Helix Technologies Inc () is a technology group which provides the legal cannabis industry with the most powerful and effective operating services platform in the market.
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.
The technology suite is a comprehensive seed-to-sale platform which includes a dynamic wholesale marketplace, compliance tools, and advanced product tracking capabilities.
It’s security offerings provide comprehensive digital and physical protection for cannabis assets, employees, customers and business owners.
The company also owns a business intelligence platform, Cannalytics, which provides a sleek, web-based tool that allows operators to track the performance of all of their locations on one interface, with daily email alerts and powerful drill-down features that give business owners unprecedented insights into profit drivers.
All the technology and service offerings are designed to support business owners in staying compliant at every stage of their business.
Helix products reach over 2,000 customer locations in 38 states and seven countries and it has processed over $20 billion in cannabis transactions
Its software subsidiary, BioTrackTHC provides government cannabis tracking technology to 10 US states and territories.
Aside from the US, Helix has also established customer networks in Canada, Colombia, Jamaica, Australia, New Zealand, the Netherlands, South Africa and the UK.
Its results for the first quarter of showed Helix Technologies got off to a good start in 2020, reporting gross profits of $2.3 million, 58% higher year-on-year, while revenues climbed by 35% to $4.6 million.
Adjusted underlying earnings (EBITDA) improved to nearly breakeven in the quarter, swinging to a positive of $79,000 from a loss of $1 million in the first quarter of 2019. Cash flow from operations also jumped 69%.
Additionally, Helix noted strong performances across its software and security guarding & monitoring divisions, with revenues rising 30% and 33% respectively year-on-year.
The strong showing followed what the firm described as a “record breaking” set of 2019 figures, which saw the company deliver a 60% increase in full-year revenue and a 24% gain in the fourth-quarter figures compared to the same year-ago period.
Helix posted revenue of $15.3 million during its 2019 fiscal year and fourth-quarter revenue was $4.3 million, as it improved metrics and expanded market share throughout the US.
Since the start of 2020, Helix has been making progress across all fronts, with its Cannalytics Business Intelligence platform reaching a “significant milestone” in its rollout in March as 100-users signed up to its services.
The firm is also planning to add new features to the platform to attract more customers, including additional “robust, interactive displays, customer segmentation tools,” and an updated user interface.
Helix is making headway domestically in the US, inking deals in early March to extend two government contracts in New York and North Dakota and to deploy two new services in Arkansas and New Mexico
The group also signed a new partnership in April with Hypur Inc, a banking and compliance technology company for cash-intensive industries, that it said will power “operational logistics and financial capabilities” for both the firm's large customer networks.
The company is also advancing internationally, announcing in February that it had added new clients in The Netherlands and South Africa less than a year after it began European operations with growers and processors in the UK.
Helix’s subsidiaries aren’t being left behind either, with BioTrackTHC unveiling in December last year that it has partnered with I Heart Jane, an e-commerce software providers for dispensaries and US brands.
The partnership will enable BioTrackTHC’s more than 2,000 point of sale (POS) customer locations to provide their patrons with Jane’s automated, fully customizable ordering platform.
Heading towards profitability Moving into positive cash flow Expanding market share and upgrading legacy productsIn a statement accompanying the group’s 2019 results in March, 2020, Helix Technologies' chief executive Zachary Venegas said: “We made tremendous progress in rolling out our fully integrated suite of services, improved every metric across the business, expanded market share across business lines and assembled one of the strongest management teams in the industry.”
“By continuing to deliver strong operating outcomes on our strategic plan focused on critical infrastructure, we have positioned ourselves well for 2020, outgrowing competitors, while improving margins, and cash from operations: the trifecta of management metrics.”
