- Company integration and new efficiencies expected to generate cost structure improvements of greater than 25% beginning in Q4 2022 compared year-over-year with Q4 2021
- mCloud exits low-margin Technical Project Services business and retires low-value legacy connected assets and workers in Q3 2022
- AssetCare™ fully migrates to the Google Cloud Platform, retaining support for other cloud services in regions not yet supported by Google Cloud
Update on funding initiatives
- Reaches agreement to close US$12.5 million with consortium of strategic investors based in Saudi Arabia supporting the growth of Company’s sustainability applications on Google Cloud, aligned with Saudi Vision 2030
- Company continues to await regulatory approval in connection with previously announced preferred share offering and reaffirms plans to repay in full the outstanding principal and interest on outstanding unsecured convertible debentures
