Akerna Q2 Revenue Grows 24% YoY, What About Net Loss?

Akerna KERN released its unaudited financial results for the quarter ended June 30, 2022, revealing revenue of $6.1 million, up 24% year-over-year

Q2 2022 Financial Highlights

• Gross profit of $4.2 million, or 69.8% of total revenues, was up 42% year-over-year compared to $3.0 million, or 60.9% of total revenues in the same period of 2021

• Net loss was $29.6 million and, when excluding the impairment, was marginally lower than last year’s net loss of $6.1 million

• Adjusted EBITDA loss was $2.1 million compared with a loss of $1.6 million for the same quarter of 2021

• Loss from operations was $29.2 million, including a $24.1 million impairment of certain long-lived assets, compared to a loss of $6.1 million year—over-year

• Cash and Restricted Cash was $14.1 million as of July 5, 2022, following the closing of a $10 million financing via S-1 filed/effective on June 29, 2022

"We have continued to take important steps to grow revenue, reduce costs, and position ourselves for growth in the future," stated Jessica Billingsley, CEO of Akerna. “While client demand has been mixed thus far in 2022, and with softer sales and bookings in particular during the second quarter throughout the sector, we believe we are on pace for a year of solid growth in 2022, compared with last year. On the cost side, we’re pleased with our gross margin improvement over last year at 69%, and the expense reduction program across the board that we announced in Q2 should enable more material improvements going forward, beginning with our Q3 results.”

Photo by Mackenzie Marco on Unsplash

Related News

Strategic Cannabis Execs Making Changes At Companies You Know: PharmaCielo, Willow Industries, Delta 9 & More

Willow Industries Appoints Scott Daly As Chief Commercial Officer

Here's Why Akerna And Clever Leaves Stock Are Skyrocketing Today