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Akerna Corp (NASDAQ: KERN) Announces 63% YoY Revenue Growth In Q2 2021

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Akerna Corp (NASDAQ: KERN) has announced its unaudited Q2 2021 financial results, with total revenue of 63% YoY. 

Akerna reported 56% YoY growth in software revenue 

The company reported total revenue of $4.9 million, with software revenue up 56% YoY to $4.5 million. Gross profit during the quarter was up 153% YoY to $3 million.  Net loss was flat YoY at $6.1 million, and Akerna reported a negative adjusted EBITDA of $1.6 million, which was a 54% YoY improvement from the $3.6 million reported a year ago. The company ended the quarter with $11.8 million in cash relative to $15.4 million at the end of March 31, 2021. 

Akerna CEO Jessica Billingsley said, “Our second quarter results continued the momentum in 2021, with revenue growth of 63% year over year driven by a mix of organic and inorganic software revenue and a rebound in consulting demand.  As consolidation within the industry continues and emerging markets begin to open, we believe our industry leadership position with multi-state, international and emerging enterprises paves the way for Akerna to be one of the largest cannabis technology winners in the years ahead.”

In Q2 2021 total SaaS ARR was $17.3 million, which is 53% YoY. Average new B2B orders were 27% YoY, while B2B transaction volume was up 104% YoY. The company reported new bookings  ARR of around $900,000. 

Akerna secured a government cannabis contract 

Equally, during the quarter, the company secured the first national government cannabis contract in the world with St. Vincent and the Grenadines. Akerna also closed the Viridian acquisition, finalized MJ retail beta adoption, and added Cannabis and Pharmaceutical Industry expert Barry Fishman to the Board of Directors. 

Akerna is a tech ecosystem for cannabis and offers scalable cannabis ERP solutions that provided taxation, compliance, seed-to-sale, payments, track-and-trace, data, and consulting to governments, brands, and operators through its software family, including Viridian Sciences, Trellis, MJ Platform, Ample Organic, solo sciences, and Last Call Analytics. 

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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BUSINESS

Choom Holdings Inc. (OTCMKTS: CHOOF) Expanding Operations With More Locations As It Settles Debt

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Choom Holdings Inc. (OTCMKTS: CHOOF) has provided a mid-year 2021 operational updates in which several initiatives were commenced. 

Choom Holdings continues to expand with opening ore locations 

The company opened the Liberty Village location in Toronto on July 28 as part of its efforts to expand. The location is the first flagship location in Toronto. In Hamilton the company broke ground for the construction of its next location in Ontario. So far the twelve-week construction timeline is almost 50% to completion and opening is expected in early fall. Pre-construction activities are underway in Ottawa for the Choom’s next Ontario location and in Vancouver the company completed Dunsmuir Street location acquisition on July 1. Also, pre-construction efforts are underway at the British Columbia location. 

CEO Corey Gillon said, “As we move through the summer months, the strengthening of the business continues.. Our mission remains the same in providing the best retail cannabis experience in every market we serve. As the economy begins to re-open, so to do our stores, and we look forward to the opportunity to further serve our growing customer base.”

The company has also announced the engagement of Stockhouse Publishing Ltd. to offer enhanced marketing awareness and ad services for a period of 2 months from July 2021. The company agreed a cash fee of around $100,000 during the period of the contract.

Choom enters agreement to settle debt

The company announced the signing if a settlement agreement with a debtholder. According to the agreement Choom will settle debt obligations of around $550,000 in consideration of extinguishment of around $875,00 owed by the debtholder and issuance of around 3.175 million Choom common shares at $0.063 per share. Most importantly, Choom shares will be issued in satisfaction to the Debt and will be subject to a four month statutory hold with an expiry of December 12 2021. 

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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TILT Holdings Inc. (OTCMKTS: TLLTF) Receives Adult Use License In Massachusetts and Enters License Agreement With 1906

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TILT Holdings Inc. (OTCMKTS: TLLTF) has announced that its subsidiary Commonwealth Alternative Care Inc. ha received four provisional licenses from Massachusetts Cannabis Control Commission  for growing, manufacture and sale of adult use recreational cannabis at the Taunton location and sale of adult use cannabis to the Brockton location. Equally the commission issued the subsidiary with a final license for medical cannabis sale in Brockton. 

CAC receives licenses for Brockton location 

CAC received provisional Retail Establishment and Medical Dispensary license for the fully constructed Brockton facility located at 1090 W Chestnut Street. The company is expected to hpst a job fair at the location and expects the location to open for busi8enss in the coming weeks after CCC’s final inspection. 

TILT Holdings CEO Gary Santo said, “Our Taunton facility has been supplying cannabis retailers and medical marijuana patients in Massachusetts with premium cannabis products for nearly three years while we awaited approval of our remaining submitted license applications. Along the way, we expanded our cultivation capacity, partnered with some of the most recognizable brands in the industry and continued to expand our wholesale reach to be ready for this moment. The approval of these provisional licenses, along with the final approval of our Brockton medical license, will further expand CAC’s presence in the state.”

TILT enters distribution agreement with 1906

Recently TILT announced a multi-state licensing agreement with 1906 for manufacture and distribution of its rapid onset cannabis products. 1906 is a cannabis products innovator that creates highly functional formulations combining moderately dosed marijuana with select plant medicines. 

TILT will through its Standard  Farms Ohio, LLC, Standard farms, LLC in Pennsylvania and Commonwealth Alternative Care Inc. in Massachusetts offer full service, packaging, wholesale manufacturing and distribution services to expedite 1906’s non-smokeable cannabis products’ availability to patients  in the medical and adult use markets it serves. TILT will launch a 1906 line of chocolates in Massachusetts and 1906 drops in Ohio and Pennsylvania. 

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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SOL Global Investments Corp (OTCMKTS: SOLCF) Issues Corporate Update And Announce Settlement With 1235 Fund LP

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SOL Global Investments Corp (OTCMKTS: SOLCF) has announced that it will continue buying shares  under the normal course issuer bid (NCIB) previously announced in March 31, 2021. 

So far the company has purchased around 1.539 million common shares during the current purchase cycle as per the NCIB at a [rice of $4.3831 per share. As per the NCIB, the company may purchase a maximum of 2.738 million common shares that represent around 5% of SOL Global Investments’ outstanding and issued common shares as of the announcement time of the NCIB. The NCIB will terminate in March 31 next year or ealyr at the discretion of the company. 

SOL Global makes board appointments

The company also announced the addition of Kevin Taylor and Alex Spiro to its Board of Directors. Following their appointment Taylor will be the chairperson of the Compensation Committee while Spiro will be the Chairman of the Compliance Committee.

CEO Andy DeFrancesco said, “Thanks to our turbocharged success we have put ourselves in a position to bulk up, and that starts up top at the board level. It’s incredible for us to have Alex and Kevin joining our board. They both have outstanding track records and are leaders in their respective positions. Their experience will augment the team and I in our push for performance and top tier stockholder growth.” 

SOL Global settles suit connected to debenture 

Recently the company announced the settlement of a litigation in connection to senior, secured non-convertible  debenture offered and issued to 1235 Fund LP  in amount of CA$50 million and carrying an interest of 6% per year. The company had previously disclosed that it had commenced legal proceedings against 1235 in New York concern the Debenture interpretation and associated arrangement and rights under the agreements. 

According to  the agreement, SOL Global’s subsidiary will acquire all 1235 rights under the debenture for CA$120 million which will be paid in September 7, 2021.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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