Business
Item 9 Labs Corp. Reports Continued Revenue Growth in Third Quarter Results
Item 9 Labs Corp. Reports Continued Revenue Growth in Third Quarter Results.
About this update from Item 9 Labs Corp.
[{"type":"text","content":"\n PHOENIX, Aug. 20, 2019 (GLOBE NEWSWIRE) -- Item 9 Labs Corp. (OTC: INLB) (“Item 9 Labs” or the “Company”), a leader in comfortable cannabis health solutions for the modern consumer, reported operating results on August 16, 2019 for the third quarter which ended June 30, 2019.  Item 9 Labs Corp. and its subsidiaries continued their revenue growth in the three month and nine month periods ending June 30, 2019. Operating efficiency increased dramatically as seen in the margins growth over the same periods compared to fiscal year 2018. The expansion of the Arizona facility, completed in March 2019, should prove to increase the efficiency and revenues beginning in Q4. “Throughout this fiscal quarterly period ended June 30, 2019, we have exhibited exponential revenue growth and expansion of our business operations. We accomplished our construction initiatives for our core facilities in Nevada and Arizona, more than doubling our cultivation space allowing us to bring new and diverse product suites to market. In addition, we have solidified partnerships in North Dakota, keeping us on pace towards applying, and managing cultivation, processing, distribution, and dispensary operations in six to 10 U.S markets by the end of 2019,” said CEO Sara Gullickson. “As a Company, we have achieved significant milestones on a national and local level, including filing our Form 10 Registration Statement, ranking as one of the fastest growing cannabis concentrate brands in Arizona, and receiving first place honors for the second consecutive at the ERRL Cup Awards for our Sativa flower strain. Moving forward, we intend to build upon this momentum and are grateful for our shareholders support,” Gullickson said Chief Financial Officer Bobby Mikkelsen added, “Our Form 10 filing coupled with our solid financial results are evidence of our continued commitment to strategic growth as a fully reporting public company. In the final fiscal quarter, we remain focused on opportunities to enhance revenue growth, increase margins, and maximize shareholder value.” Overview for the three months ending June 30, 2019, as compared to the three months ending June 30, 2018:  Revenue increased 251% to $1,542,067.Operating margins increased to 55% from 14%.Pre-tax earnings of Item 9 Labs opera...