Boulder cannabis-tech firm Surna grows revenue, shrinks loss

BOULDER — Surna Inc. (OTCQB: SRNA), a Boulder-based tech firm that develops controlled growing environments for cannabis, on Monday reported a 13 percent increase in revenue and a decrease in loss for its second quarter that ended June 30 compared with the same period a year ago.

Revenue reached $1.9 million for the quarter compared with $1.7 million for the same period a year earlier. The company’s net loss for the quarter was $704,000, or 0 cents per share, compared with $976,000, or 1 cent per share.

During the quarter, the company reduced operating expenses including advertising and marketing, product development along with general and administrative expenses, according to the earnings report. It also received a $1 million contract to equip a 100,000-square-foot cannabis grow facility for Rolling Farms in Washington.

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“Focused on execution and prioritizing customer service, innovation and energy-efficient solutions, we are building the foundation for long-term growth and shareholder value,” Trent Doucet, Surna’s chief executive, said in a prepared statement. Doucet was promoted to CEO during the quarter, replacing founder Stephen Keen, who became director of technology.

For the first six months of the year, Surna’s revenue grew 72 percent to $4.4 million, up from $2.5 million for the first six months of 2015. Net loss for the first six months is at $1.4 million, or 1 cent per share, compared with $2.4 million, or 2 cents per share, for the same period in 2015.