UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39096 AKERNA CORP. (Exact name of registrant as specified in its charter) | Delaware | 83-2242651 | | --- | --- | | (State or other jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from / to Commission file number 001-39096 (Exact name of registrant as specified in its charter) | Delaware | 83-2242651 | | --- | --- | | (State or other jurisdiction o ...

Revenue and Growth - Revenue for the six months ended June 30, 2021, was comprised of approximately 93% from software and 7% from consulting services, compared to 86% and 14% respectively for the same period in 2020[111]. - Total revenue for the six months ended June 30, 2021, was $8.9 million, a 47% increase from $6.1 million in the same period of 2020[124]. - Software revenue increased to $8.3 million for the six months ended June 30, 2021, up 59% from $5.2 million in 2020, accounting for 93% of total revenue[125]. - Consulting revenue decreased to $0.6 million for the six months ended June 30, 2021, down 29% from $0.8 million in 2020, representing 7% of total revenue[126][127]. - Akerna's consulting services are expected to grow as more states legalize cannabis, driven by the demand for pre-application and operational phase solutions[114]. - The company focuses on expanding its customer reach to include larger multi-state and multi-vertical operations, which represent significant long-term growth opportunities[103]. Financial Performance - Gross profit for the six months ended June 30, 2021, was $5.6 million, a 94% increase from $2.9 million in 2020, with a gross profit margin of 62%[124]. - Operating expenses totaled $15.1 million for the six months ended June 30, 2021, a 9% increase from $13.9 million in 2020[124]. - Loss from operations improved to $9.6 million for the six months ended June 30, 2021, compared to a loss of $11.1 million in 2020, a 14% reduction[124]. - For the six months ended June 30, 2021, the company reported a net loss of $12.56 million, compared to a net loss of $10.67 million for the same period in 2020[150]. - Adjusted EBITDA for the six months ended June 30, 2021, was $(3.47) million, an improvement from $(6.75) million in the prior year[150]. Cash Flow and Liquidity - As of June 30, 2021, the company had cash of $11.8 million and working capital of $3.1 million[153]. - The company used $3.7 million in cash from operations for the six months ended June 30, 2021[153]. - Cash and restricted cash balances were $12.3 million as of June 30, 2021, down from $24.7 million in 2020[157]. - Net cash used in operating activities decreased to $3.7 million for the six months ended June 30, 2021, a reduction of $4.9 million compared to $8.6 million in 2020[158]. - The company incurred approximately $2.7 million in one-time, non-recurring expenses during the six months ended June 30, 2021, including business combination and merger-related costs[153]. - The company believes it can implement cost reduction initiatives to manage liquidity, including deferring expenses and negotiating salary arrangements[154]. - The company is evaluating the potential forgiveness of its $2 million PPP loan as part of its liquidity strategy[154]. Expenses and Investments - Product development expenses include significant investments in enhancing technology infrastructure and developing new solutions[117]. - Product development expenses increased by 50% to $3.0 million for the six months ended June 30, 2021, primarily due to acquisitions[131]. - Sales and marketing expenses decreased by 14% to $3.6 million for the six months ended June 30, 2021, due to reduced customer event spending[132]. - General and administrative expenses decreased by 5% to $6.2 million for the six months ended June 30, 2021, primarily due to non-recurring acquisition-related costs in 2020[133]. Strategic Initiatives - The company plans to continue investing in marketing and sales to build brand awareness and attract new clients[118]. - Akerna's platforms provide a comprehensive seed-to-sale tracking solution, ensuring compliance and operational efficiency for cannabis businesses[105]. - Akerna's software has monitored compliance for over $20 billion in legal cannabis sales across more than 30 states and multiple countries[102]. - The company aims to provide compliance solutions for the expanding national and international legal cannabis market[110]. - The company has integrated five new brands into its product and service offerings from 2019 to 2021, enhancing its cannabis ecosystem[101]. Financial Revisions - The net loss for the year ended June 30, 2019, was revised from $12,403,215 to $14,419,027, and for the year ended June 30, 2020, from $15,534,345 to $13,572,311[162]. - The cumulative adjustments for the misclassification of Private Warrants as derivative liabilities were determined to be material, necessitating revisions to prior financial statements[161]. - The net loss for the six-month period ended December 31, 2020, was revised from $16,957,334 to $16,210,482, solely due to the inclusion of the fair value of derivative liability[162].

Revenue Performance - Total revenue increased by 31% to $4.0 million for the three months ended March 31, 2021, compared to $3.1 million for the same period in 2020[126]. - Software revenue rose by 62% to $3.8 million, accounting for 95% of total revenue in Q1 2021, up from 76% in Q1 2020[127]. - Consulting revenue decreased by 75% to $0.2 million, representing 4% of total revenue in Q1 2021, down from 23% in Q1 2020[129]. - Other revenue was less than $0.1 million, accounting for 1% of total revenue for the three months ended March 31, 2021 and 2020[131]. Profitability and Loss - Gross profit increased by 53% to $2.6 million, with a gross profit margin of 64% compared to 55% in the previous year[126]. - Loss from operations improved by 28% to $(3.5) million compared to $(4.9) million in the prior year[126]. - Net loss for the three months ended March 31, 2021 was $6.5 million, compared to a net loss of $4.6 million for the same period in 2020[143]. - Adjusted EBITDA for the three months ended March 31, 2021 was $(1.8) million, compared to $(3.2) million for the same period in 2020[143]. Expenses - Operating expenses decreased by 7% to $6.1 million, with significant reductions in general and administrative expenses by 46%[126]. - Cost of revenue was $1.5 million, or 36.2% of total revenue for the three months ended March 31, 2021, down from $1.4 million, or 45.5% for the same period in 2020[133]. - Product development expense increased by $0.5 million, or 63%, to $1.4 million for the three months ended March 31, 2021, primarily due to acquisitions and increased stock-based compensation[135]. - Sales and marketing expense decreased by $0.3 million, or 15%, to $1.7 million for the three months ended March 31, 2021, mainly due to the cancellation of in-person customer events[136]. - General and administrative expense decreased by $1.6 million, or 46%, to $1.9 million for the three months ended March 31, 2021, largely due to prior acquisition-related costs[137]. Cash and Capital - Cash used in operating activities decreased to $1.4 million for the three months ended March 31, 2021, down from $3.9 million in the same period in 2020[152]. - As of March 31, 2021, the company had cash of $15.4 million and working capital of $6.5 million[145]. - The principal balance of senior secured convertible notes was $7.5 million as of March 31, 2021, which can be paid by issuing shares[146]. Strategic Initiatives - The company completed the acquisition of Viridian Sciences Inc. in April 2021 to enhance its software offerings[113]. - The company plans to invest in marketing personnel and resources to accelerate customer growth and expand its market presence[111]. - Software revenue from government clients remained stable at $1.1 million for both Q1 2021 and Q1 2020[128]. - The company anticipates increased demand for consulting services in the second half of 2021 as more states pass cannabis legislation[129].

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from / to Commission file number 001-39096 AKERNA CORP. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol(s) | Name of ea ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39096 AKERNA CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 1630 Welton ...

Revenue Growth - Total revenue for the nine months ended March 31, 2020, was $9,569,638, representing a 33% increase compared to $7,201,191 for the same period in 2019[120] - Total revenue increased to $9.6 million for the nine months ended March 31, 2020, up from $7.2 million for the same period in 2019, representing a 33% increase[121] - Total revenue for the three months ended March 31, 2020, was $3.1 million, an increase of $0.7 million or 32% compared to $2.3 million for the same period in 2019[134] Software and Consulting Revenue - Software revenue increased by 16% to $7,148,964, while consulting revenue surged by 172% to $2,248,947 during the same period[120] - Software revenue rose to $7.1 million for the nine months ended March 31, 2020, compared to $6.2 million in the prior year, marking a 16% increase, with MJ Platform driving a 27% growth in revenue[122] - Consulting revenue surged to $2.2 million for the nine months ended March 31, 2020, from $0.8 million in the same period of 2019, reflecting a 172% increase[124] - Total software revenue increased to $2.3 million for the three months ended March 31, 2020, up 16% from $2.0 million in the same period of 2019, accounting for 76% of total revenue[135] - Consulting revenue surged to $0.7 million for the three months ended March 31, 2020, a 219% increase from $0.2 million in the same period of 2019, representing 23% of total revenue[137][138] Profitability and Expenses - Gross profit for the nine months ended March 31, 2020, was $5,112,528, with a gross profit margin of 53.4%, up from 50.7% in the previous year[120] - Gross profit for the nine months ended March 31, 2020, was $5.1 million, an increase of $1.5 million or 40%, with a gross profit margin of 53.4%[128] - Gross profit for the three months ended March 31, 2020, was $1.6 million, a 42% increase from $1.2 million in the same period of 2019, with a gross profit margin of 53.7%[141] - Operating expenses rose significantly by 74% to $17,905,798, driven by a 40% increase in product development expenses and an 87% increase in selling, general, and administrative expenses[120] - Operating expenses increased to $17.9 million for the nine months ended March 31, 2020, up from $10.3 million in the prior year, a rise of 74%[130] - Total operating expenses rose to $7.1 million for the three months ended March 31, 2020, a 95% increase from $3.7 million in the same period of 2019[143] Net Loss and Cash Flow - The net loss attributable to Akerna stockholders for the nine months ended March 31, 2020, was $(12,533,587), a 90% increase compared to $(6,580,157) in the prior year[120] - Cash used in operating activities increased to $11.6 million during the nine months ended March 31, 2020, compared to $6.4 million in the same period of 2019, primarily driven by a net loss of $12.6 million[147] - Cash and restricted cash balance was $14.8 million as of March 31, 2020, down from $22.4 million as of June 30, 2019[147] Strategic Plans and Market Position - The company has helped monitor legal compliance for over $18 billion in cannabis sales to date, indicating a strong market presence[103] - Consulting services are expected to grow as more states emerge with legalization reforms, driven by the company's established reputation in the cannabis industry[112] - The company’s platforms, Leaf Data Systems and MJ Platform, provide comprehensive solutions for regulatory compliance and inventory management in the cannabis sector[104] - The company is expanding features for MJ Platform and Leaf Data Systems through acquisitions and partnerships, enhancing customer experience and value[108] - The company expects to continue investing in marketing and sales to expand domestic and international activities and build brand awareness[132] - The company plans to implement a cost reduction plan expected to reduce recurring operating expenses by $2 million to $3 million annually[151] - The company anticipates that current cash will be sufficient to meet working capital requirements for the next twelve months[151] - The company is exploring strategic business opportunities, including investments in technology companies through acquisitions and joint ventures[151]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 AKERNA CORP. (Exact name of registrant as specified in its charter) | Delaware | 83-2242651 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | 1601 Arapahoe St., Denver, Colorado 80202 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSU ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 333-228220 AKERNA CORP. (Exact name of registrant as specified in its charter) Delaware 83-2242651 (State or other jurisdiction of incorporation or orga ...