Desert Control releases its Q1 2024 Report and Year-to-Date Company Update

SANDNES, Norway, May 23, 2024 /PRNewswire/ -- Desert Control AS (DSRT) announces its first-quarter report and interim financial results for the fiscal period ending 31 March 2024.

Desert Control is off to a strong start in 2024. The company delivered its first larger-scale commercial deployment for Limoneira Company in Yuma, Arizona, executed a significant first-phase contract in the Middle East through its partner, Mawarid, and made solid progress developing and adapting its technology to expand markets, increase environmental benefits, and reduce the cost of goods sold.

Financial Highlights

The company closes Q1-24 with a positive cash balance of NOK 105.1 Million and has no interest-bearing debt.

First Quarter 2024
[first quarter 2023 in brackets]

-- Revenue NOK 1.3M [NOK 1,9M]
-- EBITDA NOK -14.7M [NOK -23.4M]
-- Net Income NOK -7,8 [NOK -19.3M]
-- Total cash balance 31.03.24 (incl. other current financial assets) NOK 105,1M
[NOK 56,7M]
-- Equity 31.03.2024 NOK 115,4M (equity ratio 96,7%) [NOK 86.0M (89.0%)]

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.

Q1 Report 2024
The information enclosed is subject to the disclosure requirements pursuant to sections 5-12 in the Norwegian Securities Trading Act.

For more information, please contact:
Ole Kristian Sivertsen
President and Group CEO
Mobile (NOR): +47 957 77 777
Mobile (USA): +1 650 643 6136

Leonard Chaparian
Chief Financial Officer
Mobile (NOR): +47 90 66 55 40

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SOURCE Desert Control AS