Datametrex AI (TSXV: DM) this morning reported its first quarter 2021 financial results, a quite frankly blew away expectations. The company reported record revenue of $19.0 million, a 2,253% increase year over year, along with net income of $9.6 million for the three month period.
Record revenues for the company were largely comprised of COVID-19 test kit revenue, which amounted to $18.6 million for the quarter, while AI and tech related revenue came in at $0.5 million for the three month period. Gross profits meanwhile totaled out to $10.9 million, indicating that the company continues to maintain strong margins.
Expenses for the quarter meanwhile amounted to $4.7 million, with the largest expense being share based compensation at $3.3 million, followed by salaries, benefits and consulting fees of $0.8 million. Following an unrealized gain on marketable securities of $4.3 million, the company posted a net income of $9.6 million for the three month period. Adjusted EBITDA amounted to $10.7 million.
“We have entered 2021 coming off a record 2020 year in revenue and this trend will only continue to improve quarter over quarter as we focus on increasing our revenue channel with strategic funding of our sales and operations teams to drive business.”
Andrew Ryu, Chairman of Datametrex
Datametrex last traded at $0.30 on the TSX Venture.
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