WINNIPEG, MB – May 13, 2021 – Farmers Edge Inc. (“Farmers Edge” or the “Company”) (TSX: FDGE), a Winnipeg-based pure-play digital agriculture company reported its financial results for the three months ended March 31, 2021. All amounts are expressed in Canadian dollars. Certain metrics are non-IFRS measures or key performance indicators. See “Non-IFRS Financial Measures and Key Performance Indicators” below.

Business Highlights

Quarterly revenue of $9.9 million, an increase of 34% over 2020 comparative period.

EBITDA per Subscribed Acre improved by 65% as Company realizes economies of scale and lowers costs.

Reduced EBITDA Loss by 50% and improved Free Cash Flow deficiency to $10.3 million.

Net Loss improved by $11.5 million (40%).

Strong financial position with $120.4 million cash and negligible debt.

Launch of Company’s first parametric insurance product in Canada – Canola Heat Blast and Smart Carbon program to grow Business Analytics Solutions Revenue.

“The activities of the first quarter of 2021 will always be part of our history with the successful marketing and completion of our initial public offering raising $144 million of new capital,” said Wade Barnes, Chief Executive Officer and founder of Farmers Edge. “The IPO process took lots of energy for our team but our results show that we didn’t lose focus and were able to deliver on our key financial metrics. First quarter is historically a slower period for acre growth and we expect the second and third quarters to provide strong acre growth. This will enable us to meet our medium-term acre and revenue targets and strengthen our position as a global leader in digital agriculture.”

In April, the Company also announced a Canola Heat Blast Yield Protection insurance product being offered in Canada with Munich Re underwriting the contracts. This is a new product and revenue stream that comes from the strategic collaboration with Munich Re by leveraging their insights and design of specialty risk management products for agriculture. This creates value for both our growers and our channel partners. The Company earns revenue as a percentage of the premium paid by the grower.

The Company is also working with growers to introduce them to our Smart Carbon program. Our digital and fertility solutions provide the data to allow growers to access carbon offsets and turns the data into value for the grower.

FINANCIAL Highlights

in thousands, except per share amounts      
     March 31, 2021   March 31, 2020  
FINANCIAL PERFORMANCE for the three months ended
Revenues $9,883 $7,374
Operating expenses (1) $18,236 $24,043
EBITDA $(8,353) $(16,669)  
Adjusted Gross Loss $(391) $(5,116)
Net loss $(17,264) $(28,733)  
Loss per share – basic & diluted (2) $(0.81) $(2.91)
Free Cash Flow $(10,265) $(22,241)  
  March 31, 2021   December 31, 2020
FINANCIAL POSITION as at date specified
Total assets $193,989 $79,484
Total liabilities $43,990 $370,887
Total equity $149,999 $(291,403)
  March 31, 2021   December 31, 2020
Total Subscribed Acres 23,858 23,357
Annual Recurring Revenue (ARR) $56,051 $53,421

(1) Operating Expenses include Cost of revenue, Data and technology infrastructure expenses, Selling and marketing expenses, Product research and development expenses, and General and administrative expenses as set out on the Company’s Statements of Operations and Comprehensive Loss in its Financial Statements.

(2) Due to net losses incurred, potentially dilutive securities have been excluded from the calculation of diluted loss per share because including them would be anti‑dilutive. The loss per share – basic and diluted for the period ending March 31, 2020 have been retrospectively adjusted to reflect the consolidation of common shares on a 7:1 basis.

  • Generated revenue of $9.9 million, up 34% from $7.4 million. Revenue improved despite strengthening of the Canadian dollar in the current period which negatively impacted revenue by $0.7 million. Carbon credit revenue is contributing to a more diversified revenue stream.
  • Cost management strategies reduced EBITDA costs, in particular around satellite imagery that decreased $3.8 million (71%) as a new contract took effect January 1, 2021.
  • Adjusted Gross Loss of $0.4 million is an improvement of $4.7 million (92%) and is attributable to increased revenue, reduced imagery costs, and greater operational efficiencies.
  • EBITDA loss of $8.4 million was an improvement of $8.3 million (50%) on $2.5 million of revenue growth highlighting the execution of cost management and the scalability of the business.
  • Free Cash Flow improved by $12.0 million (54%) to negative $10.3 million. This improvement related to lower EBITDA loss, higher levels of government subsidies, and lower capital expenditures.
  • Net Loss improved by $11.5 million (40%) as a result of the reduction to EBITDA loss, foreign exchange gains and higher other income.
  • Cash on hand as at March 31, 2021 was $120.4 million and long-term debt limited to a $1.0 million government loan.

Most of last year’s growth of 6.8 million Subscribed Acres occurred during the second and third quarters. In the first quarter of 2020, Subscribed Acres grew by 0.2 million, on a net basis. In the first quarter of 2021, we had stronger acre sales adding 2.1 million new acres, mostly in North America under the Progressive Grower program which is our premiere go to market product. These additions were partially offset by 1.6 million in discontinued acres (primarily in Eastern Europe which had negligible annualized revenue of $150 thousand). This was a conscious decision by management to no longer subsidize and provide significant discounts on Smart Imagery subscriptions. Our focus and strategy is to sell the Progressive Grower acres and attract customers at this higher price point with a more comprehensive suite of services. The Company added approximately 1 million of Progressive Grower acres in April 2021.

See the Company’s management discussion and analysis and interim consolidated financial statements for the three months ending March 31, 2021 for more information on the period’s results which are available on the Company’s website ( and on SEDAR (

Conference Call Notice
Farmers Edge will hold a live audio webcast at 8:30 a.m. Eastern Time on Friday, May 14, 2021 to discuss the Company’s financial results and business highlights. All interested parties are invited to listen to the live audio webcast at Following the event, a replay of the webcast will be available on the Farmers Edge Investor Relations website.

Non-IFRS Financial Measures and Key Performance Indicators
This press release makes reference to certain non-IFRS measures and key performance indicators (“KPIs”). These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We make reference to the following non-IFRS measures: “Adjusted Gross Profit”, “EBITDA”, “Adjusted EBITDA” and “Free Cash Flow”. This press release also makes reference to “Annual Recurring Revenue” or “ARR” and “Subscribed Acres”, which are operating metrics used in our industry. These non-IFRS measures and KPIs are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures and KPIs in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.  Definitions of these non-IFRS measures and KPIs, as well as a reconciliation of the non-IFRS measures to their most directly comparable measures calculated in accordance with IFRS, can be found under the heading “Key Performance Indicators and Non IFRS measures” in the Company’s management discussion and analysis filed today, May 13, 2021, which is available on the Company’s website ( and on SEDAR (

About Farmers Edge
Farmers Edge is leading the next agricultural revolution with the industry’s broadest portfolio of proprietary technological innovations, spanning hardware, software, and services. Powered by a unique combination of connected field sensors, artificial intelligence, big data analytics, and agronomic expertise, the Company’s digital platform turns data into actions and intelligent insights, delivering value to all stakeholders of the agricultural ecosystem. Farmers Edge disruptive technologies accelerate digital transformation on the farm and beyond, protecting our global resources and ensuring sustainable food production for a rapidly growing population.

For more information, please visit and SEDAR (

Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes, but is not limited to, statements related to the Company’s anticipated results and future cost savings and its future business prospects, partnerships and opportunities, including the planned further expansion into the carbon credit market, and the anticipated benefits therefrom. Words such as “expect,”, “anticipate”, “intend,”, “may,”, “will”, “estimate” and variations of such words and similar expressions are intended to identify such forward-looking information. This information is based on the Company’s reasonable assumptions and beliefs in light of the information currently available to it and the statements are made as of the date of this press release.  Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information.  Such assumptions, risks and uncertainties include, but are not limited to, the factors discussed under “Forward-Looking Information” and “Risk Factors” in the Company’s Annual Information Form dated March 29, 2021 and under the “Risk Factors” section in the Company’s management discussion and analysis filed today, May 13, 2021, each of which are available on the Company’s website ( and on SEDAR ( The Company cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect the Company’s results. Readers are urged to consider the risks, uncertainties and assumptions associated with these statements carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information.  The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

For further information:
Farmers Edge Investor Relations:
(204) 992-7019
Farmers Edge Media Relations:
Richard Berman
(647) 294-8372