Desert Control concluded the third quarter with a strengthened financial position and continued consistent execution. The successful Q3 capital raise and the preceding strategic review secured more than NOK 100M in additional liquidity to support the company's commercialization phase through the first half of 2025.
SANDNES, Norway, Nov. 22, 2023 /PRNewswire/ -- Desert Control AS (DSRT) announces its third quarter report for the fiscal period ending 30 September 2023.
Q3 2023 Highlights
- Completed a capital raise of NOK 67.50 million, solidifying the company's financial runway through H1-2025.
- Secured five new pilot projects in the United States, maintaining consistent quarterly performance aligned with targets.
- Advanced the transition to a licensed operator model in the Middle East, enhancing operational efficiency and strengthening momentum in collaboration with partners.
- Prepared for deploying the first LNC production units to Saudi Arabia.
.Financial Highlights third Quarter 2023
[Third quarter 2022 in brackets]
- Revenue NOK 0,2 M [NOK 0,1 M]
- EBITDA NOK -17,9 M [NOK -21,6 M]
- Net Income NOK -19,3 M [NOK -14,7M]
Financial Highlights First nine months 2023
[first nine months 2022 in brackets]
- Revenue NOK 2,6 M 2 [NOK1,2 M]
- EBITDA NOK -60,8M [NOK -64,7M]
- Net Income NOK -56,8M [NOK -55,2M]
- Total cash balance 30.09.23 (bank deposits and funds) NOK 35,0 M 1 [NOK 100,4 M]
- Equity 30.09.2023 NOK 52,5 M (equity ratio 60,0%) [NOK 133,3 (94,2%)]
1 The company received cash post-quarter totaling 91.9 million NOK, which included payments from the the Middle East agreements and the capital raise of October 13th. Additional 8 million NOK secured through repair issue closed on 17 November 2023.
Webcast presentation for Desert Control Q3 2023 Report and Interim Financial Results hosted on 22 November 2023 at 10:00 AM, Central European Time (CET). Register: go.desertcontrol.com/Q3-2023
The Q3 report, company update presentation, recording and transcript of the webcast will be made available on the company website: www.desertcontrol.com/investors under the archive section.
For more information, please contact:
Ole Kristian Sivertsen
President and Group CEO
Email: oks@desertcontrol.com
Mobile (NOR): +47 957 77 777
Mobile (USA): +1 650 643 6136
Mobile (UAE): +971 52 521 7049
Leonard Chaparian
Chief Financial Officer
Email: leonard.chaparian@desertcontrol.com
Mobile (NOR): +47 90 66 55 40
About Desert Control:
Desert Control specializes in climate-smart AgTech solutions to combat desertification, soil degradation, and water scarcity. Its patented Liquid Natural Clay (LNC) restores and enhances soil ecosystems to reduce water usage and improve the efficiency of fertilizers and natural resources for agriculture, forests, and green landscapes. LNC enables sandy and arid soil to retain water and nutrients, thus increasing crop yields, plant health, and ecosystem resilience while preserving water and natural resources by up to 50%.
For more about Desert Control, visit https://www.desertcontrol.com
Cautionary Note:
Disclaimer related to forward-looking statements.
This release contains forward-looking information and statements relating to the business, performance, and items that may be interpreted to impact the results of Desert Control and/or the industry and markets in which Desert Control operates.
Forward-looking statements are statements that are not historical facts and may be identified by words such as "aims", "anticipates", "believes", "estimates", "expects", "foresees", "intends", "plans", "predicts", "projects", "targets", and similar expressions. Such forward-looking statements are based on current expectations, estimates, and projections, reflect current views concerning future events, and are subject to risks, uncertainties, and assumptions, and may be subject to change without notice. Forward-looking statements are not guaranteeing any future performance, and risks, uncertainties, and other important factors could cause the actual business, performance, results, or the industry and markets in which Desert Control operates in, to differ materially from the statements expressed or implied in this release by such forward-looking statements.
No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecasted performance, capacities, or results will be achieved, and you are cautioned not to place any undue reliance on any forward-looking statements.
Q3 Report 2023
The information enclosed is subject to the disclosure requirements pursuant to sections 5-12 in the Norwegian Securities Trading Act
The following files are available for download:
https://mb.cision.com/Main/22706/3880113/2445996.pdf | DC_Q3Report_1.7 |
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