Revenue increased 168% in the Second Quarter Year Over Year and 91% over First Quarter, Adjusted Net Income up 174%
Boulder, Colorado (GLOBE NEWSWIRE) — Surna Inc. (OTCQB: SRNA), operating as Surna Cultivation Technologies, a leader in controlled environment agriculture (CEA) systems engineering and technologies, announced its preliminary second quarter 2021 revenue and net income results.
- Q2 2021 revenue was approximately $4.5 million, the second best in Company history and an increase of 168% over the same period last year. On a sequential quarterly basis in 2021, revenue increased by 91% over Q1 2021.
- Adjusted Net Income1 was approximately $353,000 for Q2 2021, which represents a 174% increase over the same period last year.
“We are excited to report the second highest revenue in our company’s history and a return to profitability for Q2 2021 despite the challenges of operating in the pandemic environment over the past year,” stated Tony McDonald, Surna’s Chairman and CEO. “In August, Surna will celebrate its 15th year in business and we are pleased to see continued growth of the company and to be able to report these impressive financial results after reporting record Q1 bookings in April. We have seen increased sales traction this year and we are well positioned to extend our leadership position as we continue to expand our product and service offerings.”
Q2 2021’s performance was driven by the Company’s ability to deliver on a substantial backlog and by its continued success in launching new products and services as detailed in the updated strategy revealed in May.
 Adjusted net income (loss), a Non-GAAP metric, is defined as GAAP net income (loss), after adjustment for non-cash equity compensation expense, other non-cash equity expense, and depreciation expense. The Company considers this a key financial metric as we focus on achieving breakeven or better operating cash flow. For the three months ended June 30, 2021, adjusted net income is calculated as follows:
|Calculation of Adjusted Net Income at June 30, 2021:|
|(in thousands of US Dollars)|
|GAAP Net Income:||$265|
|Non-Cash Add Backs:|
|Stock Based Compensation||71|
|Depreciation & Amortization||17|
|Total Non-Cash Add-Backs:||88|
|Adjusted Net Income:||$353|