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 Nov. 14, 2022 Source: Farmers Edge news release WINNIPEG, MB - Farmers Edge Inc. ("Farmers Edge" or the "Company") (TSX: FDGE), a pure-play digital agriculture company reports its unaudited financial results for the three months ended September 30, 2022. All amounts are expressed in Canadian dollars. Certain metrics are non-GAAP and other financial measures or key performance indicators. See "Key Performance Indicators and Non-GAAP and Other Financial Measures" below. Business Highlights *New Digital Agronomy acres added for the three months and the nine months ended September 30, 2022, were 0.4 million and 3.3 million acres, respectively, including 0.2 million new Progressive Grower Program ("PGP") acres in Q3 2022 (YTD - 1.6 million PGP acres). Management made the decision in early July 2022 to pause the PGP program and no longer provide a free acre period to customers. *Subscribed acres were 12.3 million at September 30, 2022. This was 3.1 million acres lower than at June 30 ,2022 due to the release of PGP acres not converted, normal paid acres churn and lower smart reporting acres. *ARR at September 30, 2022 was $43.0 million due to lower subscribed acres. *During the quarter, management developed a new strategic plan focusing on hiring new talent, building a B2B enterprise customer footprint, and improving the customer experience. Management is also executing a cost reduction program which will save the company $20 million annually starting in Q1 2023. *The $75 million financing with Fairfax Financial Holdings Limited was closed in July 2022 and management believes the company has sufficient funds to operate during the next 12 months and will continue to focus on reducing the cash burn rate and accelerating growth. "We have implemented a cost turnaround plan to streamline our operations, lower operating expenses and reduce the cash burn rate," said Vibhore Arora, Chief Executive Officer of Farmers Edge. "At the same time, we are investing in our technology in order to better serve our growers and enterprise customers. "Our technological advancements, combined with our emphasis on a new B2B enterprise strategy, will strengthen our market position and drive top-line growth." To read the entire report click here. Tweet |
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