mCloud (BuildingIQ)

mCloud Technologies Corp. provides cloud technology solutions that optimize the performance, reliability, and sustainability of energy-intensive assets. The company offers the AssetCare platform, which utilizes cloud-based digital twins, AI, and analytics to enable asset owners and operators in industries like oil and gas, wind, and commercial facilities to enhance asset performance, reliability, and sustainability. AssetCare includes solutions like AssetCare Digital Oilfield, an AI-powered offering that automates production management, continuously optimizes wellsite performance, drives predictive maintenance, and integrates connected worker capabilities to address unplanned downtime and methane emissions.

In June 2022, mCloud commenced onboarding its first AssetCare Digital Oilfield solutions at wellsites in the US, representing an initial wave of customers as the company aimed to connect at least 500 wellsites by the end of that year. The company has a revenue stream from its long-standing, multi-year engagements with high-profile aerospace and defense customers through its wholly-owned subsidiary NGRAIN (Canada) Corporation, acquired in 2018.

In August 2023, mCloud announced a process to potentially separate the company by selling certain assets, legal entities, and global strategic agreements related to its broader industrial and commercial AssetCare business. This asset sale would enable NGRAIN to independently focus on its highly regulated defense business as a standalone public company while utilizing the cash proceeds to pay mCloud's obligations. In September 2023, mCloud decided to delist from Nasdaq as parties interested in acquiring its strategic assets did not require the listing, though operations continued as the company explored strategic alternatives.