PHOENIX, Aug. 17, 2021 /PRNewswire/ — Item 9 Labs Corp. (OTCQX: INLB) (the “Company”), a vertically integrated cannabis dispensary franchisor and operator that produces premium, award-winning products, today reported operating and financial results for the three months ended June 30, 2021, the Company’s third quarter of fiscal year 2021 (“Q3 FY2021”). Item 9 Labs Corp. management will be hosting an earnings call today, August 17, at 11:00 AM Eastern time (8:00 AM Pacific time); details are provided below.
Key Financial Highlights for Q3 FY2021 (compared with Q3 FY2020)
Revenue increased 203% to $6.7 millionGross profit increased 184% to $2.9 millionGross margin decreased slightly to 43% from 46% Operating loss of $250,000 compared with operating loss of $250,000Operating expenses as a percentage of revenue declined to 50% from 57% Net loss of $0.8 million compared with net loss of $1.6 millionAdjusted EBITDA of $220,000 (compared with adjusted EBITDA loss of $400,000) Quarterly sequential revenue rose 10%
Key Business Highlights During and Subsequent to Q3 FY2021
First Unity Rd. Franchise Opens: The Company opened its first cannabis dispensary franchise shop under the Unity Rd. brand, located in Boulder, Colorado. The store is locally owned and operated by father-and-son team Bruce and Nate Wetzel.Cannabis Franchise Signs 5 Agreements Across New Jersey, Michigan and Ohio: