Australis Capital Inc. (OTCQB:AUSAF) (CSE:AUSA) released its unaudited results for its fiscal year ended March 31, 2022, revealing revenue increased by over 1,200% to nearly CA$9.5 million ($7.38 million), driven predominantly by a full year of ALPS revenue consolidated, as well as growth in the ALPS business throughout the year, along with management fee income starting in fiscal '22 related to the Green Therapeutics ("GT") business.

Fiscal Year 2022 Financial Highlights

• Gross margins turned positive at nearly CA$5.9 million, due predominantly to results at ALPS, along with the GT-related management fee income.

• Operating loss increased 38% to CA$19.4 million due to higher personnel and administrative costs related to the ALPS business, as well as investments in new product lines and initiatives related to expansion into other states.

• The company raised CA$5.8 million in equity and debt financings during FY 2022.

• Total assets stood at CA$63.3 million at the end of FY 2022, down from CA$82.4 million at the end of FY 2021, due to the sale and drop in value of the marketable securities owned and the sale of land.

• Total liabilities increased 12% to CA$17.7 million.

• Total equity stood at CA$45.6 million as at March 31, 2022.

• Net loss in fiscal 2022 was CA$51.48 million, an unfavorable increase of 99% compared to net loss of CA$25.75 million in fiscal 2021.

Terry Booth, CEO, stated, "We have been able to develop a number of unique assets, from our award-winning GT brands, though our unique LOOS, Mr. Natural and Wreck Relief product lines, as well as our early mover initiatives in Thailand (revenue generating) and New York State. With our recently granted provisional license in New Jersey, where we are progressing towards conversion into a full adult use license, we believe we have assembled a portfolio of assets, the value of which is well in excess of what the market currently values us at. With our recently announced credit line and further capitalization initiatives under way, we believe AUDACIOUS is positioned exceptionally well to benefit from the strong anticipated growth on the U.S. East Coast, as well as internationally."

Subsequent Events since March 31, 2022

AUDACIOUS secured a CA$2.5 million credit facility from Lola Ventures, an entity controlled by CEO Terry Booth. Funds will go towards general working capital purposes, as well as growth initiatives.

On July 5, 2022, the company appointed Jill Swainson, former chief legal officer at Aurora Cannabis (NASDAQ:ACB), to the board, who replaced Avi Geller, who resigned for personal reasons.

Photo: Benzinga; Sources: courtesy of Kindel Media via Pexels

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