/NOT FOR DISTRIBUTION TO
Fourth Quarter 2022 Financial Highlights:
- Revenue was
$5,497 , an increase of$2,599 or 90%, compared to$2,898 during the same period in the prior year. - Loss and Comprehensive Loss for the three months ending
April 30, 2022 , was$2,146 , a decrease of$4,010 or 65% compared to a loss of$6,156 during the same period in 2021. - Adjusted EBITDA 1 of
$322 compared to ($3,070 ) for the three months endingApril 30, 2021 , an increase of$3,392 in earnings. - Cash flow used in operating activities for the twelve months ending
April 30, 2022 was$1,991 , a decrease of$1,364 or 41%, compared to$3,355 during the same period in 2021. - Cash flow used in investing activities for the twelve months ending
April 30, 2022 was$551 compared to$664 during the same period in 2021, a decrease of$113 or 17%. - Net cash provided by financing activities for the twelve months ending
April 30, 2022 was$1,465 compared to$4,087 during the same period in 2021, a decrease of$2,622 or 64%. - Shareholder's equity was a deficit of
$2,483 compared to$6,873 of surplus as ofApril 30, 2021 . - Cash position was
$758 as ofApril 30, 2022 compared to$1,835 as atApril 30, 2021 .
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1Adjusted EBITDA is a non-IFRS measure used by management that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Management defines adjusted EBITDA as loss and comprehensive loss from operations, as reported, before finance and transaction costs, tax, depreciation, and amortization, and adjusted for removing share-based payments, fair value adjustment on sale of inventory, fair value adjustment on biological assets and other non-cash items including impairment losses. Management believes this measure provides useful information as it is a commonly used measure in the capital markets to approximate operating performance on an adjusted basis as described above. See reconciliation of "Adjusted EBITDA (non-IFRS measure)" below. |
"We are extremely pleased with our continued quarter over quarter revenue growth and positive adjusted EBITDA. Our strong fourth quarter results reflect the strength and continued growth of our high-margin medical platform and the success of our new adult-use SKUs in recreational markets across
Reconciliation of "Adjusted EBITDA (non-IFRS measure)" | ||
3 months | 3 months | |
2022 | 2021 | |
- | ||
Net loss and comprehensive loss for the period | ||
Finance and transaction costs | 810 | 770 |
Provision for income taxes | (90) | 64 |
Depreciation and amortization | 263 | 257 |
Right-of-use assets amortization | 90 | 110 |
Inventory impairment | 1,259 | 1,834 |
Share‑based compensation | 53 | 270 |
Fair value adjustment on sale of inventory | (5) | 869 |
Fair value adjustment on biological assets | 88 | (1,088) |
$ 2,468 | $ 3,086 | |
Adjusted EBITDA | $ 322 |
About
Cautionary Statement Regarding Forward-Looking Information. This press release contains forward- looking statements, including statements that relate to, among other things, the Company's clinic, production and technology businesses, its future plans, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Material assumptions used to develop forward-looking information in this news release include, among other things, the closing of the transaction with MTL Cannabis and the receipt of all necessary regulatory and shareholder approvals associated therewith, the regulations related to cannabis use under the Access to Cannabis for Medical Purposes Regulations and the act respecting cannabis and to amend the Controlled Drugs and Substances Act, the Criminal Code and other Acts, passed by the Canadian Federal government, making cannabis and cannabis based edibles, vapes and oils legal for recreational use on
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