VANCOUVER, BC, April 30, 2021 /CNW/ – CubicFarm® Systems Corp. (TSXV: CUB) (“CubicFarms” or the “Company”), a local chain agricultural technology company, today announced its financial results for the transition year1 for the three and six months ended December 31, 2020.
“CubicFarms is well-positioned for scalable growth in 2021 with the addition of several key members in our sales, technology, engineering, and operations teams,” said Dave Dinesen, CEO of CubicFarms. “CubicFarms is a research-driven technology company that recently formed a Scientific Advisory Board with some of the world’s best minds working on our technology to feed a changing world. With the SAB’s expertise, our R&D spending has increased by 197% and are continuously improving our CubicFarms and HydroGreen growing systems, resulting in new customers within Canada, the U.S., and internationally. We’re attracting top talent like Edo De Martin, formerly of Microsoft, as our Chief Technology Officer. CubicFarms has a clear ESG strategy, solidifying our status as a significant player in the Controlled Environment Agriculture industry and a leader in local chain ag-tech.”
“The Company made significant operational progress in the second half of calendar 2020 and afterwards,” said Tim Fernback, Chief Financial Officer at CubicFarms. “As we look ahead in 2021, we have a solid financial footing with a great balance sheet and 157 CubicFarms modules under contract, valued at an estimated USD$21 million to the Company. Another significant advancement is the contract signing of the beta test of our commercial scale HydroGreen Vertical Pastures™ fresh livestock feed growing technology at a beef and dairy cattle farm in Wyoming with a herd size of 17,000. Research and data collection from the HydroGreen Vertical Pastures™ will be ongoing on farm and will contribute to our plant and animal science understanding as well as how the HydroGreen technology reduces greenhouse gas emissions².”
Six Month Fiscal 2020 Financial Results
During the six months ended December 31, 2020, the Company recorded $624,774 in revenue, compared to $560,841 for the three months ended December 31, 2019, representing an increase of 11 per cent. The Company’s net loss of $10,125,563 for the six-month period ended December 31, 2020,