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mCloud Announces First Half 2021 Financial Results • 1H 2021 AssetCare ™ revenues totaled C $ 14.4 million compared to C $ 7.1 million , up 102 % year - over - year • 1H 2021 AssetCare Over Time recurring revenues were C $ 12.6 million compared to C $ 3.7 million , up 244 % year - over - year • 1H 2021 total revenues were C $ 15.6 million compared to C $ 11.6 million , up 35 % year - over- year • Engineering Services and new AssetCare installations were impacted by pandemic restrictions in May and June • Demand for AssetCare solutions bolstered by " return - to - work " requirements , utility partnerships , driving growth in backlog • Company continues to expect business returning to more normal patterns in the second half of 2021 CALGARY , AB , Aug. 16 , 2021 / CNW / - mCloud Technologies Corp. ( TSXV : MCLD ) ( OTCQB : MCLDF ) ( " mCloud " or the " Company " ) , a leading provider of Al - powered asset management and Environmental , Social , and Governance ( " ESG " ) solutions today announced its financial results for the first half ended June 30 , 2021 ( " 1H 2021 " ) . Russ McMeekin , mCloud President and CEO said : " mCloud continued to see growth in the first half of 2021 despite the pandemic headwinds experienced in May and June . Our sales activity and pipeline continue to grow , and we retain a very strong backlog heading into the second half of the year . The Company is well - positioned to scale through the remainder of 2021 and beyond via efforts on all fronts , including our expanded reach through our new partnership with URBSOFT , which enables us to collaborate on the enormous opportunity to reduce GHG emissions and energy waste across the Saudi petrochemical industry through the Kingdom of Saudi Arabia's Vision 2030 program . " 1H 2021 Revenue Highlights All figures in millions of Canadian dollars For the six months ended June 30 , AssetCare Over Time 2021 2020 $ 12.640 $ 3.676 AssetCare Initialization 1.739 3.425 Engineering Services 1.210 4.467 Total Gross Profit $ 15.589 $ 11.568 $ 9.730 $ 7.136 Gross Margin 62 % 62 % Direct Expenses Sales and Marketing and Salaries , Wages , and Benefits $ 10.967 $ 12.201 Research and Development 1.461 0.361 General and Administrative 2.893 2.407 Total Direct Expenses $ 15.321 $ 14.969 $ ( 5.591 ) $ ( 7.833 ) Operating EBITDA mCloud generated 1H 2021 revenues of C $ 15.6 million compared to revenues of C $ 11.6 million . This represents a 35 % year - over - year increase in total revenue despite a substantial reduction in Engineering Services revenue and new AssetCare connections hampered by ongoing pandemic restrictions . AssetCare Over Time revenues , which are the recurring revenues attributed to AssetCare , were C $ 12.6 million in 1H 2021 compared to C $ 3.7 million in the first half of 2020 , a 244 % increase year- over - year . The Company added 1,019 new connected assets in the second quarter ended June 30 , 2021 ( " Q2