Minehub Technologies (MHUB) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 fiscal 2025 revenue of CAD 776,000, up 127% year-over-year, driven by increased SaaS and professional services income, including $300,000 non-recurring revenue from a development project.

• Expanded ecosystem to over 165 partners, including major industry players like Codelco, Sumitomo, Surecomp, and Southwire.

• Launched new modules and secured a services agreement with a major Canadian bank.

Financial highlights

• Q1-2025 revenue reached CAD 776,000 (or $775,745), a 127% increase from CAD 342,000 (or $341,636) in Q1-2024.

• SaaS revenue rose by CAD 238,000, driven by new customers and the Waybridge acquisition.

• Professional services revenue increased by CAD 196,000 due to a completed non-recurring project.

• Net loss improved to CAD 1.3 million from CAD 2.3 million, a 45% year-over-year reduction.

• Gross margin for Q1-2025 was $466,244, up from $225,113 in Q1-2024.

Outlook and guidance

• Management expects lower revenue and margins in the next two quarters due to the non-recurring nature of recent professional services and a shift to recurring SaaS revenue.

• Focus is on growing annual recurring revenue (ARR) and SaaS subscriptions, with ARR at CAD 1.9 million as of January 2024, unchanged from year-end.

• Robust sales pipeline and recent platform enhancements are expected to drive ARR growth and progress toward profitability.

• Profitability may be impacted by investments in personnel to support scaling.