Vext Science, Inc. (CSE: VEXT) released today its second quarter 2021 financial results, which saw the company post US$9.4 million in revenue. This is an increase from Q1 2021’s revenue of US$9.2 million and from Q2 2020’s revenue of US$6.7 million.
The company’s gross margin for the quarter was at 45.0%, a marginal decline from last quarter’s 45.4%, but an increase year-on-year from last year’s 37.8%.
Net income for the quarter came in at US$1.8 million, an increase both from US$1.1 million last quarter and US$0.6 million for the same period last year. This quarter’s net income translates to US$0.01 earnings per share.
Adjusted EBITDA meanwhile came in at US$3.4 million for the three-month period compared to Q1 2021’s US$3.1 million and Q2 2020’s US$1.9 million.
The firm ended the quarter with a cash position of US$8.1 million coming from a beginning balance of US$1.7 million at the start of the year. The cash inflow for the six-month period is driven mainly by net proceeds from prospectus offerings amounting to US$16.3 million.
Looking at the balance sheet, the company has US$33.0 million in current assets and US$9.3 million in current liabilities at quarter’s end.
The cannabinoid company said that it expects the Arizona cannabis market to reach US$3 billion in annual sales by 2025 and is positioning itself to align with that growth.
Vext Science, Inc. last traded at $0.72 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.