GREENWOOD VILLAGE, CO. , May 16, 2018 (GLOBE NEWSWIRE) — Helix TCS, Inc. (OTCQB: HLIX), the leading provider of integrated operating environment solutions for the legal cannabis industry, announced its first quarter 2018 financial results today.
For the first quarter of 2018, Helix generated revenues of $1,128,338, representing 63% growth over first quarter 2017 revenues of $691,737. Gross profit increased from $81,534 in Q1 2017 to $337,633 in Q1 2018, respresenting an increase in gross margin from 11.8% to 29.9%, respectively.
“Our strong revenue growth is the result of driving our organic revenues as well as executing on our acquisition and integration strategy,” Zachary Venegas, Helix’s CEO commented. “The 153% gross margin increase stems from our focus on operational excellence, continuous improvement, and growth in higher margin business lines.
We anticipate that with our signed pipeline of new revenue we should continue to deliver industry leading results to clients, investors, and employees as we explore new geographies and services both in the U.S. and internationally.”
About Helix TCS
Helix TCS, Inc. (OTCQB: HLIX) is a premier provider of integrated operating environment solutions for the legal cannabis industry. Helix provides a proprietary software suite and partnership platform to the legal cannabis industry, helping clients manage inventory and supply costs and bespoke monitoring and transport solutions. Helix provides clients in the legal cannabis industry high standard security operations, including transportation, armed and unarmed guarding, training, investigation, and special services.
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.
Helix TCS, Inc.
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