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Expanding Distribution In Ontario Pays Off, Decibel Cannabis Hits Record Q2 Net Revenue
Expanding Distribution In Ontario Pays Off, Decibel Cannabis Hits Record Q2 Net Revenue
Decibel Cannabis Company Inc. (OTCQB:DBCCF) (TSXV:DB) released its second quarter financial results for the three and six month periods ending June 30, 2022, revealing record net revenue of $18.6 million, with sequential growth of 11% over Q1 2022 and 49% over Q2 2021.
Net revenue growth was driven by expanded distribution particularly in the Ontario market, the continued launch of new General Admission and Qwest infused products in various provinces and continued growth in demand for derivative products.
Financial Highlights
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Record gross margin before fair value adjustments, sequential improvement to 41% in Q2, compared to 35% in Q1 2022 and 41% in Q2 2021.
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Record adjusted EBITDA of $3.2 million in Q2, with growth of 31% over Q1 2022 and 49% over Q2 2021. This marks Decibel's eighth quarter of consecutive quarterly positive adjusted EBITDA.
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Cash flow from operations of $1.8 million of cash flow from operations in Q2, a sequential decrease of $1.2 million over Q1 2022 and an improvement of $4.8 million over Q2 2021. This marks Decibel's second consecutive quarter of positive cash flow from operations.
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On May 11, 2022, the company repaid its 9.5% convertible debentures with the draw-down of a fixed 4.75% $12 million term loan. This extends the maturity date of $12 million of debt by 4 years, avoids approximately 6% of potential shareholder dilution, and results in $0.6 million of annual interest expense savings.
"Our second quarter results continue to demonstrate that Decibel is on the path we projected in our 2022 operational outlook", stated Paul Wilson, CEO of Decibel. "Our New Unique and Innovative product development and revenue generating initiatives have once again produced quarter-over-quarter record performance. This progress has been compounded by our productivity initiatives and record gross profit, now resulting in positive cash flow, putting us on track for another projected milestone."
"With more highlights scheduled for the back half of 2022, Decibel is delivering exactly what we've planned and forecasted to the market, ourselves, and our shareholders."
Price Action
Decibel shares were trading 3.87% higher at $0.0779 per share at the time of writing Thursday morning.
Photo by Richard T on Unsplash
Related News
Decibel Cannabis Company Inc. (OTCQB:DBCCF) (TSXV:DB) released its second quarter financial results for the three and six month periods ending June 30, 2022, revealing record net revenue of $18.6 million, with sequential growth of 11% over Q1 2022 and 49% over Q2 2021.
分贝大麻有限公司。(场外股票代码:DBCCF)(多伦多证券交易所股票代码:DB)发布了截至2022年6月30日的三个月和六个月期间的第二季度财务业绩,披露r创纪录的净收入为1,860万美元,比2022年第一季度增长11%,比2021年第二季度增长49%。
Net revenue growth was driven by expanded distribution particularly in the Ontario market, the continued launch of new General Admission and Qwest infused products in various provinces and continued growth in demand for derivative products.
净收入增长是由扩大分销推动的,特别是在安大略省市场,新产品的持续推出普通招生和QWest各省注水产品和衍生产品需求持续增长。
Financial Highlights
财务亮点
-
Record gross margin before fair value adjustments, sequential improvement to 41% in Q2, compared to 35% in Q1 2022 and 41% in Q2 2021.
-
Record adjusted EBITDA of $3.2 million in Q2, with growth of 31% over Q1 2022 and 49% over Q2 2021. This marks Decibel's eighth quarter of consecutive quarterly positive adjusted EBITDA.
-
Cash flow from operations of $1.8 million of cash flow from operations in Q2, a sequential decrease of $1.2 million over Q1 2022 and an improvement of $4.8 million over Q2 2021. This marks Decibel's second consecutive quarter of positive cash flow from operations.
-
On May 11, 2022, the company repaid its 9.5% convertible debentures with the draw-down of a fixed 4.75% $12 million term loan. This extends the maturity date of $12 million of debt by 4 years, avoids approximately 6% of potential shareholder dilution, and results in $0.6 million of annual interest expense savings.
-
记录g罗斯m加长b前额f空气v价值a调整,顺序提高到41%2022年第一季度为35%,2021年第二季度为41%。
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记录a调整后的EBITDA的320万美元第二季度,比2022年第一季度增长31%,比2021年第二季度增长49%。这标志着分贝连续第八个季度出现正增长调整后的EBITDA。
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现金f低起点o操作的 180万美元第二季度运营现金流减少,比2022年第一季度减少120万美元,比2021年第二季度增加480万美元。这标志着分贝连续第二个季度实现运营现金流为正。
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2022年5月11日,该公司偿还了9.5%的可转换债券随着固定4.75%的1200万美元定期贷款的提取。这将1200万美元债务的到期日延长了4年,避免了大约6%的潜在股东稀释,并导致每年节省60万美元的利息支出。
"Our second quarter results continue to demonstrate that Decibel is on the path we projected in our 2022 operational outlook", stated Paul Wilson, CEO of Decibel. "Our New Unique and Innovative product development and revenue generating initiatives have once again produced quarter-over-quarter record performance. This progress has been compounded by our productivity initiatives and record gross profit, now resulting in positive cash flow, putting us on track for another projected milestone."
我们第二季度的业绩继续表明,分贝正走在我们在2022年运营展望中预测的道路上保罗·威尔逊,分贝公司首席执行官。我们新的独特和创新的产品开发和创收计划再次创造了季度与季度之间创纪录的业绩。我们的生产力计划和创纪录的毛利润加剧了这一进展,现在产生了正现金流,使我们走上了另一个预计的里程碑。
"With more highlights scheduled for the back half of 2022, Decibel is delivering exactly what we've planned and forecasted to the market, ourselves, and our shareholders."
随着2022年下半年计划推出更多亮点,分贝正在向市场、我们自己和我们的股东传递我们所计划和预测的东西。
Price Action
价格行动
Decibel shares were trading 3.87% higher at $0.0779 per share at the time of writing Thursday morning.
截至本文发稿时,分贝股价周四上午上涨3.87%,至每股0.0779美元。
Photo by Richard T on Unsplash
理查德·T在Unspash上的照片
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