Desert Control today published its Annual Report and Consolidated Financial Statements. The complete Annual Report 2022 is available in the attachment and via the Company’s website: Investor — Desert Control.
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2022 Highlights
- Expanded operations to the United States, established operational headquarters in Arizona and started building a sales team for accelerated commercialization.
- Launched collaboration with the University of Arizona for independent validation of LNC for American soil and achieved positive first-year results.
- Signed contract with Limoneira Company for LNC application on 4,000 citrus trees with a letter of intent for large-scale LNC deployment based on the successful outcome. (50% of the project successfully completed as of the end of 2022).
- Initiated a new strategy for the sales and distribution of LNC in the Middle East through a partnership with Mawarid Holding Investment.
- Established Mawarid Desert Control LLC for sales and distribution of LNC in the UAE.
- Mawarid Desert Control turned operational in Q4 and secured its first contract for a strategic commercial pilot with a significant UAE food security company.
- Streamlined Desert Control Middle East in alignment with the new sales strategy for increased efficiency with lower operational costs for Desert Control in the UAE.
- Signed MoU with Amarenco Group for soil and forest regeneration CSR initiative, creating opportunities for future projects in Southern Europe.
- Achieved exceptional full-year results for LNC treatment of date palms, reducing water usage by 46% while increasing yield and fruit quality.
- Improved scale-on-demand model with global mobility of assets for optimal agility.
- Strengthened leadership team to drive the transition of commercialization.
Financial key figures
Financial highlights for the financial year 2022 [2021 in brackets]:
- Total cash balance 31.12.2022 (incl. other current financial assets): NOK 78.2M [NOK 179.3M]
- Equity 31.12.2022: NOK 107.0M (equity ratio: 89 %)
- Revenue: NOK 4.2M [NOK 3.1M]
- EBITDA: NOK -90.2M[NOK -31.7M]
- Profit or loss for the year: NOK -90.5M [NOK -31.7M]
- Gross R&D investments NOK 1.4M [NOK 11M]
- Grants NOK 2.3M [NOK 8.7M]
Inquiries
For more information, please contact:
Ole Kristian Sivertsen
Chief Executive Officer
Email: oks@desertcontrol.com
Mobile: +47 957 77 777
Marianne Vika Bøe
Chief Financial Officer
Email: marianne.boe@desertcontrol.com
Mobile: +47 406 36 356
Cautionary Note
Disclaimer related to forward-looking statements
This release contains forward-looking information and statements relating to the business, performance, and items that may be interpreted to impact the results of Desert Control and/or the industry and markets in which Desert Control operates.
Forward-looking statements are statements that are not historical facts and may be identified by words such as “aims”, “anticipates”, “believes”, “estimates”, “expects”, “foresees”, “intends”, “plans”, “predicts”, “projects”, “targets”, and similar expressions. Such forward-looking statements are based on current expectations, estimates, and projections, reflect current views concerning future events, and are subject to risks, uncertainties, and assumptions, and may be subject to change without notice.
Forward-looking statements are not guaranteeing any future performance, and risks, uncertainties, and other important factors could cause the actual business, performance, results, or the industry and markets in which Desert Control operates in to differ materially from the statements expressed or implied in this release by such forward-looking statements.
No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecasted performance, capacities, or results will be achieved, and you are cautioned not to place any undue reliance on any forward-looking statements.
Annual Report 2022
The information enclosed is subject to the disclosure requirements pursuant to section 5-12 in the Norwegian Securities Trading Act.
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