XS Financial Revenue Triples YoY, Reaches $1.3M In Q2

XS Financial Inc., which provides equipment leasing solutions to U.S. cannabis and hemp companies, tripled its revenue over the year, reaching around $1.3 million in the second quarter.

That's according to the Los Angeles-based company's most recent earnings report for the second quarter and the first half of fiscal 2020.

Moreover, its half-year revenue amounted to roughly $1.6 million. That’s a year-over-year increase of around 64%.

“We are very pleased with the progress we are making and continue to see improvements quarter over quarter,” the company’s CEO David Kivitz said Monday.

Other quarterly highlights include:

• Gross profit of $8 for the second quarter, versus a gross loss of $120,336 for the same quarter of last year
• For the first six months of 2020, gross profit was $77,771 compared to a gross loss of $213,086 in the same period of 2019
• Operating expenses amounted to $783,929 in the second quarter and $1.21 million in the first half of this year, compared to $1.53 million and roughly $2.7 million in the corresponding periods of last year
• Net loss amounted to approximately $900,000, versus a loss of $1.73 million in the second quarter of 2019
• Adjusted net loss (non-IFRS measure) of $848,075 for the quarter, versus a loss of $1.76 million in the same quarter of last year

Some of the companies’ recent moves include the landing of the two new leasing deals with Carolina Botanical LLC, changing the name to XS Financial, and tapping Jim Bates as its Director of Risk as well as Kenneth Senter as its Director of Client Services.

Courtesy photo