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mCloud Announces First Quarter 2021 Financial Results • Q1 2021 AssetCare ™ revenues were C $ 7.3 million compared to C $ 3.1 million in Q1 2020 , up 139 % year - over - year • AssetCare Over Time recurring revenues in Q1 2021 were C $ 6.2 million compared to C $ 5.5 million in Q4 2020 and C $ 1.0 million in Q1 2020 , an increase of 13 % quarter - over - quarter and an increase of 524 % year - over - year • Total revenues in Q1 2021 were C $ 8.4 million compared to C $ 6.6 million in Q1 2020 , up 28 % year - over - year • Gross margins in Q1 2021 remained steady at 61 % • Total connected assets were 61,489 at Q1 2021 compared to 59,462 at Q4 2020 , up 3 % quarter - over - quarter CALGARY , AB , May 25 , 2021 / CNW / - mCloud Technologies Corp. ( TSXV : MCLD ) ( OTCQB : MCLDF ) ( " mCloud " or the " Company " ) , a leading provider of asset management and ESG solutions combining lot , cloud computing , and artificial intelligence ( " AI " ) , today announced its financial results for the first quarter ended March 31 , 2021 ( " Q1 2021 " ) . " mCloud continued to grow its AssetCare business in the first quarter of 2021 , despite the challenges that persisted throughout the quarter due to pandemic restrictions , " said Russ McMeekin , mCloud President and CEO . " Our pipeline and backlog remain very strong as we await the expected lifting of these restrictions worldwide beginning in June . " " Global trends such as ESG and the decarbonization of industrial assets , coupled with the surge in demand for indoor air quality assurance as businesses seek a return to work , are among the major growth drivers that give us strong confidence in our ability to grow mCloud and AssetCare in 2021 and beyond , " McMeekin added . " In addition , we see further growth coming from strategic partnerships recently announced with three North American utilities and Fidus Global , which are additive to our growing backlog and pipeline . " Q1 2021 Revenue Highlights All figures in millions of Canadian dollars For the three months ended March 31 , 2021 2020 AssetCare Over Time $ 6.191 $ 0.992 AssetCare Initialization 1.149 2.073 Engineering Services Total Gross Profit 1.041 3.493 $ 8.381 $ 6.558 $ 5.122 $ 4.062 Gross Margin 61 % 62 % Direct Expenses Sales and Marketing and Salaries , Wages , and Benefits $ 5.055 $ 6.330 Research and Development 0.749 General and Administrative 1.337 1.147 Total Direct Expenses $ 7.141 $ 7.477 Operating EBITDA $ ( 2.019 ) $ ( 3.415 ) Professional and Consulting $ 1.739 $ 2.076 mCloud generated Q1 2021 revenues of C $ 8.4 million compared to revenues of C $ 6.6 million in the fourth quarter ended December 31 , 2020 ( " Q4 2020 " ) . This represents a 28 % year - over - year increase in revenues despite a substantial decline in Engineering Services revenue that were the result of ongoing pandemic restrictions . Gross margins were 61 % on total revenue in Q1 2021 , remaining steady compared year - over - year to the gross margins of 62 % seen in the first quarter ended January 31 , 2020 ( " Q1 2020 " ) . AssetCare Over Time revenue continued to see high margins , offset by third - party passthrough expenses present in AssetCare Initialization revenue .