Results exceeded my expectations. Bookings were most important metric. Previous quarter was under $1.0 million. Lay another egg and Surna will begin to burn through capital quickly. With the bookings on the upswing and the backlog near eight figures, Surna is approaching the reverst split in good financial position.
Bookings were as high as if a major contract had been signed. See the press releases below that triggered the highest and 3rd highest booking quarters.
From today’s 3Q report;
“During the third quarter of 2021 we had net bookings totaling approximately $5.6 million, which is the second highest in our history. Our backlog increased to $9.9 million, also among the highest in our history. We continued to be effected by production and shipping delays from certain suppliers which negatively effected completion schedules and impacted our revenue in the third quarter.”
HIGHEST BOOKING QUARTER – 1Q 2019 (pre-pandemic) - $5.7 million
Surna Signs Two Project Contracts for a Combined Value of $4.7 Million
April 09, 2019
$2.5 million facility expansion project serves 40,000 square feet of cultivation space for Surna customer
Boulder, Colorado, April 09, 2019 (GLOBE NEWSWIRE) -- Surna Inc. (OTCQB: SRNA) announced today that it recently signed two contracts with a combined value of $4.7 million.
1. New facility construction project for $2.2 million: This contract is for a 90,000 square foot indoor cannabis facility that is being built in the Midwest. Our customer has been pre-approved for a state cannabis cultivation license and is moving forward with construction plans. We have received an advance payment of $167,000 on this contract, which is partial payment for engineering and design services expected to be completed in Q2 2019. Payment for the remaining value of the contract, about $2.1 million, is primarily for delivery of HVAC equipment, the timing of which remains uncertain due to construction permitting and typical construction delays—which are outside of our control. We estimate that the equipment portion of this contract could be delivered in Q3 and Q4 2019. However, this is only an estimate and there is no assurance when or if our customer will obtain construction permitting and be able to accept delivery of our equipment.
2. Facility expansion project for $2.5 million. This contract is for the sale of equipment for a customer’s 40,000 square foot expansion of a fully operational and licensed indoor cannabis cultivation facility. We have received an advance payment of $500,000 on this contract and have commenced preparing the initial equipment package. Since this project is not subject to typical new construction licensing and permitting risks and the expansion building infrastructure is already in place, the full value of this contract is expected to be recognized by the end of Q2 2019 or early Q3 2019.
“With these contracts in hand, Surna is off to a promising start in 2019. If fully realized, these contracts alone would represent almost 49% of our full year 2018 revenue. The facility expansion project reflects our new strategy that focuses on more consistent and predictable revenue streams. While there are risks in all of our projects, expansion and retrofit projects are typically already licensed and operational, thus reducing the risks associated with new facility construction,” said Surna’s President & CEO Tony McDonald.
THIRD HIGHEST BOOKING – Q1 2021 - $5.5 million
Surna Announces Largest Contract in its History
January 14, 2021
Announces $3.2 Million Sales Contract, Surpassing Previous Record of $2.8 Million
Boulder, Colorado, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Surna Inc. (OTCQB: SRNA) announced today that it recently signed a sales contract valued at $3.2 million.
The project in Arizona is for an approximately 53,000 square feet facility. Surna is under contract to provide custom air handlers, heat recovery chillers, and its StrataAir™ vertical racking air flow system, for the cultivation, processing, drying and office spaces (the mechanical engineering design was done by Surna through a previous contract in October). Surna will also provide its SentryIQ® environmental controls, and system start-up.
Tony McDonald, CEO commented: “For the second time in six months Surna is announcing its largest-ever single contract with this latest contract being nearly 15% larger than the previous record. Over the last several years Surna has invested heavily in technology R&D as well as in our engineering capabilities. The result has been an expanding portfolio of product and system offerings and enhanced engineering sophistication. With Surna’s expanded array of technology offerings, our engineering and sales teams were able to present several options to the client, giving them the opportunity to compare and contrast design approaches and choose the solution best tailored to their particular goals, budget and cultivation methods.”
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