Surna (OTCMKTS: SRNA) stock was up 5%. The company, which operates as Surna Cultivation Technologies, has announced its Q3 2021 financial and operating results.
Trading Data
On Wednesday, SRNA stock moved up 5% at $0.0560 with more than 493k shares, compared to its average volume of 337k shares. The stock has moved within a range of $0.0525 – 0.0608 after opening the trade at $0.0534.
Q3 Earnings Recap
The company reported 127% YoY revenue growth for the quarter ending September 30, 2021, to $3.7 million. Total gross profit for the quarter was $0.7 million representing a 42% YoY increase. Last year’s gross profit included the positive impact of adjustment associated with the reversal of excess and obsolete inventory reserve and the company’s credit from a vendor.
Net bookings during the quarter were $5.6 million, the second largest in the company’s history. Backlog was up to $9.9 million, but the company continued to face production and shipment delays from suppliers that negatively impacted schedules and Q3 revenue. The pandemic disrupts shipping across the US, and shipping firms have been experiencing delays for various reasons. In addition, delivery delays are a result of issues related to domestic truck shipping. So in the coming months, SRNA is worth keeping an eye on.
Key Quote
Tony McDonald, Chairman & CEO, commented: “In the third quarter we saw the second-best quarter in our history for net bookings. Revenue in the quarter continues our year-over-year trend of significant increases. We have seen the continuation of momentum in our commercial pipeline with our increased product offerings and execution against our organic growth strategy.”
Technical Data
SRNA stock is trading below the 20-Day and 50-Day Moving averages of $0.0580 and $0.0571 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0739. The stock is down 15% in the past 3-month.
