MCLDF - mCloud Technologies +2.5% post Q1 results

mCloud Technologies ([[MCLDF]] +2.5%) reports Q1 revenue increase of 27.5% Y/Y to C$8.4M.AssetCare Over Time revenue, which is the recurring component of AssetCare revenues, was C$6.2M, representing 13% growth Q/Q and 524% Y/Y.Gross margin declined 100 bps to 61% as AssetCare Over Time revenue continued to see high margins, offset by third-party passthrough expenses.Operating EBITDA improved in Q1 2021 by ~C$1.4M Y/Y, even with the addition of ~C$0.7M in R&D expenses.2,027 connected assets were added, yielding a total of 61,489 assets in the quarter compared to 59,462 at the end of Q4 2020.On April 23, mCloud announced partnerships with three utilities in the United States and Canada supporting the uptake of AssetCare solutions.2021 Look Ahead: Its strong backlog and sales pipeline is capable of doubling the growth of AssetCare revenues with robust gross margins over the course of 2021; actively working toward achieving the 70,000 connected asset milestone in the late summer

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mCloud Technologies +2.5% post Q1 results