MineHub Technologies CEO Andrea Aranguren says the company is on track to achieve its full-year sales targets but warns “sales cycles are longer than initially estimated” after reporting a C$2.9 million first-half net loss on H1 revenue that was up 72% on the same time last year at $1.2 million.
Q2 revenue was $445,566, 21% higher year-on-year.
The net loss for H1 compared with a $3.8 million deficit for the same period last year.
“MineHub’s long-term profitability is dependent on achieving ARR growth,” Aranguren said.
“The company continues to maintain a robust sales pipeline with several opportunities advancing to later stages over the past quarter, but sales cycles are longer than initially estimated.
“Management believes that the platform enhancements, cost containment strategies and ongoing ecosystem growth have laid the foundation for growth in ARR and progress toward profitability in the long-term.”
She said profitability over the next several quarters might be “highly variable”.
MineHub’s customers transacted US$7.3 billion in commodities on its digital trading platform in the first half of its fiscal 2025, an increase of more than 15% year-on-year.