Cannabis software company Akerna Corp. KERN reported its unaudited financial results Monday for the quarter ended September 30, with software revenue spiking 37% year-over-year to $4.6 million.
The latest financial update follows the company's recent purchase of Viridian Capital Advisors's client 365 Cannabis.
"Our third-quarter results continued the momentum in 2021, with revenue growth of 37% year over year driven by a mix of organic and inorganic software revenue," Jessica Billingsley, CEO of Akerna said. "With the acquisition of 365 Cannabis that announced during the quarter, our financial and tax planning integrations now span the majority of the mainstream systems."
Q3 2021 Financial Highlights
- Total revenue was $5.1 million, up 38% year over year.
- Gross profit was $3.2 million, up 60% year over year.
- Net loss was $1.3 million, an improvement of 68% year over year.
- Adjusted EBITDA was negative $1.5 million compared to negative Adjusted EBITDA of $3.0 million for the same quarter prior year, an improvement of 49% year over year.
- Cash was $9.6 million as of September 30, 2021, compared to $11.8 million as of June 30, 2021
Q3 2021 Key Metrics
- Total SaaS ARR of $16.5 million, up 25% year over year.
- Average new business deal size up 7% year over year.
- Transaction volume up 28% year over year.
- Retail order spend up 26% year over year.
- New Bookings ARR of approximately $813,816.
Q3 2021 Operational Highlights And Subsequent Events
- Launched Akerna Connect, enabling cannabis dispensaries to offer online ordering, loyalty programs and text messaging
- Raised $20 million in convertible debt financing with existing institutional investors
KERN Price Action
Akerna's shares traded 3.40% higher at $2.74 per share during the pre-market session on Tuesday morning.
Photo: Courtesy of Akerna Corp.
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