Cannabis Earnings: Surna Reports Third Quarter 2021, 127% YoY Increase

Surna Inc. SRNA, an industry leader in controlled environment agriculture (CEA) facility design and technologies, announced its operating and financial results late Wednesday for the three months and year to date ended September 30, 2021.

Q3 2021 Financial Highlights:

• Total revenue for the three months ended September 30, 2021, was $3.7 million compared to $1.6 million for the same period last year, or a 127% year-over-year increase.
• Gross profit was $0.7 million compared to $0.5 million for the same period of 2020, or a 42% year-over-year increase.
• Operating loss was $0.4 million compared to $0.3 million for the same period last year or a 57% year-over-year increase.
• Adjusted net loss, was $0.4 million compared to $0.2 million for the time same period of 2020, or a 95% year-over-year increase.

Nine Months Ended September 30, 2021, Financial Results:

• Total revenue was $10.6 million compared to $5.1 million for the same period last year, or a 106% year-over-year increase.
• Total gross profit was $2.4 million compared to $1.3 million, an 89% year-over-year increase.
• Operating loss for the nine months ended September 30, 2021, was $1.0 million compared to $1.8 million from last year, or a 45% year-over-year decrease.
• Adjusted net loss was $0.7 million compared to $1.4 million for the same period last year, or a 52% year-over-year decrease.
• As of September 30, 2021, the firm’s cash and cash equivalents amounted to $2.3 million compared to $2.3 million as of December 31, 2020.
• The company used $1.8 million in cash for operating activities during the nine months period.

Surna’s working capital deficit was $1.2 million as of September 30, 2021, compared to $2.2 million as of December 31, 2020.

“We saw the second-best quarter in our history. Revenue in the quarter continues our year-over-year trend of significant increases. We have seen the continuation of momentum in our commercial pipeline with our increased product offerings and execution against our organic growth strategy,” said Tony McDonald, chairman & CEO of Surna.

Surna’s Price Action:

Surna's shares traded 4.87% higher at $0.056 after market close Wednesday night.