“We continue to deliver profitable operations and expand our combined software footprint, which is the largest in the industry, period. Our third consecutive quarter of positive Adjusted EBITDA, and improvement in nearly every operational and financial metric, all done without additional capital, demonstrates to the market that our team continues to set the industry standard. Q3 was truly a pivotal quarter for Helix and in light of recent events we are poised to further expand on our market position into existing as well as newly legalized markets,” said Helix Technologies CEO and Executive Chairman
Highlights of Q3 and YTD 2020 Include:
- Grew YTD revenue to
$8 .8mm, up 13% from 2019* - Improved YTD gross margin to 68%, up from 53% in 2019*
- Grew Q3 2020 Software revenue to
$2 .8mm, up 18% from 2019 - Software revenue increased 6% QoQ, defying market headwinds
- Generated Software Adjusted EBITDA1 of
$1 .0mm in Q3 2020, an 868% increase from 2019 - Overall Adjusted EBITDA for Q3 was
$95K , the third straight quarter of positive Adjusted EBITDA, despite one-time costs Overall Software gross margin YTD was 74%, a 14% improvement over 2019- Completed the divestiture of the Security Guarding business, creating a streamlined, pure play technology value proposition
- Continued to strengthen balance sheet with
$1 .7mm in cash and a $1mm decrease in liabilities QoQ - Launched the nation’s first all-electronic medical marijuana patient reciprocity program in
New Mexico
Notes:
1We define Adjusted EBITDA as net loss before income tax expense, other income (loss), interest expense, depreciation and amortization expense, share based compensation expense, other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any, and other gains and losses associated with the mark to market of our convertible notes, contingent liabilities and warrant liabilities. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges that affect the period-to-period comparability of our operating performance. This measure should not be considered a substitute for operating loss, net loss, or net cash provided by operating activities that we have reported in accordance with GAAP.
*Performance metrics adjusted for discontinued operations.
Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: our ability to fund our operations and pay any outstanding debt; fluctuations in our financial results; general economic risks; the volatile nature of the market for our products and services and other factors that could impact our anticipated growth; our ability to manage our growth; changes in laws and regulations regarding the cannabis industry and service providers in the cannabis industry; reliance on key personnel; our ability to compete effectively; security and other risks associated with our business; intellectual property risks; and other risk factors set forth from time to time in our
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Source:
2020 GlobeNewswire, Inc., source