MineHub Expands Customer Base as Revenue Growth Accelerates

MineHub Technologies (TSX-V: MHUB)(OTC: MHUBF) is demonstrating that the platform can serve additional commodity markets, expanding the pool of potential customers for technology it has already developed.

Last week’s investor webinar also put the recent announcements into context. Management highlighted a customer base that has grown from five to 28, alongside annual recurring revenue growth exceeding 50%. The total includes 21 paying small and midsized customers served through Jules AI, which MineHub acquired last November. Enterprise customers increased from five to seven, with Sumitomo Metal Mining among the additions.

The recent agreements are encouraging evidence that MineHub can continue building on the acquired business.

Usage is expanding as well. Active counterparties reached 91 in August, up from 58, with another 51 being onboarded. Daily active users increased 185% year over year. Those figures measure the expanding network around the platform; the paying-customer count remains 28 in the webinar’s mid-year update.

On the financial side, mid-year revenue increased 39% to approximately C$989,000, while gross margin improved from 23% to 29%. Revenue growth exceeded the increases in research and development, sales and marketing, and administrative expenses. That is the relationship we want to see as the business grows.

There is still considerable ground to cover before profitability, however. MineHub reported a net loss of C$3.61 million and an adjusted EBITDA loss of C$3.30 million for the period. The Jules acquisition was the primary contributor to revenue growth, and the company needs substantially more revenue to support its operating costs.

You can watch the full investor update webinar here.