Boulder’s Surna Inc. recently posted a record $4.2 million in quarterly revenue, and shared its plans to seek a listing of the company on the Nasdaq exchange by the fourth quarter of 2020.
Surna is a publicly traded technology company that engineers equipment for controlled environment agriculture with special expertise in cannabis cultivation.
The company plans to complete “one or more strategic acquisition(s) of complementary products/services companies in cannabis sector,” according a second quarter 2019 Investor Fact Sheet filed with the U.S. Securities and Exchange Commission.
The company revenue of $4.2 million for the quarter ending June 30 represents an increase of 110% compared to the same quarter last year and and an increase of 138% compared to the first quarter in 2019.
It achieved a gross profit margin of 34.4% in the second quarter of 2019, its highest gross profit margin since 2016, and an improvement of 6.7 percentage points over the first quarter gross profit margin of 27.7%. “This improvement was largely the result of our focus on controlling expenses and better absorption of fixed production costs due to our increased revenue,” the company announced in a news release.
Company officials believe acquisitions and related capital infusions of growth equity, combined with the proper execution of their organic growth plan, can accelerate Surna’s progress towards cash operating profitability and lower overall operating expenses, and help Surna obtain a Nasdaq listing, according to the release.
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