GREENWOOD VILLAGE, CO, Nov. 16, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Helix TCS, Inc. (OTCQB: HLIX), a leading provider of ancillary services for the legal cannabis industry, announced its third quarter 2018 financial results today. Highlights of the third quarter compared to the same quarter a year ago include:
- Total revenues increased 176% to $3.1 million
- Gross profit for the quarter was $1.2 million, a 40% gross margin
- Closed acquisition of Argentine software development firm
- BioTrackTHC completed a SOC 2 security audit and became the first seed-to-sale firm to complete a financial statement audit
“The third quarter results are a clear demonstration that we are continuing to execute on our strategic vision. BioTrackTHC is already benefiting from the increased capabilities of our technology development platform and we continued to improve margins as well as sales,” Zachary L. Venegas, Helix’s CEO, commented. “The strategic value of the BioTrackTHC acquisition expanded our global service footprint while helping to drive a healthy consolidated gross margin of 40%.”
Venegas added “We enjoy a strong pipeline of new business opportunities in both the U.S. and internationally as we keep pace with expansion of the global legal cannabis market.” We are more confident than ever in our competitive and strategic position.”
About Helix TCS, Inc.
Helix TCS, Inc. (OTCQB: HLIX) is a leading provider of ancillary services for the legal cannabis industry, helping owners and operators of licensed cannabis businesses stay competitive and compliant while mitigating risk. Through its proprietary technology suite and security services, Helix TCS provides comprehensive supply chain management, compliance tools, and asset protection for any license type in any regulated cannabis market. Helix TCS's products reach over 2,000 customer locations in 32 states and 5 countries. For more information, visit us at www.helixtcs.com.
Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: our ability to fund our operations and pay any outstanding debt; fluctuations in our financial results; general economic risks; the volatile nature of the market for our products and services and other factors that could impact our anticipated growth; our ability to manage our growth; changes in laws and regulations regarding the cannabis industry and service providers in the cannabis industry; reliance on key personnel; our ability to compete effectively; security and other risks associated with our business; intellectual property risks; and other risk factors set forth from time to time in our SEC filings. Helix TCS assumes no obligation and does not intend to update these forward-looking statements, except as required by law.