Fire & Flower Holdings Corp. (OTCQX:FFLWF) (TSX:FAF) released its financial results for the 9-week period of the fourth quarter and the 48-week fiscal year ended December 31, 2022 due to the company's revised fiscal year end.
Q4 2022 Financial Highlights
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Revenue was CA$30.5 million ($22.3 million) for the 9-week Q4 2022, a decrease of 28% compared to CA$42.7 million for the 13-week Q4 2021.
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Gross profit of CA$7.4 million (24.3% of revenue) for the 9-week fourth quarter of 2022, compared to CA$13.7 million (32.1% of revenue) in Q4 2021.
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Adjusted EBITDA was negative CA$3.8 million for the 9-week Q4 2022, compared to negative CA$2.4 million in Q4 2021.
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Net loss was CA$29.9 million for the 9-week Q4 2022, including restructuring and impairment charges of CA$45.7 million and CA$21.5 million million for the respective periods, compared to a loss of CA$19.4 million in Q4 2021.
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Cash balance of CA$12.4 million.
FY 2022 Financial Highlights
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Consolidated revenue of CA$156.0 million for the 48-week fiscal year 2022, a decrease of 11% compared to CA$175.5 million for the 52-week FY 2021.
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Consolidated gross profit of CA$41.1 million (26.4% of revenue) for the 48-week fiscal year 2022, compared to gross profit of CA$62.1 million (35.4% of revenue) in FY 2021.
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Adjusted EBITDA of negative CA$15.0 million for the 48-week fiscal year 2022, compared to positive CA$5.1 million in FY 2021.
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Net loss of CA$89.5 Million for the 48-week fiscal year 2022, compared to a loss of CA$63.6 million in FY 2021.
"2022 was a turnaround year for Fire & Flower, represented by three consecutive quarters of same store sales and gross margin growth. We look to 2023 as a transformative year where we anticipate achieving positive adjusted EBITDA during the first half of the fiscal year through a disciplined approach to our core retail business, driving top line revenue, gross profit dollars and reducing our overhead expenses. We are delivering higher gross margin percentages with increased retail foot traffic, consumer price credibility and using our advanced Hifyre data capabilities to ensure that we have the most in-demand products for our customers," stated Stéphane Trudel, CEO of Fire & Flower.
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火花控股公司。(OTCQX：FFLWF)(多倫多證券交易所股票代碼：FAF)公佈了截至2022年12月31日的第四季度9週期間和48周財年的財務業績，原因是該公司修訂後的財政年度結束。
問題42022年金融亮點
2022年第四季度9周的收入為3050萬加元(2230萬美元)，與2021年第四季度13周的4270萬加元相比下降了28%。
毛利潤740萬加元(佔收入的24.3%)2022年第四季度為9周，而2021年第四季度為1370萬加元(佔收入的32.1%)。
調整後的EBITDA在2022年第四季度為負380萬加元，而2021年第四季度為負240萬加元。
2022年第四季度的淨虧損為2,990萬加元，包括相應期間的重組和減值費用4,570萬加元和2,150萬加元，而2021年第四季度虧損1,940萬加元。
現金餘額1,240萬加元。
2022財年財務亮點
2022財年48周的綜合收入為1.56億加元，與2021財年52周的1.755億加元相比下降了11%。
合併毛利潤為4,110萬加元(佔收入的26.4%)2022財年為48周，而2021財年的毛利潤為6210萬加元(佔收入的35.4%)。
調整後的EBITDA在2022財年48周為負1500萬加元，而2021財年為正510萬加元。
2022財年48周的淨虧損為8950萬加元，而2021財年的虧損為6360萬加元。
“對Fire&Flower來說，2022年是扭虧為盈的一年，同店銷售額和毛利率連續三個季度增長。我們預計2023年是變革性的一年，我們預計通過對核心零售業務採取有紀律的方法，推動營收、毛利美元和減少管理費用，在本財年上半年實現正調整的EBITDA。我們正在提供更高的毛利率百分比，零售客流量增加，消費者價格可信度增加，並使用我們先進的Hifyre數據功能，以確保我們為客戶提供最受歡迎的產品StéPhane Trudel，Fire&Flower的首席執行官。
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