Sandnes, Norway, 28 April 2022
Desert Control today published its Annual Report and Consolidated Financial Statements. The financials do not deviate from the reported figures of H2 2021 published on 25 February 2022.
The complete comprehensive Annual Report 2021 is available in the attachment and via the Company’s website: https://www.desertcontrol.com/investors
Norwegian AgTech company Desert Control has developed a liquid natural clay (LNC) that restores soil and reduces water usage for agriculture and green landscapes. The company is now entering the commercial stage in the Middle East and is further launching validation initiatives and pilots in the United States.
2021 Highlights
- Raised NOK 200M and completed a successful IPO
- Grew from 6 to 51 passionate team members
- Awarded first commercial contract valued at NOK 3.4M
- Exceeded water-saving KPIs for several pilot projects
- Entered strategic partnership with Abu Dhabi based agriculture and nature conservation giant Mawarid Holding Investment to accelerate commercialization of LNC in the Middle East
- Agreed to establish a joint venture company for sales and distribution of LNC in the UAE
- Founded Desert Control Americas Inc. in the United States
- Established a new R&D center and innovation lab in Norway
- Launched the first high-capacity prototype for LNC production in January
- Warped from one prototype to twelve LNC production units in three clusters
- Increased production capacity by 300% in the second half
- Won global award for green innovation
- Gained global awareness as a selected Global Innovator by Expo Live, featured at EXPO 2020 Dubai
- Awarded R&D grant of NOK 11.9M by Innovation Norway for environmental technology
Desert Control concluded 2021 with a solid position and remains well-funded to execute the planned activities ahead. The company is moving toward full-scale commercialization in the UAE, securing independent product validation in the U.S., and building the team to ensure a robust and effective organization to drive the transition from start-up to scale-up in 2022.
Financial key figures
Financial Highlights for the financial year 2021 (IFRS adjusted)
[2020 in brackets]
-> Net proceeds from capital injection: NOK 190M
-> Total cash balance 31.12.21 (bank deposits and funds): NOK 179.3M
-> Equity 31.12.21 NOK 194M (equity ratio 95%)
-> Revenue NOK 3.1M [NOK 1.0M]
-> EBITDA: NOK – 31.1M [NOK -11.1M]
-> Net Income: NOK -31.8M [NOK -11.2M]
-> Gross R&D Investments: NOK 14.4M [NOK 4.5M] transferred to P&L according to IFRS accounting policy
-> Innovation Norway/ Skattefunn grants NOK 8.7M [NOK 1.1M] transferred to the P&L according to the IFRS accounting policy
“We started the year with a validated plan. To realize the plan, we needed capital to fund it, technology to deliver it, and people to execute the plan, says Group CEO Ole Kristian Sivertsen. Closing the year, we are proud to report progress in all areas.”
Inquiries
For more information, please contact:
Ole Kristian Sivertsen
Chief Executive Officer
Email: oks@desertcontrol.com
Mobile: +47 957 77 777
Erling Rasmussen
Chief Financial Officer
Email: erling.rasmussen@desertcontrol.com
Mobile: +47 482 11 151
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.
Annual Report 2021
The information enclosed is subject to the disclosure requirements pursuant to section 5-12 in the Norwegian Securities Trading Act.