Akerna Revenue Rises, Along With Losses

Akerna (Nasdaq: KERN) reported its unaudited financial results for the quarter and year ended December 31, 2021. In the fourth quarter, Akerna delivered total revenue of $6.6 million, up 61% year-over-year and an increase sequentially from the third quarter’s revenue of $5.1 million. The loss from operations was $20.1 million, an increase of $9.9 million over last year’s fourth quarter. The net loss was $19.5 million an increase of $7.2 million over last year and a big jump from the third quarter’s net loss of $1.3 million. 

For the full year, total revenue was $20.7 million, up 49% year-over-year. The loss from operations was $33.4 million, up $6.6 million year-over-year and the net loss was $33.6 million, up $6.7 million year-over-year.

“Akerna experienced significant growth in 2021, with our enterprise business leading the way forward into 2022,” said Jessica Billingsley, CEO of Akerna. “Our platforms continued to serve our growing clients, and we continued to develop offerings that position Akerna as a differentiated provider of technology solutions to the cannabis industry. We acquired two leading enterprise solutions — 365 Cannabis and Viridian Sciences — that delivered robust increases in software revenue. We are pleased with the consistent uptake from our clients in a year of consolidation in the industry with limited new markets opening.”

The company had cash and restricted cash of $14.4 million as of December 31, 2021. The company also issued $20 million in convertible debt to replace existing convertible debt at more attractive terms. The company noted that the results are preliminary.

“Our clients are both getting larger and individually seeing both unit and sales transactions rise. As more of the industry runs on Akerna, we are well-positioned for expected new market expansion and US federal progress. In the meantime, we continue to grow our CARR, grow the number and amount of transactions running on Akerna, and we continue to enhance our open ecosystem of solutions that can run either independently or in conjunction with our clients’ choice of our leading accounting and tax products including SAP, Microsoft, and Netsuite.”

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