PHOENIX, May 17, 2019 (GLOBE NEWSWIRE) — Item 9 Labs Corp. (OTC: INLB) (“Item 9 Labs” or the “Company”), a leader in comfortable cannabis health solutions for the modern consumer, today announced earnings for the second quarter which ended March 31, 2019.
Item 9 Labs Corp and its subsidiaries made great strides in operations in the three and six months ended March 31, 2019. Operating efficiency has increased dramatically which can be seen in the growth in margins over the same periods in fiscal 2018. The expansion of the Arizona facility (completed in March 2019) should prove to increase the efficiency and revenues beginning in Q4.
Overview for the three months ended March 31, 2019 as compared to the three months ended March 31, 2018:
Revenue increased 302% to $1,130,270 Operating margins increased to 52% from 28% Pre-tax earnings of Item 9 Labs operating entities totaled $289,382 Net loss was $577,062 Diluted loss per share was $.01
Overview for the six months ended March 31, 2019 as compared to the six months ended March 31, 2018:
Revenue increased 312% to $2,085,884 Operating margins increased to 52% from 39% Pre-tax earnings of Item 9 Labs operating entities totaled $471,623 Net loss was $900,789 Diluted loss per share was $.01
Completed construction on Arizona expansion to more than double cultivation space Began construction on 20,000 square-foot Nevada cultivation and processing facility Entered agreement with North Dakota dispensary licensee to implement the company’s Strive Life business model and brand Awarded contract to manage and operate processing facility in Ohio via Joint Venture Hired proven leader into role of Chief Operating Officer
Ranked one of the fastest growing cannabis concentrate brands in Arizona by BDS Analytics For the 2nd consecutive year, Item 9 Labs cannabis flower was awarded 1st Place Sativa in ERRL Cup Awards