Akerna (Nasdaq: KERN), a leading enterprise software company and developer of one of the most comprehensive technology infrastructures, ecosystems, and compliance engines powering the global cannabis industry, today reported its unaudited financial results for the quarter ended March 31, 2022.
“As demand for Akerna’s platforms from cannabis operators, regulators, and brands continues to widen, we are pleased to report 73% year over year total revenue growth for the first quarter of 2022,” said Jessica Billingsley, CEO of Akerna. “Since our inception, we have strategically evolved our ecosystem alongside industry requirements to ensure our enterprise business could scale. As a result, our Committed Annual Recurring Revenue (CARR), bookings, and transaction volumes have all continued to increase significantly.”
First Quarter 2022 Financial Highlights
- Software revenue was $6.5 million, up 71% year-over-year
- Total revenue was $7.0 million, up 73% year-over-year
- Gross profit was $4.7 million, up 85% year-over-year. Gross profit margin was 68% in the first quarter of 2022 compared to 64% in the first quarter of 2021
- Loss from operations was $20.6 million, up $17.1 million year-over-year
- Net loss was $22.0 million, up $15.5 million year-over-year
- Adjusted EBITDA* loss was $2.3 million compared with a loss of $1.8 million for the same quarter last year, a 29% improvement year-over-year as a percentage of revenue
- Cash and Restricted Cash was $10.2 million as of March 31, 2022
*See “Explanation of Non-GAAP Financial Measures” below
First Quarter 2022 Key Metrics
- CARR of $21.1 million, up 35% year-over-year
- Q1 software bookings of approximately $2.0 million
- Transaction volume up 16% year-over-year
- Average new business deal size up 40% year-over-year
- Retail order spend up 6% year-over-year
NOTE:
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 May 10, 2022, 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: 1-800-918- 9481
Toll / International: +1-212-271-4657
Conference ID: 22018167
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
