Akerna (KERN) Misses Q1 EPS by 6c, Revenues Miss

Akerna (NASDAQ: KERN) reported Q1 EPS of ($0.34), $0.06 worse than the analyst estimate of ($0.28). Revenue for the quarter came in at $3.7 million versus the consensus estimate of $4.49 million.

September Quarter 2020 Financial Highlights

• Software revenue was $3.2 million, an increase of 40% year over year
• Total revenue was $3.7 million, an increase of 16% year over year
• Gross Profit was $2.0 million, an increase of 9% year over year
• Net Loss was $4.7 million compared to a net loss of $2.3 million for the period ended September 30, 2019
• Adjusted EBITDA was ($3.0 million), compared to ($2.2 million) for the period ended September 30, 2019
• Cash was $14.3 million as of September 30, 2020

"I'm thrilled to report we achieved 40% year over year software revenue growth in this quarter and have increased our total SaaS ARR by 44% over this same time last year," said Jessica Billingsley, CEO of Akerna. "Looking forward, we are entering a period of massive market expansion. Five new states have approved cannabis via ballot measure in the recent election potentially representing approximately $18M in new TAM for our software and services offerings, and many more states and countries have legislative initiatives proposed over the coming months. Our scaled ecosystem is uniquely positioned to capture these opportunities, with the most robust cannabis technology suite available."

For earnings history and earnings-related data on Akerna (KERN) click here.

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