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Wednesday, May 12, 2021 10:25:12 AM

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Surna changes trade name
By DAN MIKA | BizWest Media/Daily Camera
May 11, 2021 at 5:14 p.m.
Surna Inc. (OTCMKTS: SRNA) said it would change its trade name alongside releasing its financial results for the first quarter of 2021.

The Boulder developer of climate-control systems for indoor cannabis growhouses reported $2.4 million in revenue and a net loss of $793,000, compared to revenues of $1.56 million and a loss of $938,000 in the first quarter of 2020.

It had $3.27 million in cash and cash equivalents on hand at the end of March.

Surna also said that it had signed $5.5 million in sales contracts, bringing its total backlog to $11.6 million, the second highest in the company’s history.

Zooming out: Access, equity and opportunity in climbing and beyond
“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,” CEO Tony McDonald said in a statement.

The company also said that it would change its trade name to Surna Cultivation Technologies, as part of an effort to make it easier for new clients to find the company and add to its organic growth.
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