Helix TCS More Than Doubles Revenue In Q2
Second-quarter revenue came in at $3.9 million, up 108% compared to the same quarter last year. Gross profit for the quarter was $1.9 million, while gross margin hit 49%.
Cash flows from operations improved in the quarter by $462,000, or 39%, compared to the first quarter.
For the first half of its fiscal year, Helix TCS reported revenue of $7.27 million, a 142% increase compared to the first half of 2018.
The company added nearly 500 new licensed customers via its software subsidiary, BioTrackTHC. Revenue breakdown was $2.37 million for software, up 44% year-over-year, and $1.52 million for security, up 17%.
Benzinga's Cannabis Capital Conference heads to Detroit on Aug. 15 -- Click here to learn more!
“Our powerful suite of critical infrastructure services enables us to maintain a dominant presence in the expanding market as businesses and governments alike require more of our service offerings," said Zachary L. Venegas, Executive Chairman and CEO of Helix TCS.
"Our unique ability to add integrated services to our existing and new clients has proven highly effective through the first half of 2019 and we look forward to capitalizing on this strategy as we roll out additional mission-critical services to our platform. We feel that we are still deeply undervalued due to our focus on execution as opposed to publicity, and are working to tell the simple truth of our constantly improving business and strong results."
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.