Akerna Corp (NASDAQ:KERN) posted a growth of 31% YoY to $4 million in revenues in Q1 2021. The company reported $3.8 million (up 62% YoY) from its software arm.
Akerna reported a profit of $2.6 million. It is an increase of 53% YoY) in Q1 2021.
Akerna holds a cash balance of $15.4 million in Q1 2021.
Akerna’s CEO, Jessica Billingsley, said the company began the year 2021 with a strong start by posting a growth of 62% YoY from its MJ platform. It maintains a leadership position in its software. The company expects to benefit from payments because of the passage of the safe banking act in the US.
Technology for cannabis
Akerna software products include Ample Organics, Last Call Analytics, Viridian Sciences, MJ Platform, solo sciences, and Leaf Data Systems.
The company offers scalable cannabis ERP solutions for track and trace, seed-to-sale, taxation, data, and compliance services to brands, governments, and operators.
Key metrics in Q1 2021
Akerna’s total SaaS ARR rose by 73% YoY to $15.7 million. Its MJ Platform orders are increased by 29% YoY.
Takes Over Viridian Sciences
Akerna took over Viridian Sciences on April 6, 2021, in an all-stock deal. With this deal, the company expects to achieve cost synergies besides improving revenues.
Jessica said the company is excited to welcome the team of Viridian into its family. The company strengthens its ecosystem – ERP software developed especially for the cannabis industry.
SAP Business One solution is selected by leading enterprises because of its ability to automate essential financial business functions. By integrating the financial functions of Viridian with Akerna’s regulatory and compliance solutions, Jessica said the company solidifies its channel connections with prevailing ERP providers of the cannabis industries.
Eighty-plus integration of Akerna and broader compliance solution now have access to world-class accounting solutions for tax planning and financials. It is ideal for start-up brands, MSOs, and enterprises.
The takeover of Viridian strengthens Akerna to provide SAP Business One solution and enables the cannabis industries with taxation, regulation, and compliance.
By merging with Akerna, more than 30 clients of Viridian will access to MJ Retail Point, MJ Platform solutions, feature-rich reporting, and Compliance Gateway of Akerna.
Akerna appointed a new board member – Barry Fishman.