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KushCo Holdings Reports Record Q3 Revenue

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KushCo Holdings Reports Record Q3 Revenue
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KushCo Holdings Inc (OTC: KSHB), a provider of ancillary services to the cannabis industry, reported third-quarter results after the close Tuesday. 

What Happened

The company said its revenue for the quarter ended May 31 surged by 221% on the year and amounted to a record $41.5 million. 

Despite the revenue growth, the company's net loss on a GAAP basis slightly widened from $9.2 million a year ago to $10.6 million. Nevertheless, the net loss per share of 12 cents was lower than the 14-cent loss in the third quarter of fiscal 2018. 

Excluding the impact of non-recurring charges and gains, KushCo reported a non-GAAP net loss of $8.6 million, or 10 cents per share. 

KushCo had $21.2 million in cash at the end of May compared to $13.5 million at the beginning of the fiscal year. 

What's Next 

KushCo expects demand to increase for its core products as the cannabis and hemp markets expand, CEO Nick Kovacevich said in a statement. 

"Our customer base is gaining strength with the largest multistate operators and Canadian LP's starting to scale in existing markets, while also preparing for growth in new emerging geographies — including recently approved Illinois," he said.

The stock was down 0.58% at $5.10 in after-hours trading Tuesday. 

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Posted-In: marijuana pot weedCannabis Earnings News Markets Best of Benzinga

 

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