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The Flowr Corporation in Q4 2021 Sets New Records in Gross and Net Revenue at $4.4 Million and $3.9 Million, Respectively

MT Newswires ·  {{timeTz}}

07:30 AM EDT, 05/24/2022 (MT Newswires) -- The Flowr Corporation (FLWR.V) over the holiday weekend reported Q4 2021 net loss of $63.9 million, or $(0.15) per share, compared with a net loss of $99.8 million, or $(0.07) per share, for the prior year quarter.

Net revenue was $3.8 million, more than double the $1.6 million generated in Q4 2020, while gross revemue was $4.3 million, versus $2 million, the previous corresponding quarter. Both gross and net revenue for Q4 2021 were the highest quarterly revenue recorded by the company, contributed by increases in cannabis sales in Flowr Canada.

Cost of sales for Q4 2021 was $5.26 million compared with $2.9 million the year before. The YoY increase was due to the higher volume of cannabis sold during the quarter at 1,407 kilograms compared with 311 kilograms sold during Q4 2020.

Impairment charges totaled $57 million in Q4 2021 compared with $84 million in Q4 2020.

Tom Flow, Interim CEO of Flowr, said: "2021 was a pivotal year for Flowr as we renewed our focus on maintaining our status as a premium cannabis producer and making the necessary changes to our business operations to reach profitability. The company made significant progress towards this objective, as we continue to take the necessary steps to reduce costs and drive revenues. In Q4 2021, we achieved new records in gross and net revenue at $4.4 million and $3.9 million, respectively, contributed by our previously announced strategy of introducing exciting new genetics and formats, enhancing our retail penetration, and solidifying our world class operations out of the K1 facility."

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