Software revenue up 56%, total revenue up 63% year-over-year
DENVER, Aug. 9, 2021 /PRNewswire/ — Akerna (Nasdaq: KERN), an enterprise software, leading compliance technology provider and developer of the cannabis industry’s first seed-to-sale enterprise resource planning (ERP) software technology (MJ Platform®), today reported its unaudited financial results for the quarter ended June 30, 2021.
“Our second quarter results continued the momentum in 2021, with revenue growth of 63% year over year driven by a mix of organic and inorganic software revenue and a rebound in consulting demand,” said Jessica Billingsley, CEO of Akerna. “As consolidation within the industry continues and emerging markets begin to open, we believe our industry leadership position with multi-state, international and emerging enterprises paves the way for Akerna to be one of the largest cannabis technology winners in the years ahead.”
Akerna is the technology ecosystem for cannabis. Through its family of software, which includes MJ Platform, Viridian Sciences, Ample Organics, Trellis, Leaf Data Systems, Last Call Analytics, and solo sciences, Akerna provides the only scalable cannabis ERP solution offering compliance, data, taxation, payments, seed-to-sale, track-and-trace, and consulting to operators, governments, and brands. In doing so, Akerna creates one of the world’s most transparent and accountable consumer packaged goods supply chains on a global scale.
Cannabis companies looking to scale alongside the rapidly expanding industry must leverage the right tools, and enterprise class software is essential to do so.
Second Quarter 2021 Financial Highlights
- Software revenue was $4.5 million, up 56% year over year
- Total revenue was $4.9 million, up 63% year over year
- Gross profit was $3.0 million, up 153% year over year
- Net loss was $6.1 million, flat with the same period last year
- Adjusted EBITDA was negative $1.6 million compared to negative Adjusted EBITDA of $3.6 million for the same quarter prior year, an improvement of 54% year over year
- Cash was $11.8 million as of June 30, 2021, compared to $15.4 million as of March 31, 2021
See “Explanation of Non-GAAP Financial Measures” below
Second Quarter 2021 Key Metrics
- Total SaaS ARR of $17.3 million, up 53% year over year
- Average new B2B order up 27% year over year
- B2B transaction volume up 104% year over year
- New Bookings ARR of approximately $900,000
Second Quarter 2021 Operational Highlights
- Secures world’s first national government cannabis contract with St. Vincent and the Grenadines
- Closed Viridian Acquisition
- Added Pharmaceutical and Cannabis Industry Expert Barry Fishman to Board of Directors
- Completed MJ Retail (POS offering) beta adoption
The foregoing financial results are preliminary in nature. Final financial results and other disclosures will be reported in Akerna’s quarterly report on Form 10-Q and may differ materially from the results and disclosures today due to, among other things, the completion of final review procedures, the occurrence of subsequent events or the discovery of additional information. You are encouraged to review the Form 10-Q in detail.
Conference Call Details
Akerna will host a conference call tomorrow, Tuesday, August 10, 2021, at 8:30 a.m. Eastern Time to discuss its financial results and business highlights. A question-and-answer session will follow prepared remarks. Interested parties may listen to the call by dialing:
Toll-Free: 1-877-407-3982
Toll / International: +1-201-493-6780
Conference ID: 13721125
The conference call will also be available via a live, listen-only webcast and can be accessed through the Investor Relations section of Akerna’s website, https://ir.akerna.com/
To be included on the Company’s email distribution list, please sign up at https://ir.akerna.com/news-events/email-alerts
