Mcloud announces first quarter 2022 financial results

Q1 2022 revenues were down year-over-year but comparable quarter-over-quarter, consistent with expectations set at the company's full year 2021 conference call on april 4, 2022 q1 2022 assetcare ™ over time revenues were down 38% at c$4.0 million for the quarter compared to c$6.4 million in q1 2021, comparable to the c$3.9 million seen in q4 2021 q1 2022 total revenues were down 40% at c$4.4 million for the quarter compared to c$7.4 million in q1 2021, modestly higher than the c$4.2 million seen in q4 2021 added 774 new connected assets in the quarter including assets from large implementation of the company's assetcare indoor air quality solution at slate life plaza building in calgary as announced on may 5, 2022, company closed first us$15 million in funding from partnership with carbon royalty corp as demand for company's ev charging optimization solution at auto dealerships off to a strong start in 2022 growth activities in the middle east, canada, and europe expected to see significant ramp going forward into 2023 structure defined for retirement of the company's 2019 convertible debenture by june 30, 2022 vancouver, bc , may 16, 2022 /prnewswire/ - mcloud technologies corp. (nasdaq: mcld) (tsxv: mcld), ("mcloud" or the "company") a leading provider of ai-powered asset management and environmental, social, and governance ("esg") solutions today announced its financial results for the first quarter ended march 31, 2022 ("q1 2022"). mcloud president and ceo russ mcmeekin commented on the results: "mcloud's results in the first quarter of 2022 were in line with what was discussed at our last conference call for the fourth quarter and full year 2021 on april 4, 2022, reflecting the impact of impeded use of mcloud solutions up to the end of march.
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