Announcement • Sep 28
mCloud Technologies to Delist from Nasdaq mCloud Technologies Corp. announced it would not meet the listing requirements of the Nasdaq Stock Market LLC ("Nasdaq"). As such, Nasdaq has determined it will delist the Company's securities. Nasdaq informed the Company on September 20, 2023 that trading of the Company's common stock, warrants, and preferred stock will be suspended at the opening of business on September 29, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC"), which will remove the Company's securities from listing on Nasdaq (the "Notification"). This determination was made on the basis that Nasdaq notified the Company on March 23, 2023 that its listed common stock had closed at less than $1 per share over the previous 30 consecutive business days and, as a result, did not comply with Listing Rule 5550(a)(2) (the "Rule"). In accordance with Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until September 19, 2023, to regain compliance with the Rule. The Company has decided not to regain compliance with the Rule and is not eligible for a second 180-day period. On May 17, 2023, Nasdaq had separately notified the Company it had not filed its Form 20-F for the period ended December 31, 2022 and, as a result, failed to comply with Nasdaq's filing requirement for continued listing as set forth in Listing Rule 5250(c)(1) (the "Delinquency Rule"). Nasdaq granted the Company an extension until November 13, 2023 to regain compliance with the Delinquency Rule. Pursuant to Listing Rule 5810(d)(2), this deficiency serves as an additional and separate basis for delisting. Referring to the Company's March 29, 2023 announcement of ongoing exploration of strategic alternatives through a special committee composed of independent members of mCloud's Board of Directors and in consultation with financial advisor ATB Capital Markets Inc. (the Company's "Strategic Process"), the Company noted today it is clear the parties currently engaged in the Strategic Process seeking to buy select strategic assets of the Company do not require a listing on Nasdaq as a requirement for the Company to obtain optimal value. mCloud's business operations are not affected by receipt of the Notification. The Company re-affirmed today that it continues to work with various parties through the ongoing Strategic Process and continues to manage its limited financial resources, continuing to work closely with stakeholders on its current obligations, including secured creditors, to ensure the Company remains compliant with approved waivers and extensions from its lenders. Announcement • Feb 02
mCloud Technologies Corp. Showcases Hyperscale Solution on Google Cloud to Eliminate Methane Emissions At LEAP 2023 in Saudi Arabia mCloud Technologies Corp. announced it will join Google Cloud alongside other Google Cloud partners as a sponsor at the Informa LEAP 2023 tech conference at the Riyadh Front Expo Centre in Saudi Arabia, 6-9 February 2023. LEAP 2023 brings together over 100,000 tech innovators and leading experts from around the world to showcase new technologies poised to enable a positive future. At the conference, mCloud will showcase mCloud's AssetCare Fugitive Emissions solution, a digital foundation built on Google Cloud that improves the efficacy and accuracy of the industry mandated process for fugitive Leak Detection and Repair (LDAR). AssetCare leverages the capabilities of Google Cloud, AI, and asset digital twins to record and report on fugitive emissions, empowering asset owners and operators to: Detect harmful methane leaks: Identify, quantify, and track the source of fugitive methane emissions at every level – down to specific equipment anywhere in the world. Correct and plan methane repairs: Prioritize, coordinate, and manage the field actions of maintenance teams with voice-enabled, AI-assisted connected worker capabilities to rapidly correct fugitive leaks. Report and track mitigation actions: Document the actions taken to show quantifiable emissions reductions with verifiable data, not just estimates. Another highlight of the AssetCare Fugitive Emissions solution is mCloud's application of the high-resolution geospatial data provided by Google Earth Engine to visualize and prioritize methane emission sources in real-time with the ability to aggregate and overlay fugitive emissions data from numerous sources simultaneously, including data unique to Google Earth Engine and other Google Cloud Ready – Sustainability data partners - in a single view. mCloud announced it had entered a strategic partnership with Google Cloud on October 27, 2022, launching a trio of sustainability applications built on the powerful hyperscale foundation of Google Cloud and numerous Google Cloud services. Combined with mCloud's unique AI-driven connected worker capabilities powered by Google Cloud, AssetCare delivers the only cloud solution capable of continuously mitigating methane emissions, from visualization in the sky to direct action on the ground at the equipment level. Major Estimate Revision • Nov 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from CA$23.9m to CA$14.3m. EPS estimate increased from -CA$2.66 to -CA$2.62 per share. Software industry in Canada expected to see average net income decline 6.5% next year. Consensus price target down from CA$4.17 to CA$3.50. Share price fell 4.9% to CA$1.17 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: CA$0.53 loss per share (improved from CA$1.23 loss in 3Q 2021). Revenue: CA$2.91m (down 60% from 3Q 2021). Net loss: CA$8.53m (loss narrowed 45% from 3Q 2021). Revenue missed analyst estimates by 69%. Earnings per share (EPS) exceeded analyst estimates by 32%. Revenue is forecast to grow 76% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 53% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target increased to CA$5.00 Up from CA$4.67, the current price target is an average from 3 analysts. New target price is 335% above last closing price of CA$1.15. Stock is down 81% over the past year. The company is forecast to post a net loss per share of CA$2.66 next year compared to a net loss per share of CA$3.73 last year. Announcement • Nov 15
mCloud Technologies Corp. Appoints Dina Alnahdy to its Board of Directors mCloud Technologies Corp. announced the appointment of Dina Alnahdy to its Board of Directors, effective November 14, 2022. Alnahdy is a sought-after Saudi executive, leader, and board member passionate about innovation, the environment, and sustainable business. She is globally renowned for her expertise and viewpoints on the circular economy and holds numerous leadership roles in the Kingdom of Saudi Arabia and abroad. She plays a key role in helping realize the national ambitions of Saudi Vision 2030, in close alignment with mCloud's recently announced partnership with Google Cloud and the Company's ongoing relationship with Aramco to achieve decarbonization goals in the Kingdom. Currently, Alnahdy is Founding Board Member and CEO of ENTEC Environmental Technology. Alnahdy serves as a Board Member at the Jeddah Chamber of Commerce and Industry with appointments to the Chamber's Executive Committee and Industrial Sectorial Council. She is also Chairwoman of the Circular Economy Company, enabling businesses worldwide to adopt innovative practices that turn excess into assets. Her storied career includes a term as Board Member to the International Technical Female College in Jeddah and she has lent her expertise to the G20 by way of roles as the Co-Chair of the Action Council on Sustainability and Global Emergencies for the B20 Summit in Italy and serving on the Energy, Sustainability, and Climate Task Force for the Saudi Secretariat to the G20. She has also served as a LEED Consultant to the US Green Building Council. She is a graduate of the executive program on Circular Economy and Sustainability Strategies from the University of Cambridge, and executive programs in Negotiation Dynamics and Women's Leadership from INSEAD along with an honorary doctorate from the United Nations in Environmental Sustainability. Reported Earnings • Nov 12
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: CA$0.50 loss per share (improved from CA$0.88 loss in 2Q 2021). Revenue: CA$2.27m (down 65% from 2Q 2021). Net loss: CA$8.05m (loss narrowed 9.8% from 2Q 2021). Revenue missed analyst estimates by 70%. Earnings per share (EPS) exceeded analyst estimates by 39%. Revenue is forecast to grow 67% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Announcement • Nov 03
mCloud Technologies Corp., Annual General Meeting, Dec 29, 2022 mCloud Technologies Corp., Annual General Meeting, Dec 29, 2022. Announcement • Oct 28
mCloud Technologies Corp. announced that it expects to receive $2 million in funding mCloud Technologies Corp. announced a private placement of unsecured non-convertible loans from a group of arm's length strategic investors for gross proceeds of $2 million on October 26, 2022. The loan will bear interest of 15% per annum and the maturity date of the loan will be the date that is 8 months following the date that the lenders provide the loan to the company. Subject to the approval of the TSX Venture Exchange, the company will issue up to an aggregate of 2,127,660 share purchase warrants to the lenders as inducement for the loans. Each loan bonus warrant will entitle the holder to purchase one common share of the company at an exercise price of $0.94 until the date that is five years following the date that the company issues the loan bonus warrants to the lenders. Any securities issued in connection with the loan will be subject to a statutory four month hold period. Price Target Changed • Oct 25
Price target decreased to CA$4.17 Down from CA$5.00, the current price target is an average from 3 analysts. New target price is 228% above last closing price of CA$1.27. Stock is down 82% over the past year. The company is forecast to post a net loss per share of CA$2.58 next year compared to a net loss per share of CA$3.73 last year. Major Estimate Revision • Aug 23
Consensus revenue estimates fall by 26% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from CA$34.9m to CA$25.9m. Forecast losses increased from -CA$2.15 to -CA$2.58 per share. Software industry in Canada expected to see average net income growth of 9.9% next year. Consensus price target down from CA$6.17 to CA$5.00. Share price was steady at CA$3.14 over the past week. Reported Earnings • Aug 17
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: CA$0.50 loss per share (up from CA$0.74 loss in 2Q 2021). Revenue: CA$2.27m (down 69% from 2Q 2021). Net loss: CA$8.05m (loss narrowed 2.7% from 2Q 2021). Revenue missed analyst estimates by 70%. Earnings per share (EPS) exceeded analyst estimates by 39%. Over the next year, revenue is forecast to grow 149%, compared to a 22% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 16
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: CA$0.61 loss per share (up from CA$1.12 loss in 1Q 2021). Revenue: CA$0 (down 100% from 1Q 2021). Net loss: CA$9.78m (loss narrowed 4.8% from 1Q 2021). Profit margin: (up from net loss in 1Q 2021). The move to profitability was driven by lower revenue. Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) exceeded analyst estimates by 38%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Announcement • Jun 08
mCloud Technologies Corp. Announces First Upstream Digital Oilfield Solutions in the United States, Launches New Connected Worker Online Store mCloud Technologies Corp. announced it had commenced onboarding its first AssetCare Digital Oilfield solutions at wellsites in the United States. These oilwells represent the first of multiple waves of customers expected to be onboarded in 2022 as mCloud maintains pace to connect at least 500 wellsites by end of year. mCloud's AssetCare Digital Oilfield is the industry's only complete, end-to-end, digital upstream oil and gas solution. AssetCare Digital Oilfield uses cloud-based AI to automate production management, continuously optimize wellsite performance, and drive predictive maintenance. Integrated connected worker capabilities enable wellsite operators to eliminate unplanned downtime and correct methane emissions in hours instead of weeks or months. On May 23, 2022, mCloud was featured in a 2022-2026 Global Augmented Reality Market report published by Research and Markets. These AssetCare Digital Oilfield onboarding activities are proceeding as mCloud takes the stage at several key oil and gas industry events in the month of June. Higgins joins a closed door gathering of key members of the US House and Senate, and energy industry leaders at the 7th Annual Washington Energy Summit on June 8 and 9 at the Cosmos Club in Washington DC. There, he will address the benefits of AI in oil and gas and showcase AssetCare Digital Oilfield. On June 10, Higgins will also present at the 2022 American Trust Investment Services National Conference in San Diego. mCloud will also have a major presence at the Reuters Data-Driven Oil and Gas event on June 14 and 15 in Houston. At the event, the Company will showcase AssetCare Digital Oilfield to hundreds of oil and gas executives and technology buyers from around the world. At this event, Higgins will share the stage with oil and gas luminary John Gibson, Chairman and CEO of Flotek Industries, where they will share how connected solutions like AssetCare Digital Oilfield are transforming upstream production while simultaneously addressing the industry's most urgent environmental concerns. mCloud Launches New AssetCare Mobile Online Store: As announced on May 3, 2022, mCloud showcased AssetCare Mobile, the world's first fully integrated mobile connected worker solution at the IQPC Oil and Gas Connected Worker Summit and hosted a special launch event in Houston in the first week of May. These events have created significant demand for the Company's connected worker capabilities. As uptake and interest in AssetCare Mobile continues to grow, mCloud also announced it has launched a new online store enabling customers to purchase AssetCare Mobile subscriptions online. The new store enables one-stop shopping for organizations seeking an all-in-one connected worker solution, enabling the company to rapidly reach customers around the world and expedite the delivery of AssetCare Mobile as the Company scales to meet growing demand. Major Estimate Revision • May 25
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from CA$36.7m to CA$34.9m. 2022 losses expected to reduce from -CA$2.57 to -CA$2.15 per share. Software industry in Canada expected to see average net income decline 0.6% next year. Consensus price target down from CA$6.67 to CA$6.17. Share price rose 20% to CA$3.37 over the past week. Price Target Changed • May 24
Price target decreased to CA$6.17 Down from CA$6.67, the current price target is an average from 3 analysts. New target price is 106% above last closing price of CA$2.99. Stock is down 12% over the past year. The company is forecast to post a net loss per share of CA$2.08 next year compared to a net loss per share of CA$3.73 last year. Reported Earnings • May 18
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: CA$0.61 loss per share. Revenue: CA$0 (down 100% from 1Q 2021). Net loss: CA$9.78m (loss widened 4.9% from 1Q 2021). Profit margin: (up from net loss in 1Q 2021). The move to profitability was driven by lower revenue. Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) exceeded analyst estimates by 38%. Over the next year, revenue is forecast to grow 140%, compared to a 26% growth forecast for the industry in Canada. Announcement • May 05
Mcloud Technologies Corp. Enables the Digital Oilfield with World's First Fully Integrated Mobile Connected Worker Solution mCloud Technologies Corp. announced the first all-in-one connected worker solution enabling the "digital oilfield" and enhancing the productivity and safety of field workers across the energy industry, ready for deployment "out of the box." mCloud will showcase the solution, called AssetCare Mobile™, in action at the IQPC Oil and Gas Connected Worker Summit in Houston, TexasMay 3-5, 2022. Vincent Higgins, mCloud's President, Oil and Gas Digitization, will keynote the event, sharing his views on the role of digitalization in the future of work. Delivered in partnership with Moziware, the creators of the world's first pocket-sized, voice-activated, hands-free head-worn display, AssetCare Mobile provides everything, including all the hardware, software and support industrial workers need to get straight to work. AssetCare Mobile is offered on a simple subscription with plans as low as US$99 per month on 36-month terms. With AssetCare Mobile, connected workers in the field can instantly access critical asset information in real-time; communicate and collaborate with experts and other co-workers remotely; easily share photos and videos of equipment requiring repair; digitize processes and workflows such as operator rounds and field inspections; and work more safely in hazardous environments. Based on field trials with AssetCare Mobile customers in live field settings, mCloud estimates companies can expect to see up to: 30% faster work order and task completion; 98% reduction in back-office turnaround; 96% in jobs completed accurately the first time; 15% improvement in wrench time. AssetCare Mobile integrates seamlessly with existing IT, OT, and enterprise systems. AssetCare Mobile also works on any device, including tablets, smartphones and other headsets, enabling organizations to implement the solution immediately. mCloud offers future-proofing with select AssetCare Mobile subscriptions, enabling customers to receive upgrades to mobile hardware, ensuring access to the latest mobile devices on the market. Every AssetCare Mobile subscription includes everything a worker needs to be connected and ready to do their jobs, including: Next-gen Moziware CIMO hands-free headset; 36-month subscription to AssetCare Mobile; Headband, hard hat clips and charging cable; Video calling capabilities; Digital forms for capturing field data; Pre-loaded voice-activated apps; Complementary onboarding, training and 24/7 support. Price Target Changed • Apr 27
Price target decreased to CA$7.17 Down from CA$9.00, the current price target is an average from 3 analysts. New target price is 101% above last closing price of CA$3.56. Stock is down 30% over the past year. The company is forecast to post a net loss per share of CA$2.57 next year compared to a net loss per share of CA$3.73 last year. Reported Earnings • Apr 05
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: CA$3.73 loss per share. Revenue: CA$25.6m (down 4.9% from FY 2020). Net loss: CA$44.3m (loss widened 20% from FY 2020). Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 70%, compared to a 26% growth forecast for the industry in Canada. Announcement • Feb 16
mCloud Technologies Corp. Provides Financial Guidance for the First Half Ending June 30, 2022 and for the Second Half Ending December 31, 2022 mCloud Technologies Corp. provided financial guidance for the first half ending June 30, 2022 and for the second half ending December 31, 2022. Considering current visibility into recently signed contracts, master service agreements, the addition of new connected assets for existing AssetCare deployments, and the anticipated easing of pandemic restrictions, the company expects to deliver CAD 18 million to CAD 22 million in total revenue in the first half ending June 30, 2022. For the second half of 2022 ending December 31, 2022, the company anticipates it will be able to further accelerate the onboarding of backlogged connected assets alongside new customer acquisition and delivery in tandem with the build-up of ESG-Digital Hubs in Saudi Arabia and Houston, targeting CAD 25 million to CAD 32 million in total revenue, benefitting from less sensitivity to fixed costs due to a larger base of AssetCare Over Time revenue. Announcement • Jan 27
mCloud Technologies Corp. Announces Creation of New ESG-Digital Hub Based in Houston, Texas mCloud Technologies Corp. announced the creation of a new ESG-Digital Hub based in Houston, Texas to join other Company hubs based around the world. These hubs serve as focal points for local mCloud teams driving the ongoing technology development and customer delivery of AssetCare solutions worldwide. The new Houston-based focal point joins a hub based in Calgary, Alberta, Canada originally announced in February 2021 in collaboration with Invest Alberta, and a hub recently announced on January 25, 2021 based in Saudi Arabia in collaboration with Aramco. Major Estimate Revision • Dec 02
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from CA$37.5m to CA$30.2m. EPS estimate unchanged from -CA$3.70 per share at last update. Software industry in Canada expected to see average net income growth of 11% next year. Consensus price target up from CA$14.85 to CA$16.50. Share price was steady at CA$5.45 over the past week. Reported Earnings • Dec 01
Third quarter 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2021 results: CA$1.23 loss per share (down from CA$1.15 loss in 3Q 2020). Revenue: CA$7.34m (up 20% from 3Q 2020). Net loss: CA$15.6m (loss widened 65% from 3Q 2020). Revenue missed analyst estimates by 18%. Earnings per share (EPS) exceeded analyst estimates by 64%. Earnings per share (EPS) surpassed analyst estimates by 64%. Over the next year, revenue is forecast to grow 59%, compared to a 38% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Sep 15
mCloud Technologies Corp. unveils Major AssetCare Indoor Air Quality, Oil and Gas, 3D, and Connected Worker Updates at mCloud Connect 2021 mCloud Technologies Corp. announced the addition of four major technology updates to its portfolio of AssetCare connected solutions. These updates will be presented in depth via virtual livestream at mCloud Connect 2021, the Company's annual customer event, at 10:00am MT today. New badge provides live indoor air quality assurance: New to AssetCare for HVAC and Indoor Air Quality is the addition of a new smartphone scannable QR code that uses AI and the cloud to present a live, real-time reading and assessment of the indoor air quality inside an AssetCare connected building. This reading complements the 24/7 visibility to HVAC and connected hospital-grade air purification provided by AssetCare, giving mCloud customers the ability to be proudly transparent about the measures they are taking to ensure their buildings meet or exceed major industry standards for indoor air quality. New cybersecurity layer powered by Armis Inc. ("Armis"): mCloud announced it is partnering with cybersecurity solutions provider Armis, providers of an agentless device security platform that minimizes threats to unmanaged IT and OT devices on a corporate network. Armis seamlessly integrates into AssetCare and will be included with AssetCare industrial solutions for mCloud customers, using AI to automatically discover every connected device on a network, even those that may have been previously unknown, continuously monitoring for security threats 24/7, and triggering actions when discovered devices behave unexpectedly. New 3D Digital Twin user experience: A complete overhaul of the Virtual Operations user interface for AssetCare 3D was unveiled based on direct customer feedback to deliver a faster and more intuitive experience. The new 3D experience adds functionality enabling remote teams to collaborate on complex plans and operational activities together. P&IDs, as-built specifications, and asset meta-data are combined in a fully cross-linked 3D digital replica of an industrial facility, with new features to search for assets, new virtual views that show users exactly where assets are and the environment around them, geo-location, and the ability to record measurements down to fractions of an inch. New connected worker capabilities for AssetCare Mobile: A new "Digitize" app joins the AssetCare Mobile family enabling field teams to digitize, streamline, and automate manual tasks. In addition to the access to remote expert and mentoring capabilities already provided by AssetCare, this new app makes it simple for customers to digitize workflows, use paperless forms, and enable virtual document sharing in a single app optimized for the frontline worker. Among the highlighted applications are digitized operator rounds, inspection checklists, observation cards, and many more, all of which can be configured to meet the exact needs of any organization in record time. AssetCare Mobile is now available for any Android mobile device – smartphone, tablet, or hands-free smart glasses. Price Target Changed • Aug 20
Price target decreased to CA$4.50 Down from CA$5.00, the current price target is an average from 2 analysts. New target price is 92% above last closing price of CA$2.34. Stock is down 3.3% over the past year. Announcement • Aug 17
mCloud Technologies Corp. announced that it has received CAD 0.42 million in funding On August 16, 2021, mCloud Technologies Corp. closed the transaction. Announcement • Jul 15
mCloud Technologies Corp. announced that it has received $1.881 million in funding On July 14, 2021, mCloud Technologies Corp. closed the transaction. The transaction included participation from 52 investors. Executive Departure • Jun 08
Co-Founder Chairman & Chief Investment Officer Michael Sicuro has left the company During their tenure, earnings grew by 51% annually compared to the industry average of 43%. On the 31st of May, Michael Sicuro left the company after 2.7 in the role. We don't have any record of a personal shareholding under Michael's name. Michael is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.13 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • May 28
First quarter 2021 earnings released: CA$0.34 loss per share (vs CA$0.42 loss in 1Q 2020) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2021 results: Revenue: CA$8.38m (up 28% from 1Q 2020). Net loss: CA$9.33m (loss widened 16% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Announcement • May 05
mCloud Technologies Corp. Brings AssetCare Indoor Air Quality Solution to Cadence Financial Group at Raymond James mCloud Technologies Corp. announced it is bringing cleaner air to the head office of Cadence Financial Group, a wealth management group affiliated with Raymond James Ltd. ("Cadence") based in Vancouver, Canada. Through an all-in-one connected indoor air quality ("IAQ") solution provided by mCloud's AssetCare platform in the cloud, Cadence employees and clients will benefit from safer indoor air in the office space they occupy. Cadence's head office is being equipped with a combination of IoT-enabled 24/7 air quality monitoring and AI-driven connected air purification capable of outperforming standard HEPA filtration by continuously eliminating up to 95% of harmful particulates and contaminants smaller than one micron in size. The AssetCare HVAC and IAQ solution also uses AI to drive HVAC energy efficiency improvements of up to 25%, driving cost savings and enabling positive ESG outcomes, alongside continuous visibility and active management of a building's ventilation system. Air purification technologies connected to AssetCare provide customers with a complete IAQ solution that exceeds the standards and regulations set by health and building authorities around the world. Announcement • Apr 10
mCloud Technologies Corp. announced that it has received $7.033 million in funding On April 8, 2021, mCloud Technologies Corp. (TSXV:MCLD) closed the transaction. The company issued 70,3330 debenture for proceeds of $7,033,000. The transaction included participation from 61 placees. The company paid an finders fees of $186,325 and 127,200 warrants to American Trust Investment Services Inc in the transaction. Reported Earnings • Mar 28
Full year 2020 earnings released: CA$1.69 loss per share (vs CA$2.44 loss in FY 2019) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: CA$26.9m (up 47% from FY 2019). Net loss: CA$36.9m (loss widened 24% from FY 2019). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Mar 10
mCloud Technologies Corp Appoints Kim Clauss as Executive Vice President, HR and Global Talent mCloud Technologies Corp. announced that Kim Clauss has joined mCloud as Executive Vice President, HR and Global Talent. Clauss is a consummate human resources and talent executive with over 15 years of experience, having established and led the HR function at North American Oil Sands Corporation ("NAOSC") prior to the organization's acquisition by Statoil in Norway (now known as Equinor ASA). Her pragmatic leadership enabled a responsive HR function that valued results over bureaucracy. She was also employee number four at Seven Generations Energy Ltd. ("Seven Generations"), where she designed, implemented, and continuously evolved all of the people and culture practices at Seven Generations during her tenure there. Announcement • Mar 03
mCloud Technologies Corp Provides Update on Progress Made Since Announcing Partnership with Invest Alberta Corporation mCloud Technologies Corp. provided an update on progress made since announcing a partnership with Invest Alberta Corporation ("IAC") on February 2, 2021. mCloud announced it had signed new AssetCare contracts at six oil and gas facilities in Alberta, including the adoption of mobile connected worker and connected asset solutions by multiple oil and gas companies in the province. The Company also announced plans to deliver the first major customer rollout of its new AssetCare fugitive gas emission and leak detection solution in the province during the second quarter ending June 30, 2021 ("Q2 2021"). This solution is one of the Company's key Environmental, Social, and Governance ("ESG") applications that will drive major carbon emission reductions for AssetCare customers in Alberta and abroad. Outside of its activities in Alberta, mCloud indicated it is seeing continued success internationally with the recent addition of AssetCare contracts at 12 new locations around the world, including sites in Asia-Pacific and Greater China, with plans to have these solutions delivered in the coming weeks. Among these solutions are connected oil and gas applications derived from mCloud's acquisition of kanepi Group Pty Ltd. ("kanepi") in late 2020 and now the foundation of the Company's AssetCare Enterprise offering for strategic customer rollouts of mCloud technology. Announcement • Feb 25
mCloud Technologies Corp. to Report Q4, 2020 Results on Mar 23, 2021 mCloud Technologies Corp. announced that they will report Q4, 2020 results Pre-Market on Mar 23, 2021 Announcement • Feb 18
mCloud Signs MOU to Target Initial 5,000 National Retail Buildings with Fidus Global in the United States mCloud Technologies Corp. announced that it had signed a Memorandum of Understanding ("MOU") with Fidus Global, LLC ("Fidus Global") to commence sales, implementation, and ongoing field services for mCloud's AssetCare™? segment for Connected Buildings in the United States. Fidus Global is poised to immediately target over 5,000 commercial buildings from multi-site national retail brands, including outlets, warehouses, distribution centers, and light industry plants, to bring the full scope of AssetCare solutions to notable brands across the United States, including the Company's indoor air quality, HVAC optimization, and refrigeration monitoring capabilities. In the months ahead, mCloud and Fidus Global plan to expand the scope of this recent engagement to tens of thousands of commercial buildings across the country. Fidus Global is a full-service controls engineering firm based in Arkansas with over 125 years of industrial automation experience and led by former executives from Amazon, FedEx, Tyson Foods, and Walmart. mCloud provides Fidus Global with the ability to offer AI-powered solutions. Fidus Global provides mCloud with a trusted partner capable of rapid scale who can help connect new sites to the AssetCare platform and coordinate with mCloud's AI-assisted Live Operations team to resolve field issues with customers. Is New 90 Day High Low • Jan 21
New 90-day high: CA$2.76 The company is up 16% from its price of CA$2.38 on 22 October 2020. The Canadian market is up 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Software industry, which is up 27% over the same period. Announcement • Dec 10
mCloud Technologies Corp. Announces to Awards New Customer Contracts mCloud Technologies Corp. announced it has been awarded new customer contracts in the first week of December within the Company's strategic growth geographies of North America, Asia Pacific and the European Union. These contracts are comprised of AssetCare™ solutions for wind, communications, and oil and gas. The total contract value for these awards is expected to exceed USD 5 million, with contract formalities to be completed during December month. The awards include digital blade inspection and wind analytics for a key European renewable energy operator, new connected solutions for oil and gas customers in North America and Southeast Asia, and an engagement with a major communication technology provider in Asia Pacific. Major Estimate Revision • Nov 15
Analysts update estimates The 2020 consensus revenue estimate increased from CA$42.4m to CA$47.5m. Earning per share (EPS) estimate was unchanged from the last update at -CA$0.26. The Software industry in Canada is expected to see an average net income growth of 14% next year. The consensus price target of CA$6.88 was unchanged from the last update. Share price is down by 14% to CA$1.95 over the past week. Is New 90 Day High Low • Nov 14
New 90-day low: CA$1.95 The company is down 33% from its price of CA$2.92 on 14 August 2020. The Canadian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$4.20 per share. Announcement • Nov 03
mCloud Technologies Corp. to Report Q3, 2020 Results on Nov 12, 2020 mCloud Technologies Corp. announced that they will report Q3, 2020 results at 9:00 AM, Eastern Standard Time on Nov 12, 2020 Announcement • Sep 24
Mcloud Technologies Corp. Delivers New Oil and Gas, Wind, and Nuclear Solutions for Connected Workers in China mCloud Technologies Corp. announced the delivery of new AssetCare™ capabilities geared toward oil and gas, wind, and nuclear customers in China through its Connected Worker mobile smart glasses offering. These new capabilities are a direct result of the Company's acquisition of kanepi Group Pty Ltd. and are driving new local demand for AssetCare solutions in these industries.
In collaboration with partners, including head mounted display provider RealWear Inc., the Company expects to roll out these new capabilities to 1,000 workers by the end of the year. Heading into 2021, mCloud plans to target over 20,000 connected workers in China already equipped with mobile smart glasses. AssetCare for Connected Workers is a mobile AI-powered digital assistant, delivered to workers in the field on RealWear head mounted displays. mCloud leveraged existing kanepi technology to add to the remote expert capabilities already provided by AssetCare to provide enhanced workflow support and management of operator rounds in the field. New capabilities assist connected workers to: Locate and navigate to assets using GPS;
Scan QR codes on connected assets to access relevant documentation; and Remotely review "Permit to Work" and digitally approve equipment bypasses. Announcement • Aug 06
mCloud Technologies Corp. to Report Q2, 2020 Results on Aug 13, 2020 mCloud Technologies Corp. announced that they will report Q2, 2020 results on Aug 13, 2020 Announcement • Jul 30
mCloud Technologies Corp. (TSXV:MCLD) completed the acquisition of Assets of AirFusion from AirFusion, Inc. mCloud Technologies Corp. (TSXV:MCLD) has signed a contract to acquire Assets of AirFusion from AirFusion, Inc. on February 7, 2020. The assets include AirFusion's technologies, its subsidiary AirFusion GmbH, existing customer contacts, and technologies under development from its partner in Warsaw, Poland. The shares being granted as part of the transaction are 200,000 at close and 200,000 within 12 months based on achievement of performance targets. The transaction is subject to the final approval of the TSX Venture Exchange.
mCloud Technologies Corp. (TSXV:MCLD) completed the acquisition of Assets of AirFusion from AirFusion, Inc. on May 15, 2020. Announcement • Jul 07
mCloud Technologies Corp. has completed a Composite Units Offering in the amount of CAD 10.000004 million. mCloud Technologies Corp. has completed a Composite Units Offering in the amount of CAD 10.000004 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 2,739,727
Price\Range: CAD 3.65
Discount Per Security: CAD 0.2555