Deepverge PLC (AIM:DVRG) has reported unaudited revenues for 2022 of approximately £17.2mln, which was slightly below the environment and life sciences company's £18mln target but a significant increase from the previous year’s £9.3mln result.
Licence revenues featured strongly as the group moves progressively from small and medium ticket equipment sales to larger £1mln-plus data and AI-focused sales.
The company is moving its Labskin business deeper into data and AI with the creation of Skin Trust Club, with its focus on a personalised skincare platform for partners and building a large skin microbiome database for its corporate customers.
Deepverge said it added significant new partners to its order book, notably US government agencies including the Intelligence Advanced Research Projects Activity, the National Oceanic and Atmospheric Administration, and the Georgia Port Authority.
DeepVerge has also undergone restructuring to create separate businesses with a clear domain focus and to bring certain logistical processes in-house, which is expected to result in cost savings of up to £2mln in 2023.
Commenting on the revenue update in a statement, Deepverge chief executive Dr Nigel Burton said: “These achievements, and the successful fundraise in November 2022, provide solid foundations for 2023. I'd like to thank our shareholders, customers, partners and employees for their support in 2022."