- Harvest One Cannabis (HVT) announced its fiscal Q3 2022 and year-to-date financial and operating results for the three and nine months ended March 31, 2022
- Net revenue was $2.34 million in fiscal Q3 2022, a 15.4 per cent increase from the $2.02 million reported in fiscal Q3 2021
- Adjusted EBITDA from continuing operations was $(0.61) million in fiscal Q3 2022 compared to $(0.99) million in fiscal Q3 2021
- Harvest One Cannabis is an early-entry global cannabis company
- Harvest One Cannabis Inc. (HVT) remains unchanged, trading at C$0.035 per share as of 3:50 pm ET
Harvest One Cannabis (HVT) announced its fiscal Q3 2022 and year-to-date financial and operating results for the three and nine months ended March 31, 2022.
Gord Davey, President and Chief Executive Officer of Harvest One commented on the results.
“This past quarter has been a significant one for the company as we work towards our goal of becoming cash-flow positive. We increased revenue by more than 15 per cent and improved our gross profit margin to 39 per cent from 37 per cent in the comparable quarter last year. We also reduced selling, general and administrative (SG&A) expenses by 11 per cent and further improved our adjusted earnings before interest, taxes, depreciation and amortization.”
Financial highlights for the three months ended March 31, 2022
- Net revenue was $2.34 million in fiscal Q3 2022, a 15.4 per cent increase from the $2.02 million reported in fiscal Q3 2021.
- Gross profit was $0.91 million and a gross profit margin of 39 per cent from continuing operations in fiscal Q3 2022, compared to $0.75 million gross profit and a 37 per cent gross profit margin for the comparable period last year.
- Expenses from continuing operations was $1.55 million compared to $1.73 million in the same period last year, a 10.6 per cent reduction.
- Adjusted EBITDA from continuing operations was $(0.61) million in fiscal Q3 2022 compared to $(0.99) million in fiscal Q3 2021, a 38 per cent improvement quarter-over-quarter.
Financial highlights for the nine months ended March 31, 2022:
- The year-to-date total net revenue from continuing operations was $6.22 million – a $0.43 million or 7 per cent increase YoY.
- Year-to-date gross profit was $2.27 million and a gross profit margin of 36 per cent compared to $2.19 million and 38 per cent in the same period last year.
- The SG&A expenses was $4.79 million compared to $5.86 million in fiscal Q3 2021, representing a 18.3 per cent reduction.
- Adjusted EBITDA from continuing operations of $(2.34) million in fiscal Q3 2022 as compared to $(3.65) million in fiscal Q3 2021, representing a $1.32 million or 36 per cent improvement year-to-date.
Management anticipates sales volumes, net revenues, and Adjusted EBITDA to improve through the next quarter.
Harvest One Cannabis is an early-entry global cannabis company. It services the medical and recreational cannabis markets in Canada and internationally. It develops and distributes premium health, wellness and self-care products with a market focus on solutions for sleeplessness and pain, resulting in reducing fatigue and anxiety.
Harvest One Cannabis Inc. (HVT) remains unchanged, trading at C$0.035 per share as of 3:50 pm ET.
