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EarthLabs Reports Results for the First Quarter of 2023

Newsfile Corp.
·4 min read

  • 728.9% increase in total revenue as compared to Q1 2022

  • 94.2% increase in advertising revenue as compared to Q1 2022

  • Net investment gains of $3.4M from our investment portfolio

  • Ended the quarter with total cash, cash equivalents, and investments of $53.6M

Toronto, Ontario--(Newsfile Corp. - May 25, 2023) - EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) ("EarthLabs" or the "Company"), a leading mineral exploration technology and investment company, is pleased to announce the unaudited consolidated financial results for three months ended March 31, 2023 of the Company (the "Financial Results").

"We are proud of the performance EarthLabs has shown in the first quarter of 2023," said Denis Laviolette, Executive Chairman and CEO of EarthLabs. "Our 728.9% increase in total revenue, including a 94.2% increase in advertising revenue as compared to Q1 2022, underscores the effectiveness of our strategic acquisitions and the unique value proposition we offer. Moreover, our reported net investment gains of $3,428,775 from our investment portfolio are a significant turnaround from the same period last year as we deploy capital into compelling opportunities. These results are a testament to the hard work of our team and the trust our shareholders and clients have in us. As we move forward, we remain focused on our commitment to maximizing torque to the junior resource sector and delivering superior value to our stakeholders."

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Highlights for the three-months period ended March 31, 2023:

  • Advertising revenue of $790,494 as compared to $406,981 for the three months ended March 31, 2022;

  • Net investment gains of $3,428,775 from our investment portfolio as compared to net investment losses of $258,474 for the three months ended March 31, 2022;

  • Net income from operations of $2,265,931 (basic earnings per share of $0.02) as compared to net loss from operations of $872,749 (basic loss per share of $0.00) for the three months ended March 31, 2022.

  • Net income and comprehensive income of $2,265,931 (basic earnings per share of $0.02) as compared to net loss and comprehensive loss of $619,058 (basic loss per share of $0.00) for the three months ended March 31, 2022.

Summary of financial results

The following are selected unaudited consolidated financial results as at and for the three months ended March 31, 2023, with comparatives:

Interim condensed consolidated statements of income (loss) and comprehensive income (loss) highlights


Three months ended
March 31,



2023



2022

Advertising revenue

$

790,494


$

406,981

Subscriptions revenue


220,251



282,723

Sales of exploration maps


88,310



80,450

Net investment gains (losses)


3,428,775



(258,474)

Other income


241,514



63,673

Total expenses


(2,154,236)



(1,810,045)

Loss from equity investment


(46,302)



(78,904)

Deemed gain on disposition of equity investment


-



407,790

Income tax expense (recovery)


302,875



(33,057)

Net income (loss) from operations for the period


2,265,931



(872,749)

Net income from discontinued operations for the period


-



253,691

Net income (loss) and comprehensive income (loss) for the period


2,265,931



(619,058)

Earnings (loss) per common share for the period - basic and diluted


0.02



(0.00)

 

Interim condensed consolidated statements of financial position highlights


March 31,
2023



December 31, 2022

Cash and cash equivalents

$

23,113,368


$

25,346,049

Due from brokers


785,400



3,180,098

Accounts receivable, net of expected credit losses


186,627



116,214

Investments, at fair value


27,515,239



21,774,168

Equity investment


2,199,574



2,245,876

Intangible Assets


7,908,646



8,105,504

Goodwill


2,210,980



2,210,980

Total assets


64,420,001



63,271,860

Accounts payable and accrued liabilities


633,041



1,002,120

Deferred revenue


545,378



1,004,440

Income tax payable


98,255



1,017,408

Deferred tax liabilities


2,061,352



1,572,001

Total liabilities


3,774,853



5,176,033

Share capital, contributed surplus, and warrants


50,318,258



50,034,868

Retained earnings


10,326,890



8,060,959

 

About EarthLabs Inc.

EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) is a mining investment and technology company that aims to maximize torque to the junior resource sector with $50M in cash and investments, a royalty portfolio and a full suite of data-driven media SaaS tools and services, including CEO.CA, the largest social media platform for resource investors, and DigiGeoData, a software-based interactive mapping interface which provides earth modeling, geology data management, and specialized financial products.

For further information please contact:

Denis Laviolette
Executive Chairman and CEO
EarthLabs Inc.
Tel: 647-345-7768
Email: investors@earthlabs.com

Neither the TSX Venture Exchange ("TSXV"), OTC Best Market "(OTCQX") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement on Forward-Looking Information

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, factors effecting the Company's investees such as the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/167325