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Red White & Bloom Brands Q2 Revenue Grows 225% YoY, What About Profit?
Red White & Bloom Brands Q2 Revenue Grows 225% YoY, What About Profit?
Red White & Bloom Brands Inc. (OTCQX:RWBYF) (CSE:RWB) Q2 2022 revenue increased 225% to CA$27.4 million ($20.9 milllion), compared to CA$12.2 million in Q2 2021.
Q2 2022 Financial Highlights
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Gross profit was CA$3.4 million, an unfavorable decrease of 50% compared to CA$6.8 million in Q2 2021.
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Net loss was CA$17.6 million compared to net loss of CA$11.4 million.
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Adjusted EBITDA loss of CA$7.1 million was CA$11.6 million higher than the prior year due to the lower gross profit associated with expansion of the platinum vape business, startup of operations in Florida and SKU rationalization in Michigan combined with higher general and administration costs.
Brad Rogers, CEO and chairman stated, "Q2 saw another significant improvement over 2021 in revenue and marked our first full quarter with operational control in Michigan of the newly acquired retail assets. This quarter we began to rationalize SKU management at our 8 operating dispensaries in Michigan, discounted and discontinued non-performing SKUs to optimize sales velocity and revenue per square foot."
Rogers continued, "On the finance front, Q2 includes the financial reporting of the elimination of over CA$50 million of our credit facility. We continue to streamline the operation to reduce our overall operational costs. With the first half of 2022 now behind us, we are committed to driving profitable growth throughout the organization through disciplined execution as we set our eyes to achieving positive EBITDA by the end of this fiscal year."
Photo: Benzinga; Sources: courtesy of Kindel Media via Pexels
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Red White & Bloom Brands Inc. (OTCQX:RWBYF) (CSE:RWB) Q2 2022 revenue increased 225% to CA$27.4 million ($20.9 milllion), compared to CA$12.2 million in Q2 2021.
红白布鲁姆品牌公司。(OTCQX:RWBYF)(CSE:RWB)2022年第二季度收入增长225%,达到2740万加元(2090万美元),而2021年第二季度为1220万加元。
Q2 2022 Financial Highlights
2022年第二季度财务亮点
-
Gross profit was CA$3.4 million, an unfavorable decrease of 50% compared to CA$6.8 million in Q2 2021.
-
Net loss was CA$17.6 million compared to net loss of CA$11.4 million.
-
Adjusted EBITDA loss of CA$7.1 million was CA$11.6 million higher than the prior year due to the lower gross profit associated with expansion of the platinum vape business, startup of operations in Florida and SKU rationalization in Michigan combined with higher general and administration costs.
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毛利润为3.4加元。百万,一个不利降幅50%与2021年第二季度的680万加元相比。
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净亏损为1,760万加元相比之下,净亏损为1140万加元。
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调整后的EBITDA亏损710万加元加元较上年增加1,160万加元,这是由于铂金电子烟业务扩张、佛罗里达州开始运营和密歇根州SKU合理化以及一般和行政成本上升导致毛利润下降所致。
Brad Rogers, CEO and chairman stated, "Q2 saw another significant improvement over 2021 in revenue and marked our first full quarter with operational control in Michigan of the newly acquired retail assets. This quarter we began to rationalize SKU management at our 8 operating dispensaries in Michigan, discounted and discontinued non-performing SKUs to optimize sales velocity and revenue per square foot."
布拉德·罗杰斯首席执行官兼董事长表示:“与2021年相比,第二季度的收入又有了显著改善,并标志着我们第一个完整的季度,对新收购的零售资产进行了运营控制。本季度,我们开始对我们在密歇根州的8家运营药房的SKU管理进行合理化,打折和停产不良SKU,以优化销售速度和每平方英尺的收入。”
Rogers continued, "On the finance front, Q2 includes the financial reporting of the elimination of over CA$50 million of our credit facility. We continue to streamline the operation to reduce our overall operational costs. With the first half of 2022 now behind us, we are committed to driving profitable growth throughout the organization through disciplined execution as we set our eyes to achieving positive EBITDA by the end of this fiscal year."
罗杰斯接着说:“在财务方面,第二季度包括取消超过5000万加元的信贷安排的财务报告。我们继续精简运营,以降低我们的整体运营成本。2022年上半年已经过去,我们致力于通过纪律严明的执行推动整个组织的盈利增长,因为我们着眼于在本财年结束前实现EBITDA正值。”
Photo: Benzinga; Sources: courtesy of Kindel Media via Pexels
图片来源:Pexels提供的Kindel Media
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