Shares of Deveron Corp. (TSXV:FARM) have climbed more than 13% since Capital Ideas wrote about the company about six weeks ago
Capital Ideas Media | May 21, 2021 | SmallCapPower: Two weeks ago, we wrote about the increasing interest we’ve seen in agricultural investing, especially on the technology side. Its popularity could be seen as a hedge against an expected rise in inflation as a result of global stimulus efforts to cushion the economic impact of the COVID-19 pandemic.
On the more speculative side of this space, we think Deveron Corp. (TSXV:FARM) looks like a worthy gamble.
[Editor’s Note: Shares of Deveronhave climbed more than 13% since Capital Ideas wrote about the company about six weeks ago.]
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Deveron is an agriculture technology company focused on data acquisition and analysis that helps farmers reduce costs and increase yields. Its targeted market is the one billion acres of active farmland in the U.S. and Canada.
The Company, meanwhile, seems to be enjoying some positive momentum, with 40% revenue growth in Fiscal 2020 to $2.9 million and improving sales in its last 16 quarters. Deveron’s gross profit margin also increased to 78% in 2020 from 59% in 2019.
FARM was also recently awarded three new multi-year service agreements for offerings that include soil health data, drone imagery, and weather data.
And, Deveron just closed its acquisition of Farm Dog, an agriculture data platform, which will add more than 4,000 new clients including a strategic contract with the United States Department of Agriculture (USDA).
The Company expects Farm Dog will accelerate its revenue growth.
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