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The Flowr Corp. Reports Slight Drop In Revenue For Q1 2022

Benzinga Real-time News ·  {{timeTz}}

The Flowr Corporation (TSX.V:FLWR) (OTCPK:FLWPF) net revenue during Q1 2022 was CA$3.46 million ($2.73 million) or 4% lower than in Q1 2021.

Q1 2022 Financial Highlights

  • Gross revenue for Q1 2022 was CA$3.88 million compared to CA$4.4 million in Q1 2021, a decline of CA$525,000 or 12%.

  • SG&A expenses for Q1 2022 were CA$2.85 million compared with CA$4 million in Q1 2021, a decrease of CA$1.14 million or 29% primarily as a result of cost reduction measures the company implemented that began 2021 and continued in 2022.

  • Gross loss for Q1 2022 was CA$898,000 compared with a profit of CA$143,000 for Q1 2021 primarily as a result of a lower profit margin on products sold.

  • Cost of sales for Q1 2022 was CA$3.68 million compared to CA$2.73 million for Q1 2021. The increase in the cost of sales resulted from a significantly higher volume of cannabis sold during the current quarter at 1,180 kilograms compared with 673 kilograms sold during Q1 2021.

  • Net loss of the company totaled CA$5.76 million for Q1 2022 compared to a loss of CA$7 million for Q1 2021. The change in net loss was primarily due to a higher gross loss more than offset by lower SG&A, a reversal in share-based compensation, lower depreciation and finance costs.

Tom Flow, the interim CEO of Flowr, stated: "The first quarter of 2022 showed that we remain on track with our objective on maintaining our status as a premium cannabis producer. Also, our continued focus on cost reductions is showing in our bottom-line improvements."

Failure to file a cease trade order issued by the Ontario Securities Commission on May 6, 2022 against the company has been fully revoked by the applicable regulatory authorities.

The reinstatement of trading of the company's securities on the TSXV was granted by the TSXV on May 27, 2022 and the common shares of Flowr will be reinstated to trade effective at the opening on May 31, 2022.

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