DSRT: H1 2021 Report and Financial Results | Desert Control AS
ISSUER
DESERT CONTROL AS
DSRT: H1 2021 Report and Financial Results | Desert Control AS
Stavanger, Norway, 3 September 2021 – Desert Control AS (DSRT) today announced
its H1 Report and Financial Results for the fiscal first half of 2021, ending 30
June 2021.
Desert Control is a company specialized in climate-smart agri-tech solutions to
combat desertification, soil degradation, and water scarcity. Its patented
Liquid Natural Clay (LNC) restores and protects soil, reducing water usage for
agriculture, forests, and green landscapes.
Desert Control continued focused execution to build the foundation for
operational scale-up in the first half of 2021, achieving several milestones,
including:
- Raised NOK 200M and completed successful IPO
- Was awarded first commercial contract valued at NOK 3.4M
- Entered MoU for strategic partnership with Abu Dhabi, UAE based agriculture
and nature conservation giant Mawarid Holding and Barari Natural Resources
- Exceeded water-saving KPI’s for pilot projects
- Established subsidiary in Abu Dhabi, UAE
- Won global award for green innovation
- Increased LNC production capacity by ≈15,000 l/h (launch of 2nd generation
prototype)
- Was awarded R&D grant of NOK 11.9M by Innovation Norway
- Achieved traction to increase LNC production capacity in 2H by anticipated
≈150,000 l/h, reaching total capacity of ≈180,000 l/h by end of 2021
- Accelerated front-loading of organizational resources for the second half of
2021 to build operational capability to deliver projects and utilize the growing
LNC production capacity
- Planning US subsidiary in H2 2021 for activities in California, Arizona, and
Nevada
- Desert Control maintains a solid net cash position of NOK 204M as of 30 June
2021, and EBITDA was NOK -8.2M, primarily reflecting the increased activity
level compared to 2020
Financial Highlights per 30 June 2021
(30 June 2020 in brackets)
- Net proceeds from capital injection: NOK 190M
- Total cash balance: NOK 204M
- Equity: NOK 221M (equity ratio 96% as of 30 June 2021)
- EBITDA: NOK -8.2M [NOK -2.6M]
- Net Income: NOK -8M [NOK -2.6M]
- Gross R&D Investments: NOK 7.5M [NOK 1.6M]
Webcast presentation for Desert Control H1 2021 Report and Financial Results is
hosted on 3 September 2021 at 10.00 AM, Central European Time (CET).
Registration for webcast:
https://us06web.zoom.us/webinar/register/WN_5vS6HEhaQbiCjl9L63ZGcw
After the presentation, there will be a moderated question and answers session.
Questions for Q&A can be submitted in advance to
erling.rasmussen@desertcontrol.com
About Desert Control
Desert Control is a company specialized in climate-smart Agri-tech solutions to
combat desertification, soil degradation, and water scarcity. Its patented
Liquid Natural Clay restores and protects soil, reducing water usage for
agriculture, forests, and green landscapes. Liquid Natural Clay (LNC) enables
sand and degraded soil to retain water and nutrients. LNC increases crop yields
while reducing water and fertilizer consumption by up to 50%.
Inquiries
For more information, please contact:
Ole Kristian Sivertsen
Chief Executive Officer
Email: oks@desertcontrol.com
Mobile: +47 957 77 777
UAE: +971 52 521 7049
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 with respect to
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.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Erling Rasmussen, CFO at Desert Control AS, on 3
September 2021 at 08:00 CEST.