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mCloud Announces Third Quarter 2021 Financial Results with Update on Operations • AssetCare ™ Over Time recurring revenues were C $ 6.6 million in Q3 2021 compared to C $ 3.6 million in Q3 2020 , up 85 % • First Nine Months 2021 AssetCare ™ revenues totaled C $ 21.5 million compared to C $ 12.3 million , up 75 % year - over - year • • Added 945 connected assets in Q3 2021 reaching 63,453 total Completed milestone Nasdaq listing simultaneous with US $ 9.5 million underwritten public offering • First installations in Saudi Arabia lay groundwork for major accelerated growth in 2022 CALGARY , AB , Nov. 29 , 2021 / CNW / - mCloud Technologies Corp. ( Nasdaq : MCLD ) ( TSXV : MCLD ) ( " 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 third quarter and first nine months ended September 30 , 2021 ( " Q3 2021 " and " First Nine Months 2021 " respectively ) . The Company also provided a general business update . Russ McMeekin , mCloud President and CEO said : " Despite ongoing logistical headwinds , we have seen the continued and sustained growth of our AssetCare Over Time revenues , directly attributable to our Results - as - a - Service business model with ongoing adoption by new and existing customers around the world . Our sales pipeline continues to grow , especially with the pick - up of our activities in the Middle East and international expansion outside of North America . " " Our current backlog of hydrocarbon processing assets in Alberta , our recently announced license to operate in Saudi Arabia , and our HVAC and Indoor Air Quality solution helping customers meet new health and safety regulations are our most significant near - term growth opportunities . " " We added 945 new connected assets in Q3 2021 to reach a total of 63,453 – a reflection of the ongoing pandemic restrictions in Alberta and certain parts of the United States . We continue to expect , once these restrictions are lifted , there will be an acceleration in getting new customers onboarded at which point new connected assets will resume the brisk pace we have seen in the past . " mCloud announced earlier this month it had been recognized by Deloitte as the 57th fastest growing technology company in North America and the second - fastest growing clean - tech company in Canada with placements on their Technology Fast 500 and Clean Technology Fast 50 . In October , the Company also announced it had received a license from the Ministry of Investment in Saudi Arabia ( " MISA " ) , followed by the rollout of AssetCare HVAC and Indoor Air Quality ( " IAQ " ) solutions at two restaurants in Saudi Arabia . An additional 175 restaurants from the same owner - operator are expected in 2022 , demonstrating how mCloud's partnership supports the ESG and digitalization objectives of Saudi Vision 2030 . McMeekin added : " As the first industrial Al and cloud company authorized by MISA to do business in Saudi Arabia , we are well - positioned to bring our full portfolio of AssetCare solutions to commercial businesses , government buildings , and the massive number of oil and gas and petrochemical facilities throughout the Kingdom . We expect our MISA license to enable marked growth in connected assets and connected workers , with our first industrial oil and gas connections to be made either by the end of this year or in early 2022. We anticipate these connections will scale quickly to become a meaningful component of our connected asset portfolio . " " In North America , we continue to bring new customers online with a number of new HVAC and IAQ solutions recently going live at buildings we signed up earlier this year . These customers are also anticipated to drive further growth in connected assets as we add to our backlog of connected buildings heading into 2022. " The Company noted that in addition to the continued focus on activities in Alberta , Saudi Arabia , and buildings in New York , connected worker solutions including 3D digital twins , AssetCare Enterprise , and AssetCare Mobile were seeing continued growth in the First Nine Months 2021 , with even more growth anticipated in 2022 , pointing to the positive reception it received when its connected worker solutions were showcased at INCHEM 2021 this month in Tokyo , Japan . Asia Pacific was further called out as a source of added incremental revenue for 2021 to - date , highlighting the Company's ability to rapidly localize and deliver AssetCare for any language in the region as a key strategic advantage . As previously announced on November 24 , the Company expects to close today a US $ 9.5 million underwritten public offering , which was made simultaneously with mCloud's listing and commencement of trading on the Nasdaq . The Company also announced on November 25 it had amended its credit facility with ATB Financial to include an additional C $ 5 million accordion , subject to lender consent , remarking that both the public offering and accordion would provide mCloud with access to substantial growth capital and provide a foundation for retiring its 2019 unsecured convertible debenture , set to retire on May 31 , 2022 . Q3 2021 Revenue Highlights All figures in millions of Canadian dollars Three Months Ended September 30 Nine Months Ended September 30 2021 AssetCare Over Time $ AssetCare Initialization 6.625 0.506 $ 2020 3.587 1.592 2021 2020 $ 19.265 $ 7.263 2.246 5.017 Engineering Services 0.205 0.958 1.415 5.426 Total 7.336 6.137 22.925 $ 17.705 Gross Profit $ 4.479 3.866 14.748 $ 11.002 Gross Margin 61 % 63 % 64 % 62 % Direct Expenses Sales and Marketing and Salaries , Wages , and Benefits $ 5.344 $ 5.430 S 17.061 $ 17.631 Research and Development 0.613 0.394 2.074 0.755 General and Administrative Total Direct Expenses $ 1.458 7.415 $ 1.411 4.351 3.817 7.236 $ 23.486 $ 22.203 Operating EBITDA $ ( 2.936 ) $ ( 3.370 ) $ ( 8.738 ) $ ( 11.201 )