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Item 9 Labs Corp (OTCMKTS: INLB) Report 203% YoY Growth In Q3 2021 Revenue

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Item 9 Labs Corp (OTCMKTS: INLB) has announced its fiscal Q3 2021 financial results in which revenue was up 203% YoY to $6.7 million. The revenue growth is attributed to the growing demand for the company’s products.

Item 9 Labs reports 184% YoY growth in gross profit 

Gross profit for the quarter was $2.9 million, 184% or $1.9 million from $1.0 million in Q3 2020. The gross margin, as a result, was 43%, down from 46% in the same period the previous year. The company’s mix of product revenues and sustained focus on broader product penetration in the state of Arizona resulted in a drop in gross margin. However, management anticipates that the company will continue to grow in the future, resulting in larger profit margins than in the past.

The company reported an operating loss of $250,000 same as the operating loss reported in the same quarter a year ago. $Adjusted EBITDA was $220,000 in Q3 2021 versus Adjusted EBITDA of 400,000 a year ago. 

For the nine months ending June 30, 2021, the company’s revenue was $15.8 million, a 163% YoY increase thanks to organic growth as higher market demand drove increased production. The company reported a gross profit of $7.3 million for the nine months, a 163% YoY growth resulting in a gross margin of 46% compared to last year’s 37%. Item 9 Labs had an operating loss of $100,000 over that period compared to $2.8 million a year ago and a positive adjusted EBITDA of $1.5 million relative to a loss of $1.3 for the first nine months of fiscal 2020.

Item 9 witnessing strong sales in Arizona

CEO Andrew Bowden said, “We’re seeing the strength of the emerging Arizona adult-use market firsthand and it shows in our Q3 fiscal year performance. With cannabis being deemed essential in 2020, we’ve seen upward interest in the franchise opportunity, particularly among existing multi-unit restaurant, fast-casual and quick-service franchisees who are seeking ways to diversify their portfolio.”

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