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Akerna Reports 24% YoY Increase In Total Revenue In Q2, Software Revenue Up 38%
Akerna Corp (NASDAQ:KERN) saw a 38% year-over-year increase in software revenue — to $3.4 million — in the quarter ended Dec. 31.
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Total revenue for the same period amounted to $4.1 million, representing an increase of 24% year-over-year.
Gross profit grew by 60% over the same period to $12.2 million.
The Denver-based company posted a negative adjusted EBITDA of $1.9 million in the second quarter versus a loss of $2.7 million in the same period of 2019.
Net loss amounted to $12.2 million compared to a net loss of $3.8 million in the corresponding quarter of 2019.
Akerna is also poised to acquire Viridian Sciences, a cannabis business management software firm, in an all-stock transaction.
Related Link: Cannabis Software Firms Akerna, Viridian Sciences Agree To All-Stock Deal
CEO Jessica Billingsley said that they “delivered strong financial results” in the second quarter, adding the acquisition of Viridian will “bolster the strength of our channel connections with existing ERP providers.”
Trulieve Reports Record Q4 Revenue Of $168.4M
Cannabis company Trulieve Cannabis Corp. (CSE:TRUL) (OTCQX:TCNNF) reported Tuesday generating $521.5 million in revenue during 2020, representing a year-over-year increase of 106%.
During the fourth quarter, the Tallahassee, Florida-based reported achieving $168.4 million in revenue, up by 24% sequentially.
For the full year, adjusted EBITDA was $251 million, up by 99% year-over-year. In addition, for the last quarter of 2020, adjusted EBITDA was $78.2 million, a quarter-over-quarter increase of 19%
"We had an excellent fourth quarter with strong financial performance capping off our highest annual revenue, net income, and Adjusted EBITDA year to date," CEO Kim Rivers stated.
Net income for 2020 amounted to $63 million, compared to $53.1 million in the prior year.
For the quarter ended December 2020, net income was $3 million, down by 83% sequentially.
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Trulieve expects to generate between $815 million and $850 million in revenue during 2021 and between $355 million and $375 million in adjusted EBITDA.
"As we enter 2021 with the political changes and heightened focus on cannabis in the country, we believe these shifts along with our momentum and strategic vision position us for a strong year ahead," Rivers commented.
The company ended 2020 with 75 stores in the country and kicked off 2021 with new store openings in Florida, including the launching of the dispensary in Sebastian.
Trulieve recently launched planting at its cultivation and processing facility in Holyoke after obtaining Massachusetts Cannabis Control Commission's approval.
The company also entered West Virginia through the acquisition of Mountaineer Holding LLC.
The move includes the purchase of a cultivation permit and two dispensary permits.
TerrAscend 2020 Net Sales Increase 134% YoY, Jason Ackerman Steps Down As CEO And Executive Chairman
TerrAscend Corp. (CSE:TER) (OTCQX:TRSSF) revealed Tuesday its net sales spiked 134% year-over-year — reaching CA$198 million ($158.2 million) in 2020 — compared to CA$85 million in 2019.
Moreover, the fourth-quarter net sales amounted to CA$65 million. That's a year-over-year increase of 152% and a 28% sequential increase.
The company also reported a positive adjusted EBITDA of CA$26 million in the last three months of 2020, compared to a loss of CA$5.7 million in the same period of 2019.
During the quarter, the adjusted EBITDA margin rose to 40% from 35% in the prior period.
For the full year, adjusted EBITDA amounted to CA$60 million versus a loss of CA$27 million in 2019.
TerrAscend ended 2020 with CA$75 million of cash.
It also secured an additional CA$224 million in financing in January through an oversubscribed non-brokered private placement. The offering included 18.12 million of the company's common shares issued at CA$12.35 per share.
"In Q4, we drove strong revenue growth, margin expansion, and cash generation by focusing on operational excellence, disciplined cost control, and effective allocation of capital," Jason Wild, the newly appointed executive chairman, noted.
Wild replaced former CEO and executive chairman Jason Ackerman, who opted to leave the company.
The North American cannabis operator also disclosed it opted to convert guidance to US dollars. The company anticipates generating over $290 million in net sales in 2021 and over $122 million in adjusted EBITDA.
In December, the company reported securing $120 million in financing through a Senior Secured Term Loan with a syndicate of lenders secured by Ilera Healthcare, its Pennsylvania-based subsidiary.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.