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Surna Inc. (OTCQB: SRNA) has expanded its service portfolio by introducing Preventative Maintenance for HVACD systems, essential for maintaining optimal performance in cultivation operations. This initiative aims to enhance customer satisfaction while generating recurring revenue for shareholders. Surna collaborates with a certified contractor network across the US and Canada to offer tailored maintenance programs that ensure energy efficiency, reduce emergency repairs, and extend equipment lifespan.
Surna Inc. (OTCQB: SRNA), operating as Surna Cultivation Technologies, has expanded its HVAC product line by introducing EcoChill™ heat recovery chillers. This innovative product aims to enhance energy efficiency and reduce operational costs for indoor agriculture. Notably, two multi-state operators in Illinois and Ohio have recently installed these chillers, which simultaneously produce chilled and hot water, leading to lower energy consumption compared to traditional systems. The modular design allows for easy maintenance, further solidifying Surna's commitment to meeting the needs of controlled environment agriculture.
Surna Inc. (OTCQB: SRNA) reported Q1 2021 financial results with a revenue of $2.4 million, reflecting a 31% increase year-over-year. The company announced a backlog of $11.6 million, the second highest in its history, and 37% higher than the previous quarter. Operating loss decreased to $686,000 from $946,000 in Q1 2020, while the gross profit margin fell to 14.6% from 25.2%. Delays in production and shipping impacted revenue recognition. Surna has introduced an updated organic growth strategy targeting new markets and products.
Surna Inc. (OTCQB: SRNA) has announced a comprehensive update to its organic growth strategy, focusing on expanding its presence in the controlled environment agriculture (CEA) market. The key elements include targeting new markets beyond cannabis cultivation, enhancing its product offerings with AgTech components, and adopting a new trade name, Surna Cultivation Technologies, for improved customer recognition. The company aims to leverage its existing expertise to tap into vertical farming and provide a wider range of services, including preventive maintenance to boost recurring revenue.
Boulder, Colorado, April 22, 2021 (GLOBE NEWSWIRE) -- Surna Inc. (OTCQB: SRNA) reported preliminary first-quarter 2021 bookings of $5.5M, marking a 388% increase year-over-year and 51% over the previous quarter. This represents the second-best booking performance in the company's history. Notably, the last two quarters together showed a 114% growth year-over-year. The bookings included six contracts exceeding $100,000 and reflect the company's expanded technology offerings and increased market confidence post-pandemic.
Surna Inc. (OTCQB: SRNA) has expanded its market presence by engaging RSX Enterprises, a sales and marketing firm led by cannabis industry veteran Randy Shipley, to enhance the distribution of its environmental control systems in North America. This initiative aims to increase sales opportunities at the early design stage for commercial growers. Shipley's extensive background includes consulting for over 500,000 square feet of cultivation space across 12 states. The partnership is expected to leverage RSX's network and enhance sales effectiveness.
Surna Inc. announced a record $7.9 million in new sales contracts for the second half of 2020, marking a 36% increase from 2019. However, the company faced significant challenges, with 2020 revenue dropping 44% to $8.5 million and an operating loss of $2.36 million, up from $1.31 million in 2019. Despite a successful Q4, where revenue reached $3.39 million, the overall gross profit margin fell to 18.2%. The company aims to broaden its product offerings to enhance market reach and sales, reflecting a turnaround in its project bookings in the latter half of the year.
Surna Inc. (OTCQB: SRNA) has partnered with Anden to deliver enhanced dehumidification solutions for controlled environment agriculture (CEA) customers. This collaboration aims to provide high-performance, affordable dehumidification systems, vital for thriving cultivation facilities. Surna's expertise in designing climate control systems complements Anden's innovative equipment. The partnership promises improved environmental solutions, addressing the needs of growers across various facility sizes.