AgJunction Inc. has reported results for the quarter and year that ended Dec. 31.
Total revenue in the fourth quarter fell by 18.2 percent. Total revenue for the year fell by 58.4 percent, although excluding revenue generated from the BPO in the prior year, revenue increased 6.6 percent.
Gross profit for the full year fell by 45.6 percent. Gross margins improved.
Net losses for both the quarter and the year improved compared to losses from the previous periods, attributed primarily to reductions in operating costs.
“I don’t think anyone could have predicted just how disruptive 2020 would be due mostly to the COVID-19 pandemic,” said CEO and president Dr. M. Brett McMickell. “We continued developing in strategically important areas in off-road automation, such as sensor fusion, terrain mapping, vision tracking, and mobile applications. Although our 2020 sales results aren’t exactly where we thought they’d be …, we made great strides in prudently managing costs and optimizing our product mix, which led to a significant increase in our gross margin and improved bottom line profitability.”