surna-logo1Surna, Inc is developer and manufacturer of cannabis cultivation equipment. It currently features products for climate control in legal indoor cannabis grow operations, and is aiming to expand its product line. Through research and development as well as acquisitions, the company is also open to reaching other sectors such as biotechnology and nutraceuticals.

Founded and incorporated in Nevada in 2009, Surna, Inc now has its headquarters in Colorado. The company trades in the OTC markets under the symbol SRNA, and its market cap is at USD 48.18 M.

Surna designs its climate control products for indoor gardens and cultivation facilities, particularly for their need to regulate humidity and temperature for marijuana plants. The company’s climate control system uses water-chilled or water-cooled mechanisms which also help reduce mold. Surna touts these systems as more efficient than traditional ones.

Other products of Surna, Inc are commercial air handlers and garden chillers, which are part of the company’s climate control system but can be purchased separately.

For its products, Surna, Inc uses technologies it obtained through intellectual property (IP) acquisition. It acquired the intellectual property portfolio of Safari Resource Group, Inc, a marijuana IP owner whose portfolio includes the patented “Airstream” reflector.

Surna also acquired the gardening equipment company Hydro Innovations, which has become a Surna brand. The co-founder of Hydro Innovations, Stephen Keen, was the original developer of the water-chilled system that Surna now uses.

With its acquisitive strategy, the company aims to be an aggregator of technologies, IP, and scalable operating companies.

Surna, Inc is also noted for its management team. Zynga co-founder Thomas Douglas Bollich now leads Surna as its Chairman, CEO, and President. Together with him are CFO and Executive VP Douglas McKinnon and General Counsel Tae Elan, who is one of the first marijuana lawyers in Colorado.


Yahoo! Finance: SRNA News

Latest Financial News for SRNA

Surna Cultivation Technologies Introduces EnviroPro™ Air Handling Product Family

Expands line of curated HVACD products to add versatility including DX systems, additional energy efficiency selections, and budget-friendly options Boulder, Colorado, July 14, 2021 (GLOBE NEWSWIRE) -- Surna Inc. (OTCQB: SRNA), operating as Surna Cultivation Technologies, announces the expansion of its air handler product family. “To meet the climate control needs of our growing customer base, we have launched our EnviroPro™ air handler product family. These new products are part of our strategy

Surna Cultivation Technologies Announces R. Brian Knaley as New CFO

Senior Finance Executive & CPA, NYSE & Nasdaq Company Veteran to Lead Capital Markets and Finance Strategy Boulder, Colorado, June 29, 2021 (GLOBE NEWSWIRE) -- Surna Inc. (the “Company”) (OTCQB: SRNA), operating as Surna Cultivation Technologies, a leader in controlled environment agriculture (CEA) systems engineering and technologies, announced today the appointment of R. Brian Knaley as Chief Financial Officer and Treasurer of the Company, effective June 28, 2021. Mr. Knaley is a seasoned fina

Surna Cultivation Technologies Introduces Preventative Maintenance Services

Adds Reliable, Local Climate Control Maintenance to Service Offerings Boulder, Colorado, June 22, 2021 (GLOBE NEWSWIRE) -- Surna Inc. (OTCQB: SRNA), operating as Surna Cultivation Technologies, introduces the addition of Preventative Maintenance to its services portfolio. “We continue to deliver on our promises to our customers and shareholders. Surna Cultivation Technologies now offers preventative maintenance services that will help our customers ensure their HVACD systems are professionally m

Surna Cultivation Technologies Introduces High Efficiency EcoChill™ Heat Recovery Chiller

Expands HVAC product line for controlled environment agriculture (CEA) with equipment that reduces energy consumption Boulder, Colorado, June 08, 2021 (GLOBE NEWSWIRE) -- Surna Inc. (OTCQB: SRNA), operating as Surna Cultivation Technologies, introduces the addition of heat recovery chillers to its EcoChill™ product portfolio. “Surna continues to add technological options to our product lines to meet the growing demands of indoor agriculture climates. We understand that one of the biggest challen

Surna Reports Q1 2021 Results

Announces $11.6 million in Backlog, second highest in Company history, and 37% higher than previous quarter Boulder, Colorado, May 11, 2021 (GLOBE NEWSWIRE) -- Surna Inc. (OTCQB: SRNA), operating as Surna Cultivation Technologies, announced today operating and financial results for the three months ended March 31, 2021. We will be hosting an investor conference call to discuss our Q1 2021 financial results and to provide updates on our recent business developments and our strategic growth plan. The call will be held on Thursday, May 13, 2021 at 4:00 p.m. Eastern Time. To access the investor call via telephone: Dial-In Number: 1-973-528-0008 Access Code: 755823 To access the investor call via the Internet: Webcast URL: https://www.webcaster4.com/Webcast/Page/2020/41253 Interested parties, with contact information supplied, may submit questions to the Company prior to the call to investor@surna.com. These questions, along with all live questions, will be answered in the time available. For those unable to participate in the investor conference call at that time, a replay will be available on the investor relations section of our website at https://surna.com/investor-relations/ beginning on May 14, 2021 at 4:00 p.m. Eastern Time (and will remain available until July 1, 2021). Financial Highlights ●Our Q1 2021 revenue was $2.4 million, which represents a 31% increase compared to Q1 2020 revenue. ●For Q1 2021, our operating loss and net loss was $686,000 and $793,000, respectively. This compares to a Q1 2020 operating loss and net loss of $946,000 and $938,000, respectively. ●Our Q1 2021 adjusted net loss[1] was $650,000, compared to a Q1 2020 adjusted net loss of $718,000. ●Our Q1 2021 gross profit margin was 14.6% compared to 25.2% for Q1 2020, a decrease of 10.7 percentage points. ●As of March 31, 2021, our cash, cash equivalents and restricted cash was $3,271,000, compared to $2,285,000 as of December 31, 2020. We generated $484,000 in cash flow from our operating activities during Q1 2021. Our working capital deficit was $2,349,000 as of March 31, 2021, compared to a working capital deficit of $2,220,00 as of December 31, 2020. [1] “Adjusted net income (loss)” means our GAAP net income (loss), after adjustment for non-cash equity compensation expense, other non-cash equity expense, debt-related items, and depreciation expense. Recent Sales Contract and Backlog Growth; Production and Vendor Delays During the first quarter of 2021 we entered into new sales contracts totaling approximately $5.5 million. Our backlog grew to $11.6 million, which is the second highest in our history. However, our recognized revenue was hampered by production and shipping delays from certain suppliers. COVID-19 is disrupting shipping around the U.S. and globally. Shipping companies are operating with reduced personnel and there are strict screening actions in U.S. ports causing a backup of imported parts deliveries. While we believe this is a temporary issue, the reduction in revenue caused a lower gross margin as compared to Q4 2020, primarily due to the lack of absorption of our fixed costs. For the quarter ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 Backlog, beginning balance $9,558,000 $8,875,000 $5,592,000 $8,198,000 $8,448,000 Net bookings, current period $1,127,000 $(1,601,000) $4,241,000 $3,637,000 $5,497,000 Recognized revenue, current period $1,810,000 $1,682,000 $1,635,000 $3,387,000 $2,367,000 Backlog, ending balance $8,875,000 $5,592,000 $8,198,000 $8,448,000 $11,578,000 Organic Growth Strategy Update As we noted in our press release of May 4, 2021, we have updated our organic growth strategy to include addressing new markets, adding new products and services, and adopting a new trade name, Surna Cultivation Technologies. We encourage readers to see the MD&A section of our Form 10-Q dated and filed today, for further explanation of this and our corporate strategy. Tony McDonald, CEO, commented: “Q1 2021 saw the second-best quarter of new project bookings in our history as well as our largest single project ever. Our project backlog is now at the second highest level ever and is 37% higher than where we finished Q4 2020. Our cash position is also nearly $1 million higher than where we ended 2020. Unfortunately, our revenues and therefore gross margins were hampered by production and shipping delays from certain vendors, but we are confident that these will be caught up in Q2 and Q3 2021. We believe that the sales momentum that has been built during the last three quarters will only be accelerated by our newly-announced organic growth strategy and our partnership with RSX Enterprises.” Pandemic Impact and Recovery During fiscal year 2020, the Company took measures to adjust its operations in response to the COVID-19 pandemic. These actions included measures to cut costs and preserve cash, and encompassed downsizing our workforce, compensation reductions, and reduced hours worked. As the Company gained new contracts, bank funding became available, and the overall business climate improved, we were able to restore our workforce and compensation. The Company continues to actively monitor its operations and sales efforts in light of the continuing effects of the COVID-19 pandemic and will make adjustments to its operations as necessary. About Surna Inc. Surna Inc. (www.surna.com), operating under the tradename, Surna Cultivation Technologies, designs, engineers and sells cultivation technologies for controlled environment agriculture including: (i) liquid-based process cooling systems and other climate control systems, (ii) air handling equipment and systems, (iii) a full-service engineering package for designing and engineering commercial scale thermodynamic systems specific to cannabis cultivation facilities, and (iv) automation and control devices, systems and technologies used for environmental, lighting and climate control. Our customers include commercial, state- and provincial-regulated cannabis growers in the U.S. and Canada as well as other international locations, including those growers building new facilities and those expanding or retrofitting existing facilities. Currently, our revenue stream is derived primarily from supplying our products, services and technologies to commercial indoor and hybrid sealed greenhouse facilities ranging from several thousand to more than 100,000 square feet. Headquartered in Boulder, Colorado, we leverage our experience in this space to bring value-added climate control solutions to our customers that help improve their overall crop quality and yield, optimize energy and water efficiency, and satisfy the evolving state and local codes, permitting and regulatory requirements. Although our customers do, we neither produce nor sell cannabis. Forward Looking Statements This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the 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. The reference to Surna’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release. Non-GAAP Financial Measures To supplement our financial results on U.S. generally accepted accounting principles (“GAAP”) basis, we use non-GAAP measures including net bookings and backlog, as well as other significant non-cash expenses such as stock-based compensation and depreciation expenses. We believe these non-GAAP measures are helpful in understanding our past performance and are intended to aid in evaluating our potential future results. The presentation of these non-GAAP measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for financial information prepared or presented in accordance with GAAP. We believe these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. Surna Marketing Jamie English Vice President, Marketing Communications jamie.english@surna.com (303) 993-5271 Surna Inc.Consolidated Balance Sheets March 31, December 31, 2021 2020 (Unaudited) ASSETS Current Assets Cash, cash equivalents and restricted cash $3,271,128 $2,284,881 Accounts receivable (net of allowance for doubtful accounts of $165,098 and $165,098, respectively) 26,732 33,480 Inventory, net 519,159 327,109 Prepaid expenses and other 2,064,588 1,037,823 Total Current Assets 5,881,607 3,683,293 Noncurrent Assets Property and equipment, net 141,825 147,732 Goodwill 631,064 631,064 Intangible assets, net 7,082 7,227 Deposits 8,061 - Operating lease right-of-use asset 294,900 343,950 Total Noncurrent Assets 1,082,932 1,129,973 TOTAL ASSETS $6,964,539 $4,813,266 LIABILITIES AND SHAREHOLDERS’ DEFICIT CURRENT LIABILITIES Accounts payable and accrued liabilities $1,790,315 $1,784,961 Deferred revenue 6,087,093 3,724,189 Accrued equity compensation 52,794 128,434 Other liabilities 37,078 - Current portion of operating lease liability 263,662 266,105 Total Current Liabilities 8,230,942 5,903,689 NONCURRENT LIABILITIES Note payable and accrued interest 514,918 - Other liabilities 37,078 74,156 Operating lease liability, net of current portion 106,891 169,119 Total Noncurrent Liabilities 658,887 243,275 TOTAL LIABILITIES 8,889,829 6,146,964 Commitments and Contingencies (Note 7) - - SHAREHOLDERS’ DEFICIT Preferred stock, $0.00001 par value; 150,000,000 shares authorized; 42,030,331 shares issued and outstanding 420 420 Common stock, $0.00001 par value; 350,000,000 shares authorized; 236,526,638 and 236,526,638 shares issued and outstanding, respectively 2,366 2,366 Common stock, $0.00001 par value; 1,000,000 shares to be issued 67,000 - Additional paid in capital 26,241,935 26,107,159 Accumulated deficit (28,237,011) (27,443,643)Total Shareholders’ Deficit (1,925,290) (1,333,698) TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT $6,964,539 $4,813,266 Surna Inc.Consolidated Statements of OperationsUnaudited For the Three Months Ended March 31, 2021 2020 Revenue, net $2,366,529 $1,809,925 Cost of revenue 2,021,923 1,353,401 Gross profit 344,606 456,524 Operating expenses: Advertising and marketing expenses 177,145 148,921 Product development costs 112,638 144,948 Selling, general and administrative expenses 740,473 1,108,993 Total operating expenses 1,030,256 1,402,862 Operating loss (685,650) (946,338) Other income (expense): Other income (expense), net (107,000) 14,320 Interest expense (718) (6,295)Total other income (expense) (107,718) 8,025 Loss before provision for income taxes (793,368) (938,313) Income taxes - - Net loss $(793,368) $(938,313) Loss per common share – basic and dilutive $(0.00) $(0.00) Weighted average number of common shares outstanding, basic and dilutive 236,526,638 231,062,462 Surna Inc.Consolidated Statements of Cash FlowsUnaudited For the Three Months Ended March 31, 2021 2020 Cash Flows From Operating Activities: Net loss $(793,368) $(938,313)Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and intangible asset amortization expense 18,377 30,735 Share-based compensation 6,342 154,426 Other share-based expense 67,000 - Provision for excess and obsolete inventory (4,371) (11,657)Loss on disposal of assets - 4,124 Amortization of ROU asset 49,051 46,666 Changes in operating assets and liabilities: Accounts receivable 6,748 688 Inventory (187,679) (71,279)Prepaid expenses and other (1,026,765) 74,924 Accounts payable and accrued liabilities 5,354 289,289 Deferred revenue 2,362,905 (291,104)Accrued interest 718 - Lease deposit (8,061) - Operating lease liability, net (64,672) (52,849)Accrued equity compensation 52,794 36,463 Net cash provided by operating activities 484,373 (727,887) Cash Flows From Investing Activities Purchases of property and equipment (12,326) - Net cash used in investing activities (12,326) - Cash Flows From Financing Activities Proceeds from issuance of note payable 514,200 - Net cash provided by financing activities 514,200 - Net change in cash, cash equivalents and restricted cash 986,247 (727,887)Cash, cash equivalents and restricted cash, beginning of period 2,284,881 922,177 Cash, cash equivalents and restricted cash, end of period $3,271,128 $194,290 Supplemental cash flow information: Interest paid $- $- Income taxes paid $- $-