The group also reported a 35% jump in revenue to $4.6 million while cash flow from operations leapt 69%
Inc () has reported a surge in gross profit and revenue in the first quarter of 2020 as it continues to expand its international footprint.
The group, which provides comprehensive supply chain management, compliance tools, and asset protection for any license type in any regulated cannabis market, reported gross profits for the quarter of $2.3 million, 58% higher year-on-year, while revenues climbed 35% to $4.6 million.
WATCH: Helix Technologies following up strong 2019 with success in 2020
Adjusted 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 company also said it had expanded its international footprint during the quarter to both South Africa and the Netherlands.
“Following on the heels of a record-breaking 2019, Helix continued to grow rapidly in 2020 with enhanced business lines, increased revenue, expanding margins, and rapidly improving cash from operations”, Helix noted, adding that annualized software revenues were now in excess of $10 million.
In a statement, Helix chief executive and executive chairman Zachary L. Venegas said: “As always, we have continued to execute on our strategy, outgrowing competitors while cutting costs and expanding our footprint even in the face of unprecedented market conditions. In Q1, we capitalized on the momentum we gained in 2019 and made further strides towards positive cash flow and maintained market share leadership while delivering new products and upgrading our legacy products.”
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