Shares of Surna Cultivation Technologies (OTCMKTS:SRNA) continued to trend higher in the previous trading session after the recent fall. The stock has gained 12% in the past week.
Market Reaction
On Wednesday, SRNA stock jumped 5% to close at $0.0560 with more than 493k shares, compared to its average volume of 337k shares. The stock has moved within a range of $0.0525 – 0.0608 after opening the trade at $0.0534.
Earnings Review
Industry leader in controlled environment agriculture facility design and technologies, Surna Cultivation Technologies (OTCMKTS:SRNA) on November 10, 2021 announced financial as well as operating results for three months and year to date ending September 30, 2021.
The company will also host an investor conference call for discussing the results and also providing business development and progress on its growth plan.
Surna confirmed that the total revenues for three months ending September 30, 2021 was $3.7 million vis-à-vis $1.6 million for same period last year. The company’s total gross profit was $0.7 million compared to $0.5 million for the same period last year. However, the company had an operating loss of $0.4 million compared to $0.3 million for the same period last year.
The firm’s adjusted net loss was $0.4 million compared to $0.2 million for the same period last year.
On the other hand, for the nine months ending September 30, 2021, the firm had total revenue of $10.6 million compared to $5.1 million for the same period last year, a 106% year-over-year increase. Its gross profit was $2.4 million compared to $1.3 million for the same period last year, meaning an 89% year-over-year increase. Importantly, the company’s cash and cash equivalents were $2.3 million compared to $2.3 million as of December 31, 2020.
Surna also confirmed that the net bookings were a total of $5.6 million, second highest in its history while its backlog increased to $9.9 million.
Key Quote
Tony McDonald, Chairman & CEO, commented: “In the third quarter we saw the second-best quarter in our history for net bookings. Revenue in the quarter continues our year-over-year trend of significant increases. We have seen the continuation of momentum in our commercial pipeline with our increased product offerings and execution against our organic growth strategy.”
Traders Review
SRNA stock is trading below the 200-Day and 50-Day Moving averages of $0.0739 and $0.0571 respectively. However, the stock is trading above the 20-Day moving average of $0.0533. The stock is down 4% over the past month.
