million in Fiscal 2019
Cash, cash equivalents and short-term investments were $7.5 million at the end of Fiscal 2020 compared to $6.8 million at the end of Q3 Fiscal 2020 and $10.2 million at the end of Fiscal 2019
Q4 and Fiscal 2020 Operational Highlights
Announced updated terms to satellite AIS business agreement with L3Harris Technologies
Expanded its alliance agreement with an existing channel partner that will generate incremental revenue of $2.0 million per year above the prior agreement level
Signed new satellite-AIS data service contracts with the Government of Canada, the European Maritime Safety Agency (EMSA) and the Indian Navy, among others
Completed the strategic divestiture of select first-generation satellite assets to Myriota PTY Ltd.
Announced the launch of the ESAIL microsatellite which joins exactEarth's global constellation of more than 60 high-performance AIS satellites
Joined the Mayflower Autonomous Ship mission, which is an international effort to build an unmanned, fully autonomous transatlantic research vessel
"Fiscal 2020 was a very successful year both operationally and financially, which we believe reflects the essential nature of our service and the resilience of our team," said Peter Mabson, President and CEO of exactEarth. "exactView RT, with its real-time service capabilities, continues to establish itself as the leading Satellite-AIS data service on the market, and this led to multiple new customer wins and channel partner relationships during the year. We also updated our key strategic alliance with L3Harris and sold certain non-core assets, which helped to reduce our cost base and strengthen our financial foundation. Collectively, these achievements drove strong revenue growth, margin expansion, improvements in cash flows and a higher order backlog at year-end, despite the challenges brought on by the COVID-19 pandemic."
"Subscription Services revenue in Q4 was $4.7 million, which provides a solid foundation from which to continue our momentum and expand our top-line. Looking forward into 2021, while it is uncertain what the impact of COVID-19 will be on the business and broader economy, at this point we expect to generate Subscription Services annual revenue growth of 15-20%, which is in-line with our prior three-year revenue CAGR (Compounded Annual Growth Rate) of approximately 17%; revenue growth in 2021 is expected to result in positive Adjusted EBITDA for the year."
Adjusted EBITDA for Q4 2020 was $811 thousand compared to ($1.9) million in Q4 2019. Adjusted EBITDA for Fiscal 2020 was $382 thousand compared to ($6.1) million in Fiscal 2020. Adjusted EBITDA improved year-over-year due primarily to higher revenue and lower cost of revenue.
(Source: exactEarth news release)