Akerna (NASDAQ:KERN) 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," Jessica Billingsley, CEO of Akerna state. “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
- Price Action
- Akerna shares were trading 6.04% lower at $0.5 per share at the time of writing Tuesday morning.
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Photo: Courtesy of Kym MacKinnon on Unsplash
