Business
Item 9 Labs Reports Record Revenue for Fiscal Year 2020
Item 9 Labs Reports Record Revenue for Fiscal Year 2020.
About this update from Item 9 Labs Corp.
[{"type":"text","content":"\n\n\n\nItem 9 Labs Reports Record Revenue for Fiscal Year 2020\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nItem 9 Labs Reports Record Revenue for Fiscal Year 2020\n- Annual revenue growth of 65% fueled by increases in production and market demand\n- Stage is set for 2021 developments across Arizona cannabis product expansion and new distribution through merger with national dispensary franchise\nPR Newswire\nPHOENIX, Jan. 13, 2021\n\n\n\nPHOENIX, Jan. 13, 2021 /PRNewswire/ -- Item 9 Labs Corp. (OTCQX: INLB) (\"Item 9 Labs\" or the \"Company\"), a vertically integrated cannabis operator that produces premium products, today reported the Company's operating and financial results for the fiscal year (FY) ended September 30, 2020.\nKey Financial Highlights for FY 2020\nRevenue increased 65% to $8.1 million Gross profit increased 39% to $3.3 million Operating loss decreased 46% to $5.4 million Operating expenses as a percentage of gross profit declined from 526% to 265% Adjusted EBITDA loss decreased 9% to $2.1 millionKey Business Highlights for FY 2020\nRamped up cultivation and production operations Continued to improve the operating capacity of cultivation and processing facilities Signed definitive merger agreement with ONE Cannabis Group Named Mike (Mic) Keskey, retired former President of U.S. Retail for Best Buy Co., Inc. (NYSE: BBY), and Doug Bowden, a 30-year consumer electronics veteran with extensive experience in real estate investment and development, to Board of Directors Appointed Andrew Bowden as Chief Executive Officer Earned one Errl Cup and four 710 Degree Cup awards, Arizona's largest cannabis competitions Qualified to trade on OTCQX Market (upgraded from OTC Pink to OTCQB, then from OTCQB to OTCQX, both in August)Management Commentary\n\"This past year has been an exciting and successful time for our team,\" commented Item 9 Labs Chief Executive Officer Andrew Bowden. \"We've seen strong, steady performance with sequential quarter-over-quarter growth rates of nearly 20% since my appointment as CEO at the start of our 2020 fiscal year. Our team c...