KushCo Holdings Inc (OTC: KSHB), a provider of ancillary services to the cannabis industry, reported third-quarter results after the close Tuesday.
The company said its revenue for the quarter ended May 31 surged by 221% on the year and amounted to a record $41.5 million.
Despite the revenue growth, the company's net loss on a GAAP basis slightly widened from $9.2 million a year ago to $10.6 million. Nevertheless, the net loss per share of 12 cents was lower than the 14-cent loss in the third quarter of fiscal 2018.
Excluding the impact of non-recurring charges and gains, KushCo reported a non-GAAP net loss of $8.6 million, or 10 cents per share.
KushCo had $21.2 million in cash at the end of May compared to $13.5 million at the beginning of the fiscal year.
KushCo expects demand to increase for its core products as the cannabis and hemp markets expand, CEO Nick Kovacevich said in a statement.
"Our customer base is gaining strength with the largest multistate operators and Canadian LP's starting to scale in existing markets, while also preparing for growth in new emerging geographies — including recently approved Illinois," he said.
The stock was down 0.58% at $5.10 in after-hours trading Tuesday.
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