Helix TCS

Helix TCS doubles revenue in second quarter as cannabis technology business heats up

During the fiscal second quarter the company reported total revenue of $3.9 million, an increase of 108% compared to the year-ago quarter

Helix TCS -
Helix TCS has added nearly 500 new licensed customers via software subsidiary, BioTrackTHC

Helix TCS Inc (OTCMKTS:HLIX), the cannabis technology provider, is gaining traction in the competitive cannabis sector after a blockbuster second quarter that saw it nearly double its revenue.

The Denver-based company has a suite of technology services and platforms that enables cannabis business owners and operators to better manage and mitigate risk.

During 2Q 2019, the company reported total revenue of $3.9 million, an increase of 108% compared to the same quarter last year.

READ: Buds & Duds: Cannabis stocks recover on Friday; Canntab shares soar on positive finding of patentability

Gross profit for the quarter came in at $1.9 million, while cash flows from operations improved in the quarter by $462,000, or 39%, compared to the first quarter.

“Our powerful suite of critical infrastructure services enables us to maintain a dominant presence in the expanding market as businesses and governments alike require more of our service offerings,” said Zachary Venegas, Helix TCS’s CEO.

Throughout the first half of 2019, the company has added nearly 500 new licensed customers via software subsidiary, BioTrackTHC. Software sales at BioTrackTHC grew by 44% to $2.37 million during the second quarter.

Other highlights included the acquisition of a California-based security business and the expansion of its international footprint to the United Kingdom.

“Our unique ability to add integrated services to our existing and new clients has proven highly effective through the first half of 2019 and we look forward to capitalizing on this strategy as we roll out additional mission-critical services to our platform,” Venegas said in a statement accompanying the results.

Shares of Helix TCS traded on OTC markets at $0.83 on Friday afternoon.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Helix TCS

Price: $0.80

Market Cap: $60.6 m

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