Vext Science, Inc. (CSE: VEXT) released today its first quarter 2021 financial results, which saw the company post US$9.2 million in revenue. This is an increase from Q4 2020’s revenue of US$6.4 million and from Q1 2020’s revenue of US$4.1 million.
The company’s gross margin for the quarter was at 45.4%, a decline quarter-on-quarter from Q4 2020’s 47.3% gross margin, but an increase year-on-year from Q1 2020’s 29.4%.
The company also recorded US$1.14 million in net income for the quarter, an increase both from last quarter’s net income of US$1.13 million and last year’s net loss of US$0.97 million. This quarter’s net income translates to US$0.01 earnings per share. Adjusted EBITDA meanwhile came in at $3.1 million for the three month period.
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Vext also announced that the company received approval on May 20, 2021 from the State of Arizona to begin operations in the recently expanded Phoenix facility. With this move, the company said it increased overall space four times and also built additional automation into the process.
Vext Science, Inc. last traded at $0.94 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
