Surna shrinks 1Q loss
BOULDER – Cannabis-tech firm Surna Inc. (OTCQB: SRNA) on Monday reported a first-quarter net loss of $746,214, shaving that figure nearly in half from the same period a year ago as the young company starts to see sales increase exponentially.
The loss amounted to 1 cent per share and was down from a loss of $1.4 million for the first quarter of 2015.
Revenue for the company was $2.5 million, up from $819,063 a year earlier.
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Boulder-based Surna makes products that help monitor, control and address the energy and resource use of indoor cannabis cultivation facilities.
Company officials, in their earnings report stated that, in addition to the revenue growth, operating expenses decreased significantly, thanks in part to one of the company’s main products moving out of the research and development phase and into production.
During the quarter, the company secured a $725,000 contract with a Las Vegas cultivator and also received four design patents for its technology. Cash on hand for the company, as of March 31, stood at $1.1 million, up from $331,000 at the end of December.
