The cannabis regulatory compliance tech company Akerna Corp. KERN released second-quarter results Wednesday, posting revenue of $3.3 million, up 28% year-over-year.
The increased revenue can be attributed to the persistent demand for Akerna's software product, MJ Platform, which saw a 29% revenue increase in the second quarter, according to the company.
Akerna’s gross profit margin reached 50% in the second quarter, which compares to 49% in the same period of 2018.
The company's second-quarter net loss amounted to $4.3 million, higher than $2.4 million in the same period last year.
Akerna had about $18.8 million in cash as of Dec. 31, 2019, the company said.
Among important business milestones that occurred in the second quarter, the company highlighted its strategic investment in ZolTrain and transactions to acquire Ample Organics and a majority interest in Solo Sciences.
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“Our results for the quarter ended December 31, 2019, continue to be illustrative of the continued adoption of both MJ Platform and Leaf Data Systems by cannabis enterprises and government entities,” Akerna CEO Jessica Billingsley said in a statement.
“With cannabis legalization continuing to expand and our recent acquisitions of both solo sciences and Ample Organics, Akerna is well-positioned to serve the increasing compliance needs of enterprise cannabis companies, governments, and consumers. Transparency remains critical, as regulatory requirements will only grow to ensure public, product, and patient (or consumer) safety.”
Akerna shares were down 16.65% at $6.91 at the time of publication Thursday.
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Akerna CEO Jessica Billingsley. Benzinga file photo by Dustin Blitchok.
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