PR Newswire
MONTREAL, Nov. 25, 2022
Company recorded a record high of $12 million in quarterly revenue (84% YoY increase) and Net Income of $2.6 million
Full year revenues were $36 million, a 108% increase compared to 2021
Delivered its sixth consecutive quarter of positive Adjusted EBITDA of $2.5M, and $5.3M for fiscal year 2022
All financial results are reported in Canadian dollars, unless otherwise stated.
MONTREAL, Nov. 25, 2022 /PRNewswire/ - Cannara Biotech Inc. ("Cannara" or the "Company") (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically integrated producer of premium-grade cannabis and derivative products with two mega facilities based in Québec spanning over 1,650,000 sq. ft., today announced its fiscal fourth quarter and fiscal year 2022 financial and operating results for the three-month and full year periods ended August 31, 2022.
Fiscal Fourth Quarter and Fiscal Year 2022 Financial and Operational Highlights
Full Year 2022 Business Highlights
"This past year was a tremendous success, and I am very proud of the team at Cannara for their dedication, hard work and support as we continue to strive towards being one of the premier cannabis cultivators in the country," stated Zohar Krivorot, President & Chief Executive Officer of Cannara. "Our state-of-the-art Valleyfield Facility is producing, as of today, seven of its twenty-four growing zones, each containing 9,600 plants each. We remain confident in fulfilling the remaining grow zones over the coming quarters, and our successful harvests should shed any doubt regarding our ability to achieve all of our expansion milestones and bring more premium-grade cannabis to market," concluded Mr. Krivorot.
Nicholas Sosiak, Chief Financial Officer of Cannara added, "Revenues, profits, and net income have all increased over the past 12 months while simultaneously adding new products for our customer base and none of this would be possible without the hard work of the entire Cannara family. Over the last twelve months, we have achieved a ramp up in production which was necessary to support the recent expansion plans to the other provinces. Given the recent expansion to the BC and the financial commitment required for such expansion, I am very proud to be able to report our sixth consecutive quarter of Adjusted EBITDA and a positive net income for our fiscal year end 2022. Our lenders continue to support us, our customers continue to purchase our products and as we continue our rapid growth, we expect to attract new customers throughout Canada who are constantly looking for new product offerings; this is just the beginning." concluded Mr. Sosiak.
Select Financial Information
| Three-month periods ended | | Years ended | ||
Selected Financial Highlights | August 31, | August 31, | | August 31, | August 31, |
| | | | | |
Gross revenue1 | $ 11,894,302 | $ 6,270,006 | | $ 35,482,601 | $ 16,290,045 |
Other income | 52,810 | 211,733 | | 515,157 | 976,960 |
| 11,947,112 | 6,481,739 | | 35,997,758 | 17,267,005 |
| | | | | |
Gross profit, before fair value adjustments | 4,759,816 | 3,440,799 | | 14,144,868 | 8,741,484 |
%2 | 40 % | 53 % | | 39 % | 51 % |
Gross profit | 7,103,374 | 4,526,126 | | 17,487,636 | 10,543,099 |
%3 | 59 % | 70 % | | 49 % | 61 % |
| | | | | |
Operating expenses | 3,340,653 | 2,959,432 | | 12,546,901 | 10,285,816 |
Net finance expense | 1,209,277 | 434,851 | | 2,635,316 | 1,785,426 |
| | | | | |
Net income (loss) | $ 2,553,444 | $ 1,131,843 | | 2,305,419 | $ (1,528,143) |
%4 | 21 % | 17 % | | 6 % | -9 % |
| | | | | |
Adjusted EBITDA5 | $ 2,493,253 | $ 1,364,415 | | 5,321,022 | $ 1,503,621 |
%5 | 21 % | 21 % | | 15 % | 9 % |
| | | | | |
Basic earnings (loss) per share | $ 0.01 | $ 0.01 | | $ 0.01 | $ (0.01) |
Diluted earnings (loss) per share | $ 0.01 | $ 0.01 | | $ 0.01 | $ (0.01) |
| | | | | |
| | | | | |
| | | | | |
| | | | August 31, 2022 | August 31, 2021 |
| | | | | |
Cash | | | | $ 12,114,691 | $ 8,159,305 |
Accounts receivable | | | | 8,526,918 Werbung Mehr Nachrichten zur Lovesac Company Aktie kostenlos abonnieren
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