Farmers Edge

[Hawks]

Apparently Fairfax effectively owns 61.5% of Farmers Edge which was recently listed in Toronto.

Anyone else buying or done any analysis on this stock?

[drzola]

Fourth quarter numbers our out and not extremely bad for once ha

Fiscal 2020 Financial Highlights

    Generated revenue of $45.9 million, up 93% from $23.8 million.
    Digital agronomy solutions revenue increased 85% to $35.5 million.
    Business analytic solutions revenue of $2.6 million grew primarily from insurance related activities.
    Proven scalable business model and cost management with lower EBITDA costs realized even with significant Subscribed Acres and revenue growth that resulted in EBITDA improving $27.2 million (37%) on $22.1 million of revenue growth.
    Signed new satellite imagery (Airbus DS Geo Inc.), cloud hosting and technology (Google Cloud Canada), and commercial insurance and carbon partnership agreements.
    Free Cash Flow improved by $45.4 million (47%) to negative $51.3 million.

Fourth Quarter 2020 Financial Highlights

    Generated revenue of $19.1 million, up 186% from $6.7 million.
    Digital agronomy solutions revenue increased 214% to $11.7 million.
    Business analytic solutions revenue included carbon credit revenue for the first time in the Company’s history.
    Non-recurring commercial contract revenue was $5.7 million, an increase of $3.7 million.
    Positive Adjusted Gross Profit of $7.0 million (37% margin), included non-recurring commercial contract revenue of $5.5 million, is an improvement of $12.4 million and a significant portion of the fiscal year’s negative Adjusted Gross Profit improvement of $19.9 million (2020 – $2.3 million vs 2019 – $22.2 million).
    EBITDA loss of $4.6 million was an improvement of $13.1 million (74%) on $12.4 million of revenue growth.
    Free Cash Flow improved by $20.4 million (83%) to negative $4.1 million as the Company benefits from its increased scale of operations.

OPERATING HIGHLIGHTS

in thousands, except per share amounts




Three months ended
December 31




Year ended
December 31





2020




2019




2020




2019

FINANCIAL PERFORMANCE














Revenues




$19,120




$6,696


$45,880




$23,802

Operating expenses (1)




23,717




24,425


92,851




97,987

EBITDA




$(4,597)




$(17,729)


$(46,971)




$(74,185)

Adjusted EBITDA




$(3,512)




$(17,729)


$(45,886)




$(74,185)















Net loss




$(17,078)




$(34,104)


$(84,633)




$(117,960)

Loss per share – basic & diluted (2)




$(1.55)




$(3.46)


$(8.01)




$(11.97)















Free Cash Flow




$(4,081)




$(24,518)


$(51,257)




$(96,631)



















2020




2019






FINANCIAL POSITION as at December 31st














Total assets




$79,484




$77,492






Total long-term liabilities




$4,760




$3,908
























2020




2019






KEY PERFORMANCE INDICATORS as at December 31st














Total Subscribed Acres




23,357




16,523






Annual Recurring Revenue (ARR)


$53,421


$29,521