/NOT FOR DISTRIBUTION TO
Financial Highlights:
- Adjusted EBITDA of
$1,250 of profit, a 950% improvement of$1,397 , compared with$147 loss for the three months endedOctober 31, 2021 (See reconciliation of "Adjusted EBITDA (non-IFRS measure)" below). - Net revenue of
$5,981 , an increase of$875 or 17%, compared to$5,106 in the same period in the prior year. - Cash flow provided by operating activities was
$562 , an improvement of$1,942 compared to$1,380 used in the operating activities during the same period in 2021. - Loss and Comprehensive Loss of
$428 , an improvement of$2,949 or 87% compared to$3,377 in the same quarter of last year, which included an inventory impairment of$1,344 . - Net cash used in investing activities was
$311 , an increase of$274 or 741% compared to$37 used in investing activities during the same period in 2021. - Net cash provided by financing activities was
$130 , a decrease of$1,420 or 92% compared to$1,550 provided by financing activities during the same period in 2021. - Shareholder's equity was a surplus of
$12,683 compared to an equity deficit of$3,753 as ofJuly 31, 2022 . - Cash position was
$831 as atOctober 31, 2022 compared to the$450 as atJuly 31, 2022 .
"We are pleased to report continued revenue growth and positive financial performance at Canada House, a trend over our last five quarters which we expect to continue as we further optimize our low-cost cultivation facilities and distribute more high grade internally produced flower through our profitable medical and recreational distribution channels," commented
Reconciliation of "Adjusted EBITDA (non-IFRS measure)" | ||||
3 months | 3 months | |||
2022 | 2021 | |||
Net loss and comprehensive loss for the period | $ (428) | $ (3,377) | ||
Finance costs | 928 | 857 | ||
Acquisition costs | 905 | - | ||
Share of income from investment in associates | (59) | - | ||
Provision for income taxes | (3) | 30 | ||
Depreciation and amortization | 488 | 269 | ||
Right-of-use assets amortization | 123 | 92 | ||
Inventory impairment | - | 1,344 | ||
Share‑based compensation | 18 | 122 | ||
Realized loss on sale of inventory | 29 | 321 | ||
Unrealized loss on biological assets | (751) | 195 | ||
$ 1,678 | $ 3,230 | |||
Adjusted EBITDA | $ 1,250 | $ (147) | ||
- The above information contains non-IFRS financial performance measures which the Company believes provide users with relevant information regarding operation performance. These measures are not recognized or defined under IFRS, and as a result, they may not be comparable to the data presented by competitors.
About
Cautionary Statement Regarding Forward-Looking Information. This press release contains forward-looking statements, including statements that relate to, among other things, the Company's clinic, production and technology businesses, its future plans, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Material assumptions used to develop forward-looking information in this news release include, among other things, the regulations related to cannabis use under the Access to Cannabis for Medical Purposes Regulations and the act respecting cannabis and to amend the Controlled Drugs and Substances Act, the Criminal Code and other Acts, passed by the Canadian Federal government, making cannabis and cannabis-based edibles, vapes and oils legal for recreational use on
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