exactEarth announced its Q4 and fiscal year 2020 results this morning that included revenue of $5.8 million for Q4, up 55% compared to the previous year. As well, the company reported fiscal year 2020 revenue of $19.1 million, up 26% from 2019.
Importantly for exactEarth this year, the company announced an AIS contract with the Canadian government in October that could see an additional $3 million in revenue over three years. This is after the government had cancelled an important contract with the company in 2017.
“Fiscal 2020 was a very successful year both operationally and financially, which we believe reflects the essential nature of our service and the resilience of our team,” said Peter Mabson, President and CEO of exactEarth. “exactView RT, with its real-time service capabilities, continues to establish itself as the leading Satellite-AIS data service on the market, and this led to multiple new customer wins and channel partner relationships during the year. We also updated our key strategic alliance with L3Harris and sold certain non-core assets, which helped to reduce our cost base and strengthen our financial foundation. Collectively, these achievements drove strong revenue growth, margin expansion, improvements in cash flows and a higher order backlog at year-end, despite the challenges brought on by the COVID-19 pandemic.”
Q4 and Fiscal 2020 Financial Highlights:
- Revenue was $5.8 million, up 55% compared to $3.8 million in Q4 Fiscal 2019; Fiscal 2020 revenue was $19.1 million, up 26% compared to $15.2 million in Fiscal 2019
- Subscription Services1 revenue was $4.7 million, up 37% compared to $3.5 million in Q4 Fiscal 2019; Fiscal 2020 Subscription Services revenue was $16.9 million, up 28% compared to $13.2 million in Fiscal 2019
- New Order Bookings were $3.8 million compared to $1.5 million in Q4 Fiscal 2019; Fiscal 2020 new Order Bookings were $24.5 million compared to $13.5 million in Fiscal 2019
- Order Bookings backlog at the end of Fiscal 2020 was $28.8 million compared to $22.4 million at the end of Fiscal 2019
- Adjusted EBITDA2 was $811 thousand compared to ($1.9) million in Q4 Fiscal 2019; Fiscal 2020 Adjusted EBITDA was $382 thousand compared to ($6.1) million in Fiscal 2019
- Cash from operations was $865 thousand compared to ($4.8) million in Q4 Fiscal 2019; Fiscal 2020 cash used in operations was ($2.2) million compared to ($6.3) million in Fiscal 2019
- Cash, cash equivalents and short-term investments were $7.5 million at the end of Fiscal 2020 compared to $6.8 million at the end of Q3 Fiscal 2020 and $10.2 million at the end of Fiscal 2019
Q4 and Fiscal 2020 Operational Highlights
- Announced updated terms to satellite AIS business agreement with L3Harris Technologies
- Expanded its alliance agreement with an existing channel partner that will generate incremental revenue of $2.0 million per year above the prior agreement level
- Signed new satellite-AIS data service contracts with the Government of Canada, the European Maritime Safety Agency (EMSA) and the Indian Navy, among others
- Completed the strategic divestiture of select first-generation satellite assets to Myriota PTY Ltd.
- Announced the launch of the ESAIL microsatellite which joins exactEarth’s global constellation of more than 60 high-performance AIS satellites
- Joined the Mayflower Autonomous Ship mission, which is an international effort to build an unmanned, fully autonomous transatlantic research vessel
You can read the full fiscal year 2020 results here.