Business
Jacksam Corporation Reports First Quarter 2022 Revenue of $1.8 Million with Positive EBITDA and Net Income
Jacksam Corporation Reports First Quarter 2022 Revenue of $1.8 Million with Positive EBITDA and Net Income.
About this update from Jacksam Corporation
[{"type":"text","content":"NEWPORT BEACH, CA / ACCESSWIRE / May 17, 2022 / Jacksam Corporation dba Convectium (OTCQB:JKSM) ("Jacksam" or "Convectium" or the "Company"), a workflow automation Company focused on developing system solutions for the cannabis and CBD industry, today announcedfinancial and operational results for the three months ended March 31, 2022.Key Financial Highlights for Three Months Ended March 31, 2022 (Year-over-Year as Compared with the Three Months Ended March 31, 2021)Revenue increased slightly to $1.8 million; due to shipping delays from ChinaRecord quarterly cartridge sales increased 662% to $0.7 millionGross profit decreased 19% to $0.4 millionOperating expenses as a percentage of revenue declined to 23%, from 29%, reflecting continued focus on optimizationOperating income decreased slightly to $1,380EBITDA decreased slightly to $1,884Net income improved to $29,384, from a loss of $8,682Cash balance strengthened to $0.8 millionBusiness Highlights for the Three Months Ended March 31, 2022Partnered with Emerald Scientific, LLC to expand the distribution for Convectium's workflow automation systems and equipment solutions for the cannabis and CBD industryRaised $1.0 million in Series B Preferred Stock from two institutional investorsCartridge Sales Increased by 662% to Record $0.7 MillionEmerald Scientific, LLC PartnershipOn February 28, 2022, Jacksam partnered with Emerald Scientific, LLC making Convectium the exclusive provider of filling and capping systems to Emerald. Emerald Scientific has been an industry leader in the distribution of scientific supplies and equipment to cannabis and hemp labs and manufacturing facilities since 2012.Emerald has a proven track record of being a leading distributor in the space, driven by a world class sales team.Management CommentaryMark Adams, Jacksam's Chief Executive Officer, commented, "We are pleased with our first quarter results, especially our purchase order and interest activity around our 710 Shark filing systems, 710 Captain capping systems, PreRoll-ER pre-roll and cone filling systems and cartridges. We continue to see increased demand for our automated equipment solutions across the cannabis and CBD industries."Adams, continued, "While revenue was up just slightly due to lower machine sales, we had record quarterly cartridge sales. Our...