- Lifeist Wellness (LFST) has reported its fourth-quarter and full-year financial results for the year ended November 30, 2021
- Highlights of the results of the 2021 fourth quarter showed that net revenue decreased by 11 per cent to $6.4 million compared to $7.2 million in the same period in 2020
- The highlights of the full-year results of the financial year ended November 30, 2021 showed a decrease in net revenue by 9 per cent to $22.8 million
- The company had a net loss of $23.8 million in FY2021, which was an improvement when compared to the $26.4 million loss in FY2021
- The balance sheet of the company showed that cash and cash equivalents were $12.7 million as of November 30, 2021, compared to $10.3 million as of November 30, 2020.
- Lifeist Wellness Inc. (LFST) traded at $0.075 per share, an 11.765 per cent drop, as at 3:54 PM ET
Lifeist Wellness (LFST) has reported its fourth-quarter and full-year financial results for the year ended November 30, 2021.
Highlights of the results of the 2021 fourth quarter showed that net revenue decreased by 11 per cent to $6.4 million compared to $7.2 million in the same period in 2020. However,
gross profit and margin increased to $0.7 million and 11 per cent of net revenue in Q4 2021 compared to Q4 2020, the second-highest result in two years.
Earnings before interest, taxes, depreciation and amortization (EBITDA) improved substantially by narrowing losses to $2.8 million in Q4 2021 compared to a $5.7 million loss in Q4 2020 and a $5.4 million loss in the third quarter ended August 30, 2021.
The highlights of the full-year results of 2021 ended November 30 showed a decrease in net revenue by 9 per cent to $22.8 million when compared to $25.1 million for the year ended November 30, 2020.
Gross margin was 7 per cent of net revenue in FY2021 compared to 6 per cent in FY2020, an improvement which the company attributed to “improved efficiencies across all segments.”
EBITDA loss narrowed to $21.6 million in FY2021 compared to $23.5 million in FY2020. This was caused by higher gross margins and a decrease in expenses as a result of management’s focus on more profitable business units.
The company had a net loss of $23.8 million in FY2021. However, it showed an improvement when compared to the $26.4 million loss in FY2021.
The balance sheet of the company showed that cash and cash equivalents were $12.7 million by November 30, 2021, compared to $10.3 million by November 30, 2020.
“The past year was one of transitioning to wellness, sharpening our strategic focus, and investing to drive sustainable growth,” stated Meni Morim, CEO of Lifeist.
In 2021, the company also entered into a definitive agreement to acquire Pineapple Express Delivery Inc. (“PED”), a holder of the company’s convertible loan payable, which was successfully executed.
Lifeist is a health-tech company that leverages advancements in science and technology.
Lifeist Wellness Inc. (LFST) traded at $0.075 per share, an 11.765 per cent drop, as at 3:54 PM ET.
