Good Natured Products Inc. Announces Second Quarter 2023 Results
Good Natured Products Inc. Announces Second Quarter 2023 Results
Vancouver, British Columbia--(Newsfile Corp. - August 29, 2023) - good natured Products Inc. (TSXV: GDNP) (OTCQX: GDNPF) (the "Company" or "good natured"), a North American leader in plant-based products, today announced its financial results for the three months ended June 30, 2023 ("Q2 2023").
不列颠哥伦比亚省温哥华--（Newsfile Corp.，2023年8月29日）——善良的产品公司（多伦多证券交易所股票代码：GDNP）（OTCQX：GDNPF）（“公司” 或”善良的性情“) 是北美植物基产品的领导者，今天公布了截至2023年6月30日的三个月（“2023年第二季度”）的财务业绩。
Q2 2023 Highlights
2023 年第二季度亮点
- Revenue of $18.3 million compared to $25.5 million for the three months ended June 30, 2022 ("Q2 2022") and $20.3 million for the three months ended March 31, 2023 ("Q1 2023").
- Adjusted EBITDA1 of $0.1 million compared to $1.0 million in Q2 2022 and $0.7 million in Q1 2023.
- Variable gross margin1 of 37% compared to 33% in Q2 2022 and 38% in Q1 2023.
- SG&A expenses of $3.7 million compared to $4.6 million in Q2 2022 and $3.8 million in Q1 2023.
- Cash generated by operating activities was $0.1 million for the 6 months ended June 30, 2023 ("H1 2023") compared to $1.4 million for the 6 months ended June 30, 2022 ("H1 2022").
- Ending cash balance of $13.2 million compared to $11.9 million at December 31, 2022.
- 收入为1,830万美元，而截至2022年6月30日的三个月（“2022年第二季度”）为2550万美元，截至2023年3月31日的三个月（“2023年第一季度”）为2,030万美元。
- 调整后 EBITDA1 为10万美元，而2022年第二季度为100万美元，2023年第一季度为70万美元。
- 可变毛利率1 为37％，而2022年第二季度为33％，2023年第一季度为38％。
- 销售和收购支出为370万美元，而2022年第二季度为460万美元，2023年第一季度为380万美元。
- 截至2023年6月30日的6个月（“2023年上半年”），经营活动产生的现金为10万美元，而截至2022年6月30日的6个月（“2022年上半年”）为140万美元。
- 期末现金余额为1,320万美元，而截至2022年12月31日为1190万美元。
The Company's Packaging business group delivered 83% year-over-year revenue growth largely due to the addition of new customers, cross selling new products to existing customers, and the acquisition of Houston-based FormTex Plastics in July 2022. Revenue declines were largely driven by lower third-party sales in the Company's Industrial business group as a result of industry-wide declines in average selling prices, continued customer de-stocking, soft demand coupled with increased competitive pressure for commodity petroleum-based products, and an overall sector shift to just-in-time ordering.
该公司的包装业务部门实现了83％的收入同比增长，这主要是由于增加了新客户、向现有客户交叉销售新产品以及2022年7月收购了总部位于休斯敦的FormTex Plastics。收入下降在很大程度上是由公司工业业务组的第三方销售额减少所致，这是由于整个行业的平均销售价格下跌、客户持续减少库存、需求疲软加上对大宗石油类产品的竞争压力增加以及整个行业向准时订购的转变。
"We keenly recognize the challenge for our business and stakeholders to cycle through reductions in quarterly revenue as we've navigated considerable macroeconomic volatility and supply chain normalization that we first identified in Q3 2022. Our outlook remains very positive about the continued strong growth in our Packaging business group, and our robust pipeline continues to perform with several new packaging deals expected to enter commercial production in the back half of the third quarter," stated Paul Antoniadis, CEO of good natured. "We also anticipate third party industrial sales to show signs of improving later this year and continue to proactively lower our SG&A spend through cost reduction initiatives, while we also look for ways to restructure and renegotiate our long-term debt."
“我们敏锐地认识到，在经历了巨大的宏观经济波动和供应链正常化之际，我们的业务和利益相关者面临着周期性季度收入减少所面临的挑战，这是我们在2022年第三季度首次发现的。我们对包装业务部门持续强劲增长的前景仍然非常乐观，我们继续保持强劲的销售渠道，预计将在第三季度下半年进入商业化生产。” 该公司首席执行官保罗·安东尼阿迪斯表示 善良的性情。“我们还预计，第三方工业销售将在今年晚些时候显示出改善的迹象，并继续通过削减成本的举措积极降低销售和收购支出，同时我们还在寻找重组和重新谈判长期债务的方法。”
Q2 2023 Financial Overview
2023 年第二季度财务概览
Revenue for Q2 2023 decreased 28% to $18.3 million as compared to $25.5 million for Q2 2022. The Packaging business group realized year-over-year revenue growth of 83% driven by organic growth as well as contribution from the FormTex acquisition completed in July 2022. This was offset by a year-over-year reduction in Industrial business group revenue.
2023年第二季度的收入下降了28％，至1,830万美元，而2022年第二季度的收入为2550万美元。包装业务集团实现了83％的收入同比增长，这得益于有机增长以及2022年7月完成的FormTex收购的贡献。这被工业业务集团收入同比减少所抵消。
Variable gross margin1 for Q2 2023 increased to 37% compared to 33% for Q2 2022. The increase in variable gross margin reflects the higher mix of revenue from the Packaging business group and productivity enhancements in the variable cost of products. Gross margin for Q2 2023 and Q2 2022 was 26%.
可变毛利率1 2023年第二季度增长至37％，而2022年第二季度为33％。可变毛利率的增长反映了包装业务组收入组合的增加以及产品可变成本生产率的提高。2023年第二季度和2022年第二季度的毛利率为26％。
Selling, general and administrative expenses ("SG&A") in Q2 2023 decreased by 19% compared to Q2 2022. The decrease in SG&A expenses reflects the Company's efforts to reduce costs through a year-over-year headcount reduction of 31 people, renegotiating terms across the Company's service providers and suppliers, and through process improvements designed to take out costs and/or improve productivity. The decline in SG&A was partially offset by the incremental headcount and SG&A associated with the July 2022 acquisition of FormTex. Excluding SG&A expenses associated with the FormTex acquisition, Q2 2023 SG&A excluding acquisition activity and one-time charges, declined 22% on a year-over-year basis. On an annualized basis, Q2 2023 SG&A totalled $14.9 million as compared to $17.9 million in the 2022 fiscal year, representing $3.0 million in run-rate cost savings.
销售、一般和管理费用 (”SG&A“) 2023年第二季度与2022年第二季度相比下降了19％。销售和收购支出的减少反映了公司努力通过同比裁员31人、重新谈判公司服务提供商和供应商的条款以及旨在降低成本和/或提高生产率的流程改进来降低成本。与2022年7月收购FormTex相关的员工人数增加和销售并购部分抵消了销售和收购的下降。不包括与收购FormTex相关的销售和收购费用，2023年第二季度销售和收购（不包括收购活动和一次性费用）同比下降22％。按年计算，2023年第二季度的销售和收购总额为1,490万美元，而2022财年为1,790万美元，相当于节省了300万美元的运行成本。
The Company's Adjusted EBITDA1 for Q2 2023 was $0.1 million compared to $1.0 million in Q2 2022. The decline in adjusted EBITDA1in Q2 2023 and H1 2023 reflects the decline in revenue and gross profit dollars, which were not fully offset by the decline in SG&A, and specifically fulfilment and logistics costs.
公司调整后的息税折旧摊销前利润1 2023年第二季度为10万美元，而2022年第二季度为100万美元。调整后息税折旧摊销前利润下降12023年第二季度和2023年上半年反映了收入和毛利的下降，但销售和收购的下降，特别是配送和物流成本的下降并未完全抵消这些下降。
The Company incurred a net loss of $3.6 million in Q2 2023 compared to a net loss of $3.0 million in Q2 2022.
该公司在2023年第二季度净亏损360万美元，而2022年第二季度的净亏损为300万美元。
Cash Flow & Balance Sheet Overview
现金流和资产负债表概述
The Company strengthened its liquidity with the completion of a brokered private placement with net proceeds of $4.4 million in June 2023, as well as reducing its long-term debt by $1.5 million at June 30, 2023 compared to December 31, 2022. Cash flow generated by operating activities for H1 2023 was $0.1 million compared to $1.4 million in H1 2022. Cash use by investing activities in H1 2023 was $1.4 million compared to $3.3 million in H1 2022. As at June 30, 2023, net working capital was $9.2 million compared to $10.0 million as at December 31, 2022.
该公司于2023年6月完成了经纪私募股份，净收益为440万美元，从而增强了流动性，并于2023年6月30日将其长期债务与2022年12月31日相比减少了150万美元。2023年上半年经营活动产生的现金流为10万美元，而2022年上半年为140万美元。2023年上半年投资活动的现金使用量为140万美元，而2022年上半年为330万美元。截至2023年6月30日，净营运资金为920万美元，而截至2022年12月31日为1,000万美元。
The Company continues to focus on ways to restructure and renegotiate its long-term debt obligations. During the quarter, the Company successfully renegotiated a June 2023 payment of $0.5 million due to the Government of Canada's Western Innovation Initiative program ("WINN") into monthly installments to be paid over a 24-month period. The Company also intends to relocate its coating and warehousing operations at a leased location adjacent to its Ayr facility by the end of the fiscal year, which is expected to reduce its long-term lease obligations by $0.7 million and reduce operating expenses by approximately $0.2 million.
该公司继续专注于重组和重新谈判其长期债务的方法。在本季度，该公司成功地重新谈判了2023年6月的50万澳元付款，这笔款项应归功于加拿大政府的西方创新计划计划（”赢得“) 分为每月分期付款，在24个月内支付。该公司还打算在本财年末之前将其涂料和仓储业务迁至艾尔工厂附近的租赁地点，预计这将使其长期租赁义务减少70万美元，运营费用减少约20万美元。
As at June 30, 2023, the Company's total asset to liability ratio was 1.21 compared to 1.22 as at December 31, 2022.
截至2023年6月30日，该公司的总资产负债比率为1.21，而截至2022年12月31日为1.22。
The Company's Q2 2023 financial statements and Management's Discussion and Analysis are available on SEDAR at sedar.com and on the Company's investor website at investor.goodnaturedproducts.com.
公司2023年第二季度的财务报表和管理层的讨论与分析可在SEDAR的sedar.com和公司的投资者网站investor.goodnaturedproducts.com上查阅。
Q2 2023 Results Conference Call
2023 年第二季度业绩电话会议
The Company will hold a conference call to discuss its financial results for Q2 2023, hosted by Paul Antoniadis, Executive Chair & CEO, and Kerry Biggs, Chief Financial Officer, on August 29, 2023 at 11:00 AM Eastern / 8:00 AM Pacific time.
该公司将于美国东部时间2023年8月29日上午11点/太平洋时间上午8点举行电话会议，讨论其2023年第二季度的财务业绩，会议由执行董事长兼首席执行官保罗·安东尼阿迪斯和首席财务官凯里·比格斯主持。
Date: August 29, 2023
Time: 11:00 AM ET / 8:00 AM PT
Toll-Free: 1-888-396-8049 International: +1-416-764-8646
Conference ID: 18517762
Participants are asked to dial in 10 minutes prior to the start of the call.
日期：2023 年 8 月 29 日
时间：美国东部时间上午 11:00 /太平洋时间上午 8:00
免费电话：1-888-396-8049 国际电话：+1-416-764-8646
会议编号：18517762
要求参与者在通话开始前 10 分钟拨号。
A replay of the call will be available approximately two hours after its completion through to September 12, 2023. The replay will be available by dialing 1-877-674-7070 or +1-416-764-8692 and by using the passcode 517762.
电话会议的重播将在电话会议结束大约两小时后上线，直至2023年9月12日。拨打 1-877-674-7070 或 +1-416-764-8692 并使用密码 517762 即可观看重播。
The good natured corporate profile can be found at: investor.goodnaturedproducts.com
这个 善良的性情 公司简介可以在以下网址找到：investor.goodnaturedproduc
About good natured Products Inc.
good natured is passionately pursuing its goal of becoming North America's leading earth-friendly product company by offering the broadest assortment of plant-based products made from rapidly renewable resources instead of fossil fuels. The Company is focused on making it easy and affordable for business owners and consumers to shift away from petroleum to better everyday products that use more renewable materials, less fossil fuel, and no chemicals of concern.
关于 good natured Product
善良的性情通过提供由快速可再生资源而不是化石燃料制成的种类最广泛的植物基产品，热情地追求成为北美领先的地球友好型产品公司的目标。该公司致力于使企业主和消费者能够轻松且负担得起地从石油转向石油 更好的日常用品 它们使用更多的可再生材料，更少的化石燃料，并且不使用任何令人担忧的化学物质。
good natured offers over 400 products and services through wholesale, direct to business, and retail channels. From plant-based home organization products to certified compostable food containers, bio-based industrial supplies and medical packaging, the Company is focused on making plant-based products more readily accessible to people as a means to create meaningful environmental and social impact.
善良的性情 通过批发、直接面向企业和零售渠道提供 400 多种产品和服务。从植物性家庭整理产品到经过认证的可堆肥食品容器、生物基工业用品和医疗包装，该公司致力于使人们更容易获得植物性产品，以此作为产生有意义的环境和社会影响的一种手段。
For more information: goodnaturedproducts.com
欲了解更多信息： goodnaturedprod
On behalf of the Company:
Paul Antoniadis - Executive Chair & CEO
Contact: 1-604-566-8466
代表公司：
保罗·安东尼奥迪斯——执行主席兼首席执行官
联系人：1-604-566-8466
Investor Contact:
Spencer Churchill
Investor Relations
1-877-286-0617 ext. 113
invest@goodnaturedproducts.com
投资者联系人：
斯宾塞·丘吉尔
投资者关系
1-877-286-0617 分机 113
invest@goodnaturedproducts.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibilities for the adequacy or accuracy of this release.
多伦多证券交易所风险投资交易所及其监管服务提供商（该术语在多伦多证券交易所风险投资交易所的政策中定义）均不对本新闻稿的充分性或准确性承担责任。
Non-GAAP Financial Measures
非公认会计准则财务指标
We have included in this press release a discussion of the Company's variable gross profit, variable gross margin, SG&A excluding acquisition activity and one-time charges, and adjusted EBITDA all non-GAAP measures, for Q1 2023, Q2 2023, H1 2023, Q2 2022 and H1 2022 to provide, what management believes, is a meaningful comparison of the Company's performance in Q2 2023 and H1 2023. These non-GAAP measures do not have standardized meanings, and therefore may not be comparable to similar measures presented by other issuers. Variable gross profit, variable gross margin, SG&A excluding acquisition activity and one-time charges, and adjusted EBITDA are more fully defined and discussed in the Company's Q2 2023 Management's Discussion and Analysis under the heading "non-IFRS financial measures", which is available on the Company's SEDAR profile at and on the Company's investor website at investor.goodnaturedproducts.com.
我们在本新闻稿中讨论了公司2023年第一季度、2023年第二季度、2023年上半年、2022年第二季度和2022年上半年的可变毛利、可变毛利率、不包括收购活动和一次性费用的销售和收购，以及调整后的息税折旧摊销前利润所有非公认会计准则指标，以便对公司2023年第二季度和2023年上半年的业绩进行有意义的比较。这些非公认会计准则指标没有标准化的含义，因此可能无法与其他发行人提出的类似指标进行比较。公司2023年第二季度管理层在 “非国际财务报告准则财务指标” 的讨论与分析中更全面地定义和讨论了可变毛利、可变毛利率、不包括收购活动和一次性费用的销售和收购以及调整后的息税折旧摊销前利润，该报告可在公司的SEDAR简介中查阅，网址为 以及在该公司的投资者网站investor.goodnaturedproducts.com上。
The following table provides a reconciliation of net loss to adjusted EBITDA for the periods ended:
下表显示了截至期间的净亏损与调整后的息税折旧摊销前利润的对账情况：
| 3 mon. ended Jun 30 | 6 mon. ended Jun 30 | |||||||||||||||||||
| 2023 |
2022 | +/- | 2023 | 2022 | +/- |
|
||||||||||||||
| Net loss for the period | $ | (3,582 | ) | $ | (3,012 | ) | 19% | $ | (6,103 | ) | $ | (4,604 | ) | 33% | ||||||
| Share-based compensation | 394 | 574 | -31% | 797 | 1,175 | -32% | ||||||||||||||
| Depreciation | 613 | 300 | 104% | 1,240 | 971 | 28% | ||||||||||||||
| Depreciation in COGS & SG&A | 530 | 455 | 16% | 1,062 | 759 | 40% | ||||||||||||||
| Financing costs | 1,796 | 1,318 | 36% | 3,595 | 2,293 | 57% | ||||||||||||||
| Foreign exchange loss (gain) | 143 | 789 | -82% | (148 | ) | 763 | -119% | |||||||||||||
| Gain on WINN Loan | - | (15 | ) | -100% | (42 | ) | (15 | ) | 180% | |||||||||||
| Loss on financing | - | 4 | -100% | - | 4 | -100% | ||||||||||||||
| Acquisition related expenses & one-time | ||||||||||||||||||||
| charges | 278 | 646 | -57% | 569 | 924 | -38% | ||||||||||||||
| Deferred income taxes recovery | (125 | ) | (54 | ) | 131% | (250 | ) | (108 | ) | 131% | ||||||||||
| Adjusted EBITDA1 | $ | 47 | $ | 1,005 | -95% | $ | 720 | $ | 2,162 | -67% | ||||||||||
| 截至 6 月 30 日的 3 个月 | 截至 6 月 30 日的 6 个月 | |||||||||||||||||||
| 2023 |
2022 | +/- | 2023 | 2022 | +/- |
|
||||||||||||||
| 该期间的净亏损 | $ | (3,582 | ) | $ | (3,012) | ) | 19% | $ | (6,103 | ) | $ | (4,604 | ) | 33% | ||||||
| 基于股份的薪酬 | 394 | 574 | -31% | 797 | 1,175 | -32% | ||||||||||||||
| 折旧 | 613 | 300 | 104% | 1,240 | 971 | 28% | ||||||||||||||
| COGS 和 SG&A 的折旧 | 530 | 455 | 16% | 1,062 | 759 | 40% | ||||||||||||||
| 融资成本 | 1,796 | 1,318 | 36% | 3595 | 2,293 | 57% | ||||||||||||||
| 外汇损失（收益） | 143 | 789 | -82% | (148 | ) | 763 | -119% | |||||||||||||
| WINN 贷款的收益 | - | (15) | ) | -100% | (42) | ) | (15) | ) | 180% | |||||||||||
| 融资损失 | - | 4 | -100% | - | 4 | -100% | ||||||||||||||
| 收购相关费用和一次性费用 | ||||||||||||||||||||
| 费用 | 278 | 646 | -57% | 569 | 924 | -38% | ||||||||||||||
| 递延所得税回收 | (125) | ) | (54) | ) | 131% | (250) | ) | (108 | ) | 131% | ||||||||||
| 调整后 EBITDA1 | $ | 47 | $ | 1,005 | -95% | $ | 720 | $ | 2,162 | -67% | ||||||||||
The following table provides a reconciliation of variable gross profit to gross profit and variable gross margin to gross margin for the periods ended:
下表提供了已结束期间可变毛利与毛利以及可变毛利与毛利率的对账情况：
| 3 mon. ended Jun 30 | 6 mon. ended Jun 30 | |
|||||||||||||||||
| 2023 | 2022 | +/- | 2023 | 2022 | +/- | ||||||||||||||
| Revenue | $ | 18,282 | $ | 5,546 | -28% | $ | 38,597 | $ | 51,482 | -25% | |||||||||
| Variable cost of product | 11,602 | 17,090 | -32% | 24,304 | 34,805 | -30% | |||||||||||||
| Variable gross profit1 | 6,680 | 8,456 | -21% | 14,293 | 16,677 | -14% | |||||||||||||
| Variable gross margin %1 | 36.5% | 33.1% | 37.0% | 32.4% | |||||||||||||||
| Fixed factory overhead | 2,012 | 1,708 | 18% | 4,026 | 3,295 | 22% | |||||||||||||
| Gross profit | 4,668 | 6,748 | -31% | 10,267 | 13,382 | -23% | |||||||||||||
| Gross margin % | 25.5% | 26.4% | 26.6% | 26.0% | |||||||||||||||
| 截至 6 月 30 日的 3 个月 | 截至 6 月 30 日的 6 个月 | |
|||||||||||||||||
| 2023 | 2022 | +/- | 2023 | 2022 | +/- | ||||||||||||||
| 收入 | $ | 18,282 | $ | 5,546 | -28% | $ | 38,597 | $ | 51,482 | -25% | |||||||||
| 产品的可变成本 | 11,602 | 17,090 | -32% | 24,304 | 34,805 | -30% | |||||||||||||
| 可变毛利1 | 6,680 | 8,456 | -21% | 14,293 | 16,677 | -14% | |||||||||||||
| 可变毛利率%1 | 36.5% | 33.1% | 37.0% | 32.4% | |||||||||||||||
| 固定工厂开销 | 2,012 | 1,708 | 18% | 4,026 | 3,295 | 22% | |||||||||||||
| 毛利 | 4,668 | 6,748 | -31% | 10,267 | 13,382 | -23% | |||||||||||||
| 毛利率% | 25.5% | 26.4% | 26.6% | 26.0% | |||||||||||||||
The following table provides a reconciliation of selling, general and administrative expense excluding acquisition activity and one-time charges:
下表列出了不包括收购活动和一次性费用的销售、一般和管理费用的对账情况：
| 3 mon. ended Jun 30 | 6 mon. ended Jun 30 | |||||||||||||||||
| 2023 | 2022 | +/- | 2023 | 2022 | +/- | |||||||||||||
| SG&A Wages | $ | 2,262 | $ | 2,304 | -2% | $ | 4,615 | $ | 4,390 | 5% | ||||||||
| SG&A Other | 1,038 | 1,454 | -29% | 2,069 | 2,704 | -23% | ||||||||||||
| Product Development expense | 142 | 196 | -28% | 308 | 388 | -21% | ||||||||||||
| Acquisition related expenses & one-time charges1 | 278 | 646 | -57% | 569 | 924 | -38% | ||||||||||||
| SG&A | 3,720 | 4,600 | -19% | 7,561 | 8,406 | -10% | ||||||||||||
| SG&A % of revenue | 20% | 18% | 20% | 16% | ||||||||||||||
| SG&A excluding acquisition activity & one-time charges1 | 3,442 | 3,954 | -13% | 6,992 | 7,482 | -7% | ||||||||||||
| SG&A % of revenue excluding acquisition related & one-time charges1 | 19% | 15% | 18% | 15% | ||||||||||||||
| SG&A Wages % of revenues | 12% | 9% | 12% | 9% | ||||||||||||||
| 截至 6 月 30 日的 3 个月 | 截至 6 月 30 日的 6 个月 | |||||||||||||||||
| 2023 | 2022 | +/- | 2023 | 2022 | +/- | |||||||||||||
| SG&A 工资 | $ | 2,262 | $ | 2,304 | -2% | $ | 4,615 | $ | 4,390 | 5% | ||||||||
| SG&A 其他 | 1,038 | 1,454 | -29% | 2,069 | 2,704 | -23% | ||||||||||||
| 产品开发费用 | 142 | 196 | -28% | 308 | 388 | -21% | ||||||||||||
| 收购相关费用和一次性费用1 | 278 | 646 | -57% | 569 | 924 | -38% | ||||||||||||
| SG&A | 3,720 | 4,600 | -19% | 7,561 | 8,406 | -10% | ||||||||||||
| 销售和收购占收入的百分比 | 20% | 18% | 20% | 16% | ||||||||||||||
| SG&A 不包括收购活动和一次性费用1 | 3,442 | 3,954 | -13% | 6,992 | 7,482 | -7% | ||||||||||||
| 销售和收购占收入的百分比，不包括收购相关费用和一次性费用1 | 19% | 15% | 18% | 15% | ||||||||||||||
| SG&A 工资占收入的百分比 | 12% | 9% | 12% | 9% | ||||||||||||||
Cautionary Statement Regarding Forward-Looking Information
关于前瞻性信息的警示声明
This news release contains forward-looking information within the meaning of securities laws including statements related to Company plans and focuses for 2023, the upcoming results conference call and management's outlook for 2023.
本新闻稿包含证券法所指的前瞻性信息，包括与公司2023年计划和重点、即将举行的业绩电话会议和管理层对2023年展望相关的声明。
By their nature, forward-looking statements involve known and unknown risks, uncertainties, changes in circumstances and other factors that are difficult to predict and many of which are outside of the Company's control which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
就其性质而言，前瞻性陈述涉及已知和未知的风险、不确定性、情况变化和其他难以预测的因素，其中许多因素超出了公司的控制范围，可能导致我们的实际业绩、业绩或成就或其他未来事件与此类前瞻性陈述所表达或暗示的任何未来业绩、业绩或成就存在重大差异。
Forward-looking information contained in this news release is based on our current estimates, expectations and projections regarding, among other things, future plans and strategies, projections, future market and operating conditions, supply conditions, end customer demand conditions, anticipated events and trends, general market conditions, the economy, financial conditions, sales volume and pricing, expenses and costs, and other future conditions which we believe are reasonable as of the current date. Important factors that could cause actual results and financial conditions to differ materially from those indicated in the forward-looking statements include, but are not limited to: future capital needs and uncertainty of additional financing, risks relating to general economic, market and business conditions and unforeseen delays in the realization of the Company's plans, risks related to the loss of key manufacturing equipment, capability or facilities, the performance of plant-based materials and the ability of the Company's products and packaging to meet significant technical requirements, changes in raw material supply and costs, labour availability and labour costs, fluctuations in operating results, and other related risks as more fully set out in the Annual Information Form of the Company and other documents disclosed under the Company's filings at . The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date.
本新闻稿中包含的前瞻性信息基于我们目前的估计、预期和预测，其中包括未来计划和战略、预测、未来市场和运营状况、供应状况、最终客户需求状况、预期事件和趋势、总体市场状况、经济、财务状况、销售量和定价、支出和成本以及我们认为截至当前日期合理的其他未来状况。可能导致实际业绩和财务状况与前瞻性陈述中所述业绩和财务状况存在重大差异的重要因素包括但不限于：未来的资本需求和额外融资的不确定性，与总体经济、市场和商业状况相关的风险以及公司计划实现的不可预见的延迟，与关键制造设备、能力或设施损失相关的风险，植物基材料的性能以及公司产品和包装的满足能力重大技术要求、原材料供应和成本的变化、劳动力供应和劳动力成本、经营业绩的波动以及其他相关风险，详见公司年度信息表和公司文件中披露的其他文件。读者不应过分重视前瞻性信息，也不应像其他任何日期一样依赖这些信息。
If relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to herein will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
如果依靠公司的前瞻性陈述和信息来做出决策，投资者和其他人应仔细考虑上述因素以及其他不确定性和潜在事件。公司假设此处提及的重大因素不会导致此类前瞻性陈述和信息与实际业绩或事件存在重大差异。但是，无法保证此类假设会反映这些项目或因素的实际结果。
Other than as required under securities laws, we do not undertake to update this information at any particular time.
除证券法要求外，我们不承诺在任何特定时间更新这些信息。
All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.
本警示声明对本新闻稿中包含的所有前瞻性信息进行了全面明确限定。
GOOD NATURED PRODUCTS INC.
Consolidated Statements of Financial Position
(In thousands) (Unaudited)
GOOD NATURE PRODUCT
合并财务状况表
（以千计）（未经审计）
| 30-Jun | 31-Dec | |||||
| 2023 | 2022 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 13,205 | $ | 11,860 | ||
| Trade and other receivables | 8,591 | 9,360 | ||||
| Inventory (note 3) | 10,856 | 12,663 | ||||
| Prepaid expenses | 1,062 | 929 | ||||
| 33,714 | 34,812 | |||||
| Non-current assets: | ||||||
| Property and equipment (note 5) | 44,248 | 44,692 | ||||
| Right-of-use assets (note 6) | 4,455 | 5,001 | ||||
| Customer relationships (note 7) | 6,125 | 6,447 | ||||
| Intangible and other assets (note 7) | 4,580 | 4,523 | ||||
| Goodwill (note 7) | 8,920 | 8,966 | ||||
| $ | 102,042 | $ | 104,441 | |||
| Liabilities and Shareholders' Equity | ||||||
| Current liabilities: | ||||||
| Accounts payable and accrued liabilities | $ | 19,096 | $ | 18,265 | ||
| Current portion of long-term debt (note 9) | 5,443 | 6,593 | ||||
| 24,539 | 24,858 | |||||
| Non-Current liabilities: | ||||||
| Convertible debentures | 16,382 | 16,079 | ||||
| Mortgages | 19,587 | 19,938 | ||||
| Credit Facility | 13,725 | 13,854 | ||||
| Lease Liability | 1,902 | 2,239 | ||||
| Other long-term debt (note 8) | 3,292 | 3,210 | ||||
| Contingent consideration liability | 2,109 | 2,035 | ||||
| Deferred income tax liabilities | 3,028 | 3,278 | ||||
| 60,025 | 60,633 | |||||
| Shareholders' Equity: | ||||||
| Common share capital | 67,175 | 63,446 | ||||
| Contributed surplus | 9,090 | 7,563 | ||||
| Foreign currency translation reserve | 1,644 | 2,269 | ||||
| Deficit | (60,431 | ) | (54,328 | ) | ||
| 17,478 | 18,950 | |||||
| Total Liabilities and Shareholders' Equity | $ | 102,042 | $ | 104,441 | ||
| 6 月 30 日 | 12 月 31 日 | |||||
| 2023 | 2022 | |||||
| 资产 | ||||||
| 流动资产： | ||||||
| 现金和现金等价物 | $ | 13,205 | $ | 11,860 | ||
| 贸易和其他应收账款 | 8,591 | 9,360 | ||||
| 库存（注释3） | 10,856 | 12,663 | ||||
| 预付费用 | 1,062 | 929 | ||||
| 33,714 | 34,812 | |||||
| 非流动资产： | ||||||
| 财产和设备（附注5） | 44,248 | 44,692 | ||||
| 使用权资产（附注6） | 4,455 | 5,001 | ||||
| 客户关系（注7） | 6,125 | 6,447 | ||||
| 无形资产和其他资产（附注7） | 4,580 | 4,523 | ||||
| 商誉（注7） | 8,920 | 8,966 | ||||
| $ | 102,042 | $ | 104,441 | |||
| 负债和股东权益 | ||||||
| 流动负债： | ||||||
| 应付账款和应计负债 | $ | 19,096 | $ | 18,265 | ||
| 长期债务的流动部分（附注9） | 5,443 | 6,593 | ||||
| 24,539 | 24,858 | |||||
| 非流动负债： | ||||||
| 可转换债券 | 16,382 | 16,079 | ||||
| 抵押 | 19,587 | 19,938 | ||||
| 信贷额度 | 13,725 | 13,854 | ||||
| 租赁责任 | 1,902 | 2,239 | ||||
| 其他长期债务（附注8） | 3,292 | 3,210 | ||||
| 或有对价负债 | 2,109 | 2,035 | ||||
| 递延所得税负债 | 3,028 | 3,278 | ||||
| 60,025 | 60,633 | |||||
| 股东权益： | ||||||
| 普通股资本 | 67,175 | 63,446 | ||||
| 缴纳的盈余 | 9,090 | 7,563 | ||||
| 外币折算储备 | 1,644 | 2,269 | ||||
| 赤字 | (60,431 | ) | (54,328 | ) | ||
| 17,478 | 18,950 | |||||
| 负债和股东权益总额 | $ | 102,042 | $ | 104,441 | ||
GOOD NATURED PRODUCTS INC.
Consolidated Statements of Net Loss and Comprehensive Loss
(In thousands except per share amounts) (Unaudited)
GOOD NATURED PRODUC
净亏损和综合亏损合并报表
（以千计（每股金额除外）（未经审计）
| Three months ended June 30 | Six months ended June 30 | | ||||||||||
| 2023 | 2022 | 2023 | 2022 | | ||||||||
| Product revenue | $ | 18,282 | $ | 25,546 | $ | 38,597 | $ | 51,482 | ||||
| Cost of product revenue (note 11) | (13,614 | ) | (18,798 | ) | (28,330 | ) | (38,100 | ) | ||||
| Gross margin | 4,668 | 6,748 | 10,267 | 13,382 | ||||||||
| Other (Expenses) Income: | ||||||||||||
| Selling, general, and administrative | ||||||||||||
| (note 12) | (3,720 | ) | (4,600 | ) | (7,561 | ) | (8,406 | ) | ||||
| Fulfilment and logistics | (1,709 | ) | (2,244 | ) | (3,617 | ) | (4,497 | ) | ||||
| Share-based compensation (note 10(b,d)) | (394) | (574 | ) | (797 | ) | (1,175 | ) | |||||
| Depreciation and amortization | (613 | ) | (300 | ) | (1,240 | ) | (971 | ) | ||||
| Financing costs | (1,796 | ) | (1,318 | ) | (3,595 | ) | (2,293 | ) | ||||
| Foreign exchange loss | (143 | ) | (789 | ) | 148 | (763 | ) | |||||
| Loss on debt repayment and | ||||||||||||
| and conversion | - | (4 | ) | - | (4 | ) | ||||||
| Gain on interest free loan | - | 15 | 42 | 15 | ||||||||
| Net loss before taxes | (3,707 | ) | (3,066 | ) | (6,353 | ) | (4,712 | ) | ||||
| Deferred income tax recovery | 125 | 54 | 250 | 108 | ||||||||
| Net loss for the period | (3,582 | ) | (3,012 | ) | (6,103 | ) | (4,604 | ) | ||||
| Other comprehensive (loss) gain, net of tax | ||||||||||||
| Items that may be reclassified subsequently to profit or loss: | ||||||||||||
| Unrealized currency gain (loss) on | ||||||||||||
| translation of foreign operations | $ | (506 | ) | $ | 998 | $ | (625 | ) | $ | 812 | ||
| Comprehensive loss | ||||||||||||
| for the period | (4,088 | ) | (2,014 | ) | (6,728 | ) | (3,792 | ) | ||||
| Basic and diluted loss per share | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.02 | ) |
| Weighted average shares outstanding - | ||||||||||||
| basic and diluted | 246,071 | 223,151 | 243,929 | 222,689 | ||||||||
| 截至6月30日的三个月 | 截至6月30日的六个月 | | ||||||||||
| 2023 | 2022 | 2023 | 2022 | | ||||||||
| 产品收入 | $ | 18,282 | $ | 25,546 | $ | 38,597 | $ | 51,482 | ||||
| 产品收入成本（附注 11） | (13,614 | ) | (18,798 | ) | (28,330 | ) | (38,100 | ) | ||||
| 毛利率 | 4,668 | 6,748 | 10,267 | 13,382 | ||||||||
| 其他（支出）收入： | ||||||||||||
| 销售、一般和管理 | ||||||||||||
| （注释十二） | (3,720 | ) | (4,600 | ) | (7,561 | ) | (8,406 | ) | ||||
| 配送和物流 | (1,709 | ) | (2,244 | ) | (3,617 | ) | (4,497 | ) | ||||
| 基于股份的薪酬（附注 10 (b, d)） | (394) | (574) | ) | (797 | ) | (1,175 | ) | |||||
| 折旧和摊销 | (613) | ) | (300) | ) | (1,240 | ) | (971) | ) | ||||
| 融资成本 | (1,796 | ) | (1,318 | ) | (3,595) | ) | (2,293) | ) | ||||
| 外汇损失 | (143) | ) | (789 | ) | 148 | (763) | ) | |||||
| 债务偿还损失和 | ||||||||||||
| 和转换 | - | (4) | ) | - | (4) | ) | ||||||
| 免息贷款收益 | - | 15 | 42 | 15 | ||||||||
| 税前净亏损 | (3,707 | ) | (3,066 | ) | (6,353 | ) | (4,712) | ) | ||||
| 递延所得税的回收 | 125 | 54 | 250 | 108 | ||||||||
| 该期间的净亏损 | (3,582 | ) | (3,012) | ) | (6,103 | ) | (4,604 | ) | ||||
| 扣除税款的其他综合（亏损）收益 | ||||||||||||
| 随后可能重新归类为损益的项目： | ||||||||||||
| 未实现的货币收益（亏损） | ||||||||||||
| 国外业务翻译 | $ | (506) | ) | $ | 998 | $ | (625) | ) | $ | 812 | ||
| 综合损失 | ||||||||||||
| 在此期间 | (4,088 | ) | (2,014 | ) | (6,728 | ) | (3,792 | ) | ||||
| 每股基本亏损和摊薄后亏损 | $ | (0.02) | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.02) | ) |
| 加权平均已发行股数- | ||||||||||||
| 基本的和稀释的 | 246,071 | 223,151 | 243,929 | 222,689 | ||||||||
GOOD NATURED PRODUCTS INC.
Consolidated Statements of Cash Flow
(In thousands)
GOOD NATURED PRODUC
合并现金流量表
（以千计）
| Six months ended June 30 | |||||||
| 2023 | 2022 | ||||||
| Cash provided by (used in): | |||||||
| Operations: | |||||||
| Net loss | $ | (6,103 | ) | $ | (4,604 | ) | |
| Items not involving cash: | |||||||
| Depreciation and amortization | 1,716 | 1,364 | |||||
| Unrealized foreign exchange (gain) loss | (376 | ) | 472 | ||||
| Amortization of right of use assets | 513 | 414 | |||||
| Share based compensation | 797 | 1,175 | |||||
| Loss on debt repayment and conversion | - | 4 | |||||
| Gain on interest free loan | (42 | ) | (15 | ) | |||
| Gain on equipment disposal | - | (63 | ) | ||||
| Financing costs | 3,595 | 2,293 | |||||
| Deferred income tax | (250 | ) | (107 | ) | |||
| (150 | ) | 933 | |||||
| Changes in non-cash operating working capital: | |||||||
| Trade and other receivables | 769 | 556 | |||||
| Inventory | 1,807 | 493 | |||||
| Prepaid expenses | (133 | ) | (291 | ) | |||
| Accounts payable and accrued liabilities | 831 | 1,430 | |||||
| 3,274 | 2,188 | ||||||
| Finance costs paid | (3,065 | ) | (1,754 | ) | |||
| Cash provided by operating activities | 59 | 1,367 | |||||
| Financing: | |||||||
| Issuance of common shares and Special Warrants, | |||||||
| net of issuance costs (note 10(a)) | 4,444 | 6,093 | |||||
| Exercise of warrants for common shares | - | 256 | |||||
| Exercise of options for common shares | 15 | 29 | |||||
| Proceeds from long-term debt, net of issuance costs | 2,539 | 1,191 | |||||
| Repayment of long-term debt | (4,076 | ) | (1,222 | ) | |||
| Proceeds from equipment sale leaseback | - | 1,431 | |||||
| Cash provided by (used in) financing activities | 2,922 | 7,778 | |||||
| Investments: | |||||||
| Proceeds on equipment disposal | - | 109 | |||||
| Purchase of equipment | (1,267 | ) | (3,364 | ) | |||
| Purchase of other assets | (170 | ) | (60 | ) | |||
| Cash used in investing activities | 1,437 | ) | (3,315 | ) | |||
| Effect of foreign exchange rate changes on cash | (199 | ) | 215 | ||||
| Increase in cash | 1,345 | 6,045 | |||||
| Cash and cash equivalents, beginning of period | 11,860 | 10,655 | |||||
| Cash and cash equivalents, end of period | 13,205 | 16,700 | |||||
| 截至6月30日的六个月 | |||||||
| 2023 | 2022 | ||||||
| 提供的现金（用于）： | |||||||
| 操作： | |||||||
| 净亏损 | $ | (6,103 | ) | $ | (4,604 | ) | |
| 不涉及现金的物品： | |||||||
| 折旧和摊销 | 1,716 | 1,364 | |||||
| 未实现的外汇（收益）损失 | (376) | ) | 472 | ||||
| 使用权资产的摊销 | 513 | 414 | |||||
| 基于股份的薪酬 | 797 | 1,175 | |||||
| 债务偿还和转换损失 | - | 4 | |||||
| 免息贷款收益 | (42) | ) | (15) | ) | |||
| 设备处置收益 | - | (63) | ) | ||||
| 融资成本 | 3595 | 2,293 | |||||
| 递延所得税 | (250) | ) | (107 | ) | |||
| (150) | ) | 933 | |||||
| 非现金运营资本的变化： | |||||||
| 贸易和其他应收账款 | 769 | 556 | |||||
| 库存 | 1,807 | 493 | |||||
| 预付费用 | (133 | ) | (291) | ) | |||
| 应付账款和应计负债 | 831 | 1,430 | |||||
| 3,274 | 2,188 | ||||||
| 已支付的财务费用 | (3,065 | ) | (1,754 | ) | |||
| 经营活动提供的现金 | 59 | 1,367 | |||||
| 融资： | |||||||
| 发行普通股和特别认股权证， | |||||||
| 扣除发行成本（附注10 (a)） | 4,444 | 6,093 | |||||
| 行使普通股认股权证 | - | 256 | |||||
| 行使普通股期权 | 15 | 29 | |||||
| 扣除发行成本的长期债务收益 | 2,539 | 1,191 | |||||
| 偿还长期债务 | (4,076 | ) | (1,222 | ) | |||
| 设备销售回租所得款项 | - | 1,431 | |||||
| 由（用于）融资活动提供的现金 | 2,922 | 7,778 | |||||
| 投资： | |||||||
| 设备处置所得款项 | - | 109 | |||||
| 购买设备 | (1,267 | ) | (3,364) | ) | |||
| 购买其他资产 | (170 | ) | (60) | ) | |||
| 用于投资活动的现金 | 1,437 | ) | (3,315 | ) | |||
| 外汇汇率变动对现金的影响 | (199 | ) | 215 | ||||
| 现金增加 | 1,345 | 6,045 | |||||
| 现金和现金等价物，期初 | 11,860 | 10,655 | |||||
| 现金和现金等价物，期末 | 13,205 | 16,700 | |||||
1 A non-GAAP financing measure. Please refer to the "Non-GAAP Financial Measures" below for an explanation of these measures and reconciliation to the Company's financial results reported in accordance with GAAP.
1 一项非公认会计准则融资措施。有关这些指标的解释以及与根据公认会计原则报告的公司财务业绩的对账情况，请参阅下文 “非公认会计准则财务指标”。
To view the source version of this press release, please visit
要查看本新闻稿的源版本，请访问