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Item 9 Labs Reports Record Revenue of $3.0 Million for First Quarter Fiscal Year 2021, Up 98% Year over Year
Item 9 Labs Reports Record Revenue of $3.0 Million for First Quarter Fiscal Year 2021, Up 98% Year over Year.
About this update from Item 9 Labs Corp.
[{"type":"text","content":"\n\n\n\nItem 9 Labs Reports Record Revenue of $3.0 Million for First Quarter Fiscal Year 2021, Up 98% Year over Year\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 of $3.0 Million for First Quarter Fiscal Year 2021, Up 98% Year over Year\nRevenue growth fueled by strong market demand and increases in cannabis production\nGross margin improvement reflects increased operating efficiencies\nCompany is poised for accelerated revenue growth in 2021, driven by adult-use legalization in Arizona, approved expansion plans for cultivation in Arizona, and additional distribution channels through merger with ONE Cannabis Group - parent company of national dispensary franchise Unity Rd.\nPR Newswire\nPHOENIX, Feb. 16, 2021\n\n\n\nPHOENIX, Feb. 16, 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 operating and financial results for the three months ended December 31, 2020, the Company's first quarter for fiscal year 2021 (\"Q1 FY2021\").\nKey Financial Highlights for Q1 FY2021 (compared with Q1 FY2020)\nRevenue increased 98% to $3.0 million Gross profit increased 195% to $1.4 million Gross margin increased 15% to 47% Operating loss decreased 70% to $0.4 million Operating expenses as a percentage of revenue declined from 110% to 59% Positive Adjusted EBITDA of $0.4 million increased by $1.1 million from a loss of $0.7 millionKey Business Highlights for Q1 FY2021\nFinalized merger agreement with ONE Cannabis Group (\"OCG Inc.\"), to add unique franchising capabilities and significantly enhance the Company's retail distribution network, in December 2020; expected to close in early 2021 Received approval for 45-acre marijuana cultivation site expansion in Coolidge, Arizona in November 2020 Arizona's Proposition 207 Adult-Use Cannabis Initiative successfully passed in November 2020Management Commentary\n\"We are extremely pleased with our strong first-quarter performance, as we continued to grow revenues and improve...