Preliminary First Quarter 2023 Highlights:
- Revenue for the quarter ended
March 31, 2023 was$8.7 million as compared to$8.7 million during the prior quarter endedDecember 31, 2022 . Revenue for the quarter endedMarch 31, 2023 was primarily from our three retail stores and our cultivation facility. - While revenues for the quarter ended
March 31, 2023 remained consistent quarter-over-quarter, gross margin for the quarter endedMarch 31, 2023 increased to 48% as compared to 44% during the prior quarter endedDecember 31, 2022 , and up from 31% from the quarter endedMarch 31, 2022 . - In
February 2023 , the Company held a grand re-opening for its BlümSan Leandro store and revenues continue to grow as we reconnect with customers. - During the fiscal first quarter, the Company entered into a binding term sheet to resolve outstanding litigation with People’s
California, LLC , subject to final documentation, staying all pending litigation and restructuring debt. - During the fiscal first quarter, the Company entered into a binding settlement term sheet to settle approximately
$3.3 million of indebtedness to certain noteholders of the Company. - As of
March 31, 2023 , the Company had 153 employees, a reduction from 185 employees a year ago.
Sabas Carrillo, Unrivaled’s Chief Executive Officer stated, “Despite the
While substantial progress has been made, there remain significant risk factors previously disclosed in public disclosures including remaining litigation, completing settlement documents related to stayed litigation, substantial debt still outstanding, and unfavorable market and regulatory conditions, any of which have the potential to derail our progress.
The preliminary financial results in this press release are estimates. They are unaudited and are subject to change upon completion of the Company’s financial statement closing procedures. These estimates should not be viewed as a substitute for our full interim or annual financial statements prepared in accordance with
About
Unrivaled is a cannabis company with operations in
For more info, please visit: https://unrivaledbrands.com.
Cautionary Language Concerning Forward-Looking Statements
Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding management's intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. The Company uses words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on the Company’s expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors.
New factors emerge from time-to-time and it is not possible for the Company to predict all such factors, nor can the Company assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks, as well as other risks associated with the combination, will be more fully discussed in the Company’s reports with the
Contact:
jassad@unrivaledbrands.com
678-570-6791
Source:
2023 GlobeNewswire, Inc., source