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.