DSRT: H2 2021 Report and Interim Financial Results | Desert Control AS
ISSUER
DESERT CONTROL AS
DSRT: H2 2021 Report and Interim Financial Results | Desert Control AS
Sandnes, Norway, 25 February 2022 – Desert Control AS (DSRT) today published its
H2 Report and Interim Financial Results for the fiscal second half of 2021,
ending 31 December 2021.
Desert Control specializes in climate-smart Agri-tech solutions to combat
desertification, soil degradation, and water scarcity. Its patented Liquid
Natural Clay (LNC) enables sustainable ecosystem management by restoring and
protecting soil's ability to preserve water and increase yields for agriculture,
forests, and green landscapes.
After the successful IPO in H1, Desert Control delivered on its commitment to
accelerate operational scale-up, increase production capacity, and execute
strategic projects and market activities in H2. Key achievements include:
- Expanded to the U.S. and established Desert Control Americas Inc. Hired first
U.S. employees, finalized agreement with the University of Arizona, and started
local assembly of the first mobile LNC production unit to support the upcoming
pilot projects in the U.S.
- Carried out the Mawarid phase 1 pilot project of the MoU with Abu Dhabi based
Mawarid Holding Investment
- Successfully executed stage two of the MoU with Mawarid Holding Investment.
Entered strategic partnership and concluded agreement to launch a dedicated new
sales and distribution company for LNC in the United Arab Emirates
- Achieved 3X increase in LNC production capacity
- Succeeded with 5X organizational growth to build operational capability to
deliver projects and utilize LNC production capacity
- Gained global awareness as a selected Global Innovator by Expo Live, featured
at EXPO 2020 Dubai
- Established new R&D center and innovation lab in Norway to strengthen
innovation capabilities, accelerate development of digital platforms and
formulation algorithms, and advance “green-box” reactor development
Interim Financial Highlights 2nd half 2021 (IFRS adjusted)
[2H 2020 in brackets]
- Revenue NOK 3.1M [NOK 0.2M]
- EBITDA: NOK – 18.2M [NOK -7.5M]
- Net Income: NOK -18.7M [NOK -7.6M]
- Gross R&D Investments: NOK 6.9M [NOK 2.9 M]
- Innovation Norway / Skattefunn grants NOK 4.3M [NOK 1.1M]
Interim Financial Highlights for the financial year 2021 (IFRS adjusted)
[2020 in brackets]
- Net proceeds from capital injection: NOK 190M
- Total cash balance 31.12.21 (bank deposits and funds): NOK 179.3M
- Equity 31.12.21 NOK 194M (equity ratio 96%)
- Revenue NOK 3.1M [NOK 1.0M]
- EBITDA: NOK – 31.1M [NOK -11.1M]
- Net Income: NOK -31.8M [NOK -11.2M]
- Gross R&D Investments: NOK 14.4M [NOK 4.5M] transferred to P&L according to
IFRS accounting policy
- Innovation Norway/ Skattefunn grants NOK 8.7M [NOK 1.1M] transferred to the
P&L according to the IFRS accounting policy
The next phase targets full-scale commercialization in the UAE through the new
sales and distribution company. Desert Control concludes H2 2021 with a strong
position and remains well-funded to execute the planned commercialization and
market expansion ahead.
A webcast presentation for Desert Control H2 2021 Report and Interim Financial
Results is hosted on 25 February 2022 at 10.00 AM, Central European Time (CET /
UTC+1).
Registration:
https://desertcontrol.zoom.us/webinar/register/7816451668620/WN_gNoNVqAgSH6Urdqh
Zbkjww
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 specializes in climate-smart Agri-tech solutions to combat
desertification, soil degradation, and water scarcity. Its patented Liquid
Natural Clay (LNC) enables sustainable ecosystem management by restoring and
protecting soil's ability to preserve water and increase yields for agriculture,
forests, and green landscapes.
LNC enables sand and degraded soil to retain water and nutrients, thus
increasing crop yields and ecosystem resilience while preserving water resources
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
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.
The information enclosed is subject to the disclosure requirements pursuant to
section 5-12 in the Norwegian Securities Trading Act. This stock exchange
announcement was published by Erling Rasmussen, CFO at Desert Control AS, on 25
February 2022 at 08:00 CET.