Cansortium Files its 2021 Audited Financial Statements as well as its First Quarter 2022 Interim Unaudited Financial Statements on SEDAR
FY 2021 Financial Highlights (vs. FY 2020)
- Revenue increased 25% to
$65.4 millioncompared to $52.4 million.
- Adjusted gross profit1 increased 34% to
$41.9 millionor 64.1% of revenue, compared to $31.4 millionor 59.9% of revenue.
- Adjusted EBITDA increased 90% to
$19.6 millionor 29.9% of revenue, compared to $10.3 millionor 19.6% of revenue.
Q1 2022 Financial Highlights (vs. Q1 2021)
- Revenue increased 30% to
$19.7 millioncompared to $15.1 million.
- Adjusted gross profit1 increased 19% to
$11.5 millionor 58.6% of revenue, compared to $9.7 millionor 64.2% of revenue.
- Adjusted EBITDA increased 42% to
$6.2 millionor 31.5% of revenue, compared to $4.4 millionor 29.0% of revenue.
"Now that our filing delay is behind us, we can focus entirely on the strong momentum that continues to build in our business," said CEO
The Company continues to expect revenue in 2022 to range between
Certain information in this news release may constitute forward-looking information within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent the Company's expectations, estimates, and projections regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control.
Forward-looking information is necessarily based on many opinions, assumptions, and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in the public documents of the Company available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
1 Adjusted gross profit is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted gross profit from gross profit plus (minus) the changes in fair value of biological assets, as presented in the consolidated statement of operations.
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