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1ST QUARTER: FARMERS EDGE REVENUES UP 34%, LOSS NARROWS
Farmers Edge reports:

To view the complete report, click here.

Winnipeg, MB - Farmers Edge Inc. ("Farmers Edge" or the "Company") (TSX: FDGE), a Winnipeg-based pure-play digital agriculture company reported its financial results for the three months ended March 31, 2021. All amounts are expressed in Canadian dollars. Certain metrics are non-IFRS measures or key performance indicators.

Business Highlights
Quarterly revenue of $9.9 million, an increase of 34% over 2020 comparative period.

EBITDA per Subscribed Acre improved by 65% as Company realizes economies of scale and lowers costs.

Reduced EBITDA Loss by 50% and improved Free Cash Flow deficiency to $10.3 million.

Net Loss improved by $11.5 million (40%).

Strong financial position with $120.4 million cash and negligible debt.

Launch of Company's first parametric insurance product in Canada - Canola Heat Blast and Smart Carbon program to grow Business Analytics Solutions Revenue.

"The activities of the first quarter of 2021 will always be part of our history with the successful marketing and completion of our initial public offering raising $144 million of new capital," said Wade Barnes, Chief Executive Officer and founder of Farmers Edge.

"The IPO process took lots of energy for our team but our results show that we didn't lose focus and were able to deliver on our key financial metrics. First quarter is historically a slower period for acre growth and we expect the second and third quarters to provide strong acre growth. This will enable us to meet our medium-term acre and revenue targets and strengthen our position as a global leader in digital agriculture," said Barnes.

In April, the Company also announced a Canola Heat Blast Yield Protection insurance product being offered in Canada with Munich Re underwriting the contracts. This is a new product and revenue stream that comes from the strategic collaboration with Munich Re by leveraging their insights and design of specialty risk management products for agriculture. This creates value for both our growers and our channel partners. The Company earns revenue as a percentage of the premium paid by the grower.

The Company is also working with growers to introduce them to our Smart Carbon program. Our digital and fertility solutions provide the data to allow growers to access carbon offsets and turns the data into value for the grower.


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