In the first quarter of the year, bookings increased by 388%, 51% more than in the previous quarter.
Boulder, Colorado, 22. April 2021. (GLOBE NEWSWIRE) — Surna Inc. (OTCQB: SRNA), the leader in environmental control systems for controlled agriculture (CEA), today announced its preliminary accounting results for the first quarter of 20211.
In the first quarter of 2021, $5.5 million was recorded, the second highest figure ever.
Bookings in Q1 2021 were up 388% year-on-year and 51% year-on-year compared to Q4 2020.
In the first quarter of 2021 and the fourth quarter of 2020, the year-on-year growth in new orders was 114%.
Bookings for the third quarter (Q3) were up 94% on the previous year.
The total value of the project was $5.0 million, including a non-cannabis site for a total of $5.0 million. The Group’s share of the total of $13.3 million of new commercial contracts and $0.5 million of new commercial contracts was $13.1 million.
Surna attributes this growth to expanded technology offerings and continued aggressive sales and marketing. The market uncertainty caused by the pandemic seems to have ebbed away in the second half of last year and the construction sector has rebounded, with renewed optimism contributing to an increase in new orders.
Tony McDonald, Chairman and CEO of Surna, stated: The exceptionally positive results in terms of new orders over the past three quarters are due to the efforts of our talented teams at Surna. We understand that the first quarter is now in the rearview mirror, but we believe that Surna is well positioned for continued strong growth and is ready to win new customers, launch new products and offer new services.
1 Non-GAAP measures. In addition to our financial results under U.S. generally accepted accounting principles (GAAP), in several instances we use non-GAAP measures, including accounting items, as described in this press release. We believe these non-GAAP measures are useful in understanding and evaluating our potential future results. The presentation of these non-GAAP measures should be considered supplemental to our GAAP-defined results and should not be considered in isolation or as a substitute for financial information prepared or presented in accordance with GAAP. We believe that these non-GAAP financial measures provide a complementary view of aspects of our business that, when considered on a GAAP basis, provide a more complete view of the factors and trends affecting our business. In this press release, bookings are defined as new sales contracts or equivalent product and/or service commitments that were fulfilled during the quarter for which we received the initial filing. Reservations do not necessarily mean that they will be converted into income and are therefore not necessarily indicative of our future operating results. Our clients may seek to renegotiate or cancel their contracts for any reason, which may result in all or part of the amount booked not being recognised as revenue.
About Surna Inc.
Surna Inc. (www.surna.com) develops, designs and markets cultivation technologies for controlled environment agriculture, including: i) liquid process cooling and other climate control systems, ii) climate control equipment and systems, iii) a full range of engineering services for the design and construction of commercial-scale thermodynamic systems, and iv) automation and control equipment, systems and technologies for environmental protection, lighting and climate control. Our customers include commercial manufacturers in the United States and Canada and in other countries, including manufacturers building new plants or expanding or modernizing existing plants. Currently, our revenues are derived primarily from providing our products, services and technologies to commercial indoor and hybrid greenhouses ranging in size from a few thousand to over 100,000 square feet.
Based in Boulder, Colorado, we leverage our expertise in the field to provide our customers with complementary microclimate control solutions that help improve overall crop quality and yield, optimize energy and water efficiency, and comply with ever-changing state and local rules, permits, and regulations.
This press release may contain forward-looking statements regarding future events. These forward-looking statements are subject to the inherent uncertainties of predicting future results and circumstances. These statements reflect our current beliefs, and a number of important factors may cause actual results to differ materially from those presented in this press release, including factors described in the risk factors in our annual and quarterly reports filed with the Securities and Exchange Commission (SEC) and in subsequent reports filed with the SEC. For a more detailed discussion of the risks and uncertainties associated with our business, see our SEC filings, including, but not limited to, risks and uncertainties related to our business prospects and the prospects of our current and potential customers; uncertainties related to product development regulatory, legislative and judicial developments, particularly with respect to changes in cannabis laws and their enforcement; increased competitive pressures in our industry; and except as required by federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. A link to Surna’s website is included for convenience and the information on that website is not incorporated by reference into this press release.
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