Source: Green Rise Foods Inc.
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  • Green Rise Foods (GRF) announced the release of its interim second quarter, 2022 consolidated financial results
  • Record revenue of $8.3 million compared to $7.1 million in Q2 of 2021
  • The execution of an interest rate swap on July 20, 2022, improved the company’s pro-forma working capital ratio for the period ended June 30, 2022
  • Green Rise is a grower of fresh produce in 89 acres of greenhouse ranges located in Leamington and Kingsville, Ontario
  • Green Rise Foods Inc. (GRF) opened trading at C$0.76 per share

Green Rise Foods (GRF) has released its interim second quarter, 2022 consolidated financial results.

Q2 highlights:

  • Record revenue of $8.3 million compared to $7.1 million in Q2 of 2021
  • Adjusted EBITDA of $2.7 million versus $2.8 million generated in 2021. Results were consistent despite a 30 per cent reduction in daily light integrals
  • Implementation of labor programs generated $0.5 million in labor cost savings. These programs along with the utilization of gas forward contracts, helped mitigate rising input costs
  • Closed the Green Rise #3 (GR3) range on June 30, 2022. The transaction is immediately accretive and further diversifies the company’s product offerings which now include mini peppers
  • The execution of an interest rate swap on July 20, 2022, improved the company’s pro-forma working capital ratio for the period ended June 30, 2022, by $1.4 million from the period ended March 31, 2022

Year to date highlights:

  • Record revenue of $8.5 million compared to $7.4 million for the same period ended June 30, 2021
  • Adjusted EBITDA of $1.5 million versus $1.7 million generated in 2021
  • Labor as a percent of produce sales came in at 33.0 per cent versus 36.0 per cent noted in the prior year

The company acquired a 16-acre greenhouse range in Kingsville, Ontario, for $15 million. The purchase price and related transaction costs were financed via a first charge mortgage of $15.35 million. Collateral is for $20 million secured against the property.

The mortgage is with the Royal Bank of Canada (RBC) and had an open variable rate on closing. On July 20, 2022, the company executed an interest rate swap with RBC, effectively fixing the interest rate at an all-in rate of 5.09 per cent, for five years on full notional amount of $15.35 million. As part of the GR3 financing, RBC also increased the company’s credit facility by $1.6 million, carrying interest rate at prime plus 1 per cent.

Green Rise is a grower of fresh produce in 89 acres of greenhouse ranges located in Leamington and Kingsville, Ontario. 

Green Rise Foods Inc. (GRF) opened trading at C$0.76 per share.


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