Vext Science, Inc. (CSE: VEXT) released today its third quarter 2021 financial results. The company posted US$9.40 million in revenue, marginally unchanged from Q2 2021’s revenue of US$9.38 million and an increase from Q3 2020’s revenue of US$7.95 million.
The company’s gross margin for the quarter decreased to 43.6% from 45.0% last quarter. However, this is an increase year-on-year from last year’s 39.4%.
Net income for the quarter came in at US$0.97 million, a decline both from US$1.79 million last quarter and US$1.41 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$3.57 million for the three-month period compared to Q2 2021’s US$3.46 million and Q3 2020’s US$2.58 million.
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 $0.81 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.