- Deveron UAS (CSE:DVR) has reported a 311 per cent increase in revenue for the year ending December 31, 2019
- Gross profit also grew a whopping 741 per cent to C$1,212,030, compared to $144,194 in 2018
- Profit margins improved as well, from 29 per cent to 59 per cent
- Revenue in the fourth quarter of 2019 alone surpassed revenue for the full year in 2018
- Devon UAS (DVR) is currently up 17.65 per cent to $0.20 per share, with a market cap of $7.58 million
Deveron UAS (CSE:DVR) has reported a 311 per cent increase in revenue for the year ending December 31, 2019.
The agricultural technology company’s current focus is on providing data acquisition and analytical services to farms across North America. Through its on-demand network of drone pilots and soil sampling technicians, Deveron offers various solutions in the imagery and soil space.
Deveron reported C$2,055,437 in revenue for the 2019 year, a substantial increase from $500,626 in 2018.
Gross profits were also up by a significant 741 per cent from $144,194 to $1,212,030. This is partly due to similarly improved gross margins, which were up from 29 per cent to 59 per cent.
Deveron largely attributed the successful year to the increased performance of its data insights business. An uptick in usage across its network of data collection technicians also contributed.
Deveron’s CEO, David MacMillan, said that the strong results reflect the team’s considerable contribution to the company’s two business lines.
“It was a challenging year for many of our customers across North America, due to adverse weather, both in getting crops planted and then harvested. But we were still able to support their agronomic requirements and grow our footprint with new customers.
“In the past 12 months, we have shifted from being a single product service company to a multi-product digital insights company,” he added.
Looking forward, Deveron has said that it will continue growing its data collection and insights businesses. It plans to accomplish this by increasing acreage scope with existing customers and pursuing new sales channels.
In addition, the company will continue its search for strategic acquisitions.
“This will be done while we continue to be a low cost, highly reliable service provider for data collection and through continued productisation of core insight offerings,” David concluded.
Deveron UAS (DVR) is currently up 17.65 per cent to $0.20 per share at 2:28pm EST.