Akerna (NASDAQ:KERN) earnings for the marijuana-tracking company’s fiscal full year of 2019 has KERN stock soaring after hours Monday.
The most recent Akerna earnings report includes strong revenue from the company that is the highest it has seen in its history. Let’s take a more in-depth look at KERN’s performance for fiscal 2019.
- Akerna reported net sales of $10.92 million.
- That’s up roughly 4.2% from its fiscal 2018 net sales.
- Cost of revenue reported by Akerna for the fiscal year was $4.63 million.
- This is up about 6% from its $4.36 million in cost of revenue for fiscal 2018.
- Loss from operations for the year were -$12.42 million.
- This is about a 404% wider operating loss from its previous fiscal year.
- Akerna earnings also include a net loss of -$12.31 million.
- That’s a 394% increase in net loss reported in the same period of the year prior.
- The increase in losses for the year have to doe with operating expenses increasing.
- Akerna notes that its operating expenses increased from $8.58 million in 2018 to $18.70 million in 2019.
- It attributes this to legal, audit and other professional expenses from its merger with MJ Freeway and MTech Acquisition.
- Gross profit margin for the seed-to-seed tracking company was unchanged from last year at 58%
- The company’s cash, which excludes restricted cash, at the end of fiscal 2019 was $21.90 million.
- For comparison, the company’s cash at the end of fiscal 2018 was $1.60 million.
- It’s also worth mentioning that it secured a contract with the State of Utah for its Leaf Data Systems during the year.
KERN stock was up 11.15% in after hour tradings on Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.