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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CubicFarm Systems Corp | TSX:CUB | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.015 | 0.015 | 0.02 | 0 | 01:00:00 |
VANCOUVER, BC, May 16, 2022 /CNW/ - CubicFarm® Systems Corp. ("CubicFarms" or the "Company") (TSX: CUB), a leading local chain agricultural technology company, today reported its first quarter financial and operating results for the three months ended March 31, 2022.
"The Company continues to make steady progress with our Farmer Partner installations and have begun Farm School operational training for both BoomA Food Group from New South Wales in Australia and Vertical Acres from Indiana in the U.S.," said Daniel Burns, Chief Financial Officer, CubicFarms. "Our team is focused on executing critical projects in the coming quarters that will add value to the Company and our stakeholders. While experiencing some delays due to disruptions to the global supply chain and inclement weather impacting site readiness of our Farmer Partners, we can expect our revenue will be compressed into subsequent quarters of this year," said Burns.
"It's exciting to see the significant installation progress of our beta project at Burnett's," said Dan Schmidt, President of HydroGreen, a division of CubicFarms. "With a dozen of our Automated Vertical Pastures™, our HydroGreen Certified dealers will bring potential new customers to Burnett's for tours to see it in action and hear about the remarkable animal performance benefits."
"This quarter, we strategically strengthened the Company by evolving our platform and indoor growing technologies," said Dave Dinesen, Chief Executive Officer, CubicFarms. "As part of our sustainability measurements, our data scientists and R&D team are quantifying our plant and animal performance results as well as our input efficiencies. Our recently announced energy efficiency data demonstrates our leadership in the industry using 54 per cent to 62 per cent less energy than typical vertical farms."
"The Company is continuously validating and benchmarking measurements including energy, water, and methane emissions," said Dinesen. "Findings include 24% methane reductions for dairy cows fed HydroGreen fresh forage and up to 48% methane reductions in the preliminary results from ongoing beef cattle feeding trials. These will provide immense value for our Farmer Partners using our indoor growing technologies and we look forward to sharing more results."
First Quarter End Financial Results
First Quarter Operational Highlights
Subsequent to the End of the First Quarter
The Company's fourth quarter financial statements and management's discussion and analysis will be issued and filed on SEDAR at www.sedar.com on May 16, 2022, and will be available on the same day on CubicFarms' website at https://cubicfarms.com/investors/.
About CubicFarms
CubicFarms is a leading local chain agricultural technology company developing and deploying technology to feed a changing world. Its proprietary ag-tech solutions enable growers to produce high quality, predictable produce and fresh livestock feed with HydroGreen Nutrition Technology, a division of CubicFarm Systems Corp. The CubicFarms™ system contains patented technology for growing leafy greens and other crops onsite, indoors, all year round. CubicFarms provides an efficient, localized food supply solution that benefits our people, planet, and economy.
For more information, please visit www.cubicfarms.com.
On behalf of the Board of Directors
"Dave Dinesen"
Dave Dinesen, Chief Executive Officer
This release may contain certain "forward-looking statements" or "forward-looking information" under applicable securities laws. Forward-looking terms such as "may," "will," "could," "should," "would," "plan," "potential," "intend," "anticipate," "project," "target," "believe," "plan," "outlook," "estimate," or "expect" and other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on certain key expectations and assumptions made by the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.
SOURCE CubicFarm Systems Corp.
Copyright 2022 Canada NewsWire
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