Jacksam Corporation dba Convectium Continues Strong Growth Trajectory And Announces Fiscal 2021 Third Quarter Results Highlighted By 165% Y/Y Growth And Operating Profitability
Jacksam Corporation, operating as Convectium (OTCQB: JKSM), reported robust financial results for Q3 2021, showcasing $1.95M in sales, a 165% increase year-over-year and a 17% increase quarter-over-quarter. Their strategy of recurring orders and diversification into the flower market contributed to a 100bps expansion in gross margin and EBITDA profitability. The company successfully secured its first multi-million-dollar recurring revenue order and launched a new automated pre-roll infusion machine at MJBizCon in Las Vegas.
- Sales increased 165% year-over-year and 17% quarter-over-quarter.
- Achieved EBITDA profitability.
- Gross margin expanded by 100bps quarter-over-quarter.
- Secured first multi-million-dollar recurring revenue order.
- None.
NEWPORT BEACH, Calif., Nov. 12, 2021 /PRNewswire/ -- Jacksam Corporation dba Convectium (OTCQB: JKSM) (the "Company" or Jacksam/Convectium), a workflow automation company focused on developing machinery and equipment solutions for the cannabis and CBD industry, today announced its financial and operational results for the third quarter of fiscal 2021 ended September 30, 2021.
Third Quarter 2021 Highlights:
- Sales of
$1.95M increased165% Y/Y from Q3 of 2020 and increased17% Q/Q from Q2 of 2021 - Sales through partner consumable companies grew
70% Q/Q - Gross margin expanded 100bps Q/Q driven by a shift in product mix
- Achieved EBITDA profitability
Commenting on the most recent quarter, Jacksam/Convectium CEO Mark Adams stated: "Our strategy of becoming a 'one-stop' solution provider to our customers continued to pay dividends in 3Q. We have been able to execute on generating recurring orders from large customers that have previously purchased our market leading filling and capping solutions. In fact, we recently booked our first multi-million-dollar recurring revenue order in the company's history. Additionally, our diversification into the flower market has enabled our development of our new IFX-100 automated pre-roll infusion machine that we announced at MJBizCon in Las Vegas on October 20th. By listening to our customers' needs and manufacturing bottlenecks, we continue to develop world class solutions in this high growth industry."
About Jacksam/Convectium
Jacksam/Convectium designs and markets automated vape, POD and cartridge filling/capping equipment for the cannabis and CBD industry. We are also a distributor of other CBD and cannabis automation solutions including the "PreRoll-ER" automated pre roll machine. Our automated equipment is designed and built in the U.S. and carries full UL certification in the U.S. Using Jacksam/Convectium's automated equipment, our customers increase output by up to 60 times over hand filling. Jacksam/Convectium is focused on helping our customers automate their workflow and quickly get custom branded products onto dispensary shelves. Over 250 companies, including many dominant brands and multi state operators (MSO's) in this industry, rely on Jacksam/Convectium for automation of their production and back office operations.
View original content:SOURCE Convectium
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