Helix Q1 Revenue Rises 35% YoY, Cannabis Tech Company Expands Overseas

Helix Technologies Inc. (OTC: HLIX), a provider of an operating services platform for the cannabis industry, posted first-quarter revenue of $4.6 million Monday, a 35% year-over-year increase.

The Greenwood Village, Colorado-based company said its gross profit rose by 58% year-over-year to $2.3 million.

Helix reported an adjusted EBITDA loss of roughly $79,000 versus a loss of $1 million in the first quarter of 2019.

Helix boosted its operating cash flow by 69% year-over-year. 

On the software side, revenue and gross profit reached $2.8 million and $2 million, respectively, up by 30% and 50%. 

“As always, we have continued to execute on our strategy, outgrowing competitors while cutting costs and expanding our footprint even in the face of unprecedented market conditions,” CEO and Executive Chairman Zachary Venegas said in a statement. 

Last month, Helix partnered with Hypur Inc. on operational logistics and financial capabilities. 

Earlier this year, the company expanded its footprint in the Dutch and South African cannabis markets and added new cultivation and processing clients.

The last year’s accomplishments include the introduction of an integrated hemp tracking system in Delaware and teaming up with Alt Thirty Six, which allowed cannabis dispensaries to utilize digital payments.

The company's earnings call is scheduled for 5:30 p.m. ET Monday. 

Courtesy photo.