DENVER, April 1, 2019 /PRNewswire/ -- Helix TCS, Inc. (OTCQB: HLIX) (the "Company"), the leading provider of critical infrastructure services to the global legal cannabis industry, filed its fourth quarter and fiscal year 2018 financial results Friday, March 29, 2019. The Company will be hosting an earnings call this Thursday, April 4, 2019 at 8:00am Eastern time. Call info can be found at the bottom of this release. Highlights of the fourth quarter compared to the same quarter a year ago include:
Total revenues increased 189% to $3.45 million
Gross profit for the quarter was $1.37 million, a 40% gross margin
Expanded into Colombia, Australia, and New Zealand
Highlighted as leading provider of point of sale software in the U.S. based on market share
"Our strong fourth quarter results demonstrate continued execution on our business strategy, which we look forward to building upon in 2019," said Zachary L. Venegas, Executive Chairman and CEO of Helix TCS, Inc. "In 2018, the industry faced numerous program delays and licensing obstacles, resulting in lower growth in licensees nationwide than most predicted. Despite these challenges, we have been able to maintain smooth quarter over quarter growth and expect 2019 to present further opportunities as states like California reach fully operational status and international markets take shape."
For the full year 2018, the Company generated revenues of $9.56 million, and gross profit of $3.59 million, for an annual gross margin of 38%.
Venegas added: "Through our dominant share in each of our markets and growing suite of technology services, we are prepared to keep up with the unprecedented growth of the industry expected in 2019 and beyond."
Conference Call Info: We recommend calling in approximately 10 minutes prior to the start of the call. Please note that there will be no live Q&A on the call; questions should be submitted ahead of time or may be submitted during the call to [email protected].
Interested parties can participate in the call using the following information: Attendee Dial In: (785) 424‑1674 or (888) 632‑3389 Passcode or ID: 34691
About Helix TCS, Inc. Helix TCS, Inc. (OTCQB: HLIX) is a leading provider of critical infrastructure services, helping owners and operators of licensed cannabis businesses stay competitive and compliant while mitigating risk. Through its proprietary technology suite and security services, Helix TCS provides comprehensive supply chain management, compliance tools, and asset protection for any license type in any regulated cannabis market. Helix TCS' products reach over 2,000 customer locations in 34 states and 6 countries and has processed over $18 billion in cannabis sales. For more information on Helix TCS and to sign up for investor updates, visit us at www.helixtcs.com.
Forward-Looking Statements 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.