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Akerna Earnings: KERN Stock Up 18% on 2019 Earnings

KERN posted it's highest revenue yet in fiscal 2019

Akerna (NASDAQ:KERN) earnings for the marijuana-tracking company’s fiscal full year of 2019 has KERN stock soaring after hours Monday.

Akerna Earnings: KERN Stock Up 18% on 2019 Earnings
Source: Shutterstock

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.


Article printed from InvestorPlace Media, https://investorplace.com/2019/09/akerna-earnings-send-stock-soaring/.

©2020 InvestorPlace Media, LLC