Helix Technologies Inc (OTCQB:HLIX) said it has achieved all of its financial goals for 2020 already, “setting the stage for an outstanding and exciting rest of the year” as the group reported a revenue surge in its first half.
For the first six months of its current year, Helix reported revenues of US$9,3 million, an increase of 28% over the same period last year, while its adjusted earnings (EBITDA) expanded to US$2 million from US$259,000.
For its second quarter, the company said its cash flows from operations rose 162% year-on-year to US$446,000, adding that the number of clients using its Cannalytics platform more than doubled in the quarter to over 200.
Helix said the second quarter was a “landmark” for the firm as it reached the “critically important milestone” of positive cash flow.
"Those who have been following Helix Technologies know that we have always focused on the disciplined execution of our strategic plans, without fanfare or hype. We continue to deliver value to our expanding client base as their critical infrastructure partner, even as we continue to grow our organic market share and roll out new products in response to customer needs", Helix chief executive and executive chairman Zachary L. Venegas said in a statement.
"In a business and capital market environment that has at times ignored our constantly improving metrics and growing market share, we have stayed the course and achieved all of our 2020 financial goals already--setting the stage for an outstanding and exciting rest of the year. I can assure you that we are only getting started", he added.
Helix Technologies is a provider of critical infrastructure services, helping owners and operators of licensed cannabis businesses stay competitive and compliant while mitigating risk. The group provides supply chain management, compliance tools, and asset protection for any license type in any regulated cannabis market.
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