/NOT FOR DISSEMINATION IN
- Consolidated revenue for fiscal year 2021 increased 37% to a record
$175.5 million - Consolidated Adjusted EBITDA for fiscal 2021 was
$5.1 million , consistent with the prior year - Hifyre™ cannabis consumer technology platform generated a record
$14.3 million for the fiscal year, an increase of 129% year-over-year - Retail revenue increased 29% to a record
$130.8 million for fiscal 2021, with more than 100 retail stores opened and operating at January 29, 2022 - Acquired Pineapple Express Delivery, PotGuide and Wikileaf to expand logistics capabilities and web traffic as part of the asset light e-commerce strategy
- Consolidated revenue and Adjusted EBITDA for the fourth quarter of fiscal 2021 was
$42.7 million and negative$2.4 million , respectively - Hifyre™ revenue for the fourth quarter generated a record of
$4.1 million representing a 7% sequential increase quarter-over-quarter - Completed one of the final steps in preparation for listing on the NASDAQ including filing of the 40-F registration statement and DTC eligibility for common shares
- Announced intent to exercise Series B warrants by strategic partner Alimentation Couche-Tard, owner of
Circle K convenience stores - Announced an expansion of the industry-first Spark Select program, a new highly competitive product and pricing strategy to drive an expanded customer base, in a proactive response to the fast growing value-oriented cannabis consumer segment
"Fiscal 2021 has been a year of significant advancement and growth for
"In the fourth quarter of fiscal 2021, while we have continued to see growth in our Hifyre digital business segment, we saw a decline in our retail revenue due to increased competitive pressures within the Canadian cannabis retail landscape. We announced a further competitive price and product strategy aimed at continuing to build an expanded consumer base. As we look out to fiscal 2022, we anticipate continued growth in our digital business and driving further revenue opportunities in the
Thirteen weeks ended | Fifty-two weeks ended | |||
(In thousands of Canadian dollars, | ||||
except per share amounts) | ||||
Total Revenue | 42,697 | 43,219 | 175,499 | 128,053 |
Gross Profit | 13,705 | 16,429 | 62,094 | 45,419 |
Gross Profit Percentage | 32.1% | 38.0% | 35.4% | 35.5% |
Adjusted EBITDA | (2,410) | 3,455 | 5,120 | 5,154 |
Net loss | (19,461) | (11,417) | (63,592) | (78,959) |
Basic loss per share | (0.54) | (0.55) | (1.89) | (4.54) |
- Revenue of
$42.7 million and$175.5 million for the fourth quarter and fiscal year endedJanuary 29, 2022 , representing a modest decrease of 1% for the comparable quarter (from$43.2 million ) and a 37% increase year-over-year (from$128.1 million ). - While all business segments contributed to the year-over-year revenue increase, the quarter-over-quarter revenue decrease was primarily due to increasing competition from new licences issued and pricing pressures in the retail market.
- Gross profit of
$13.7 million and$62.1 million for the fourth quarter and fiscal year endedJanuary 29, 2022 represented a decrease of 17% for the comparable quarter (from$16.4 million ) and a 37% increase year-over-year (from$45.4 million ). - Adjusted EBITDA of negative
$2.4 million for the fourth quarter and positive$5.1 million for the fiscal year endedJanuary 29, 2022 . - Net loss of
$19.5 million for the quarter and$63.6 million for the fiscal year endedJanuary 29, 2022 , compared to a net loss of$11.4 million for the comparable quarter and$79.0 million for the fiscal year endedJanuary 30, 2021 . - An increase of 32 stores during the fiscal year, with 105 stores open and operating at the fiscal year end.
- Alimentation Couche-Tard increased its equity ownership to 20.8% with
$20 million outstanding on the ACT Loan and$2.4 million in convertible debentures outstanding. - As part of the Company's continued digital strategy, completed the acquisitions of Pineapple Express Delivery, PotGuide and Wikileaf.
- Amended the strategic licensing agreement with
Fire & Flower U.S. Holdings (formerly American Acres Managers) to derive additionalU.S. based digital revenue.
Thirteen weeks ended | Fifty-two weeks ended | |||
(In thousands of Canadian dollars unaudited) | ||||
Revenue | ||||
Retail | 31,670 | 33,156 | 130,823 | 101,497 |
Wholesale | 6,969 | 7,002 | 30,336 | 20,300 |
Digital Platform | 4,058 | 3,061 | 14,340 | 6,256 |
Total Revenue | 42,697 | 43,219 | 175,499 | 128,053 |
Thirteen weeks ended | Fifty-two weeks ended | |||
(In thousands of Canadian dollars unaudited) | ||||
Adjusted EBITDA | ||||
Retail | (2,077) | 1,930 | 1,223 | 7,539 |
Wholesale | 1,010 | 1,126 | 4,725 | 2,905 |
Digital Platform | 1,885 | 1,581 | 7,708 | 1,767 |
Corporate | (3,228) | (1,182) | (8,536) | (7,057) |
Total Adjusted EBITDA | (2,410) | 3,455 | 5,120 | 5,154 |
- Retail revenue for the 2021 fiscal year increased 29% to
$130.8 million from$101.5 million in fiscal year 2020. - Retail revenue for the fourth quarter, decreased 5% to
$31.7 million from$33.2 million in the prior year comparative period. Revenue decreased$2.0 million or 6% sequentially from Q3 fiscal 2021. - Gross profit for the 2021 fiscal year was
$41.5 million compared to$35.1 million in 2020 fiscal year. - Gross profit for the fourth quarter was
$8.2 million , a decrease of 31% compared to$11.9 million for the prior year comparative period. - Gross profit margin was 25.8% for the fourth quarter ended
January 29, 2022 and 31.7% for the 2021 fiscal year. - Segment Adjusted EBITDA for the 2021 fiscal year was
$1.2 million compared to$7.5 million in fiscal year 2020. Segment Adjusted EBITDA decreased to negative$2.1 million in the fourth quarter 2021 from positive$1.9 million in the same quarter the prior year. - The Company had 105 stores open and in operation at the end of
January 29, 2022 , compared to 73 stores at the end ofJanuary 30, 2021 .
- Wholesale distribution revenue for the 2021 fiscal year increased 49% to
$30.3 million compared to$20.3 million in 2020 fiscal year. - Wholesale distribution revenue in Q4 fiscal 2021 of
$7.0 million was approximately flat compared to the same quarter of the prior year. - Gross profit was
$6.4 million for the 2021 fiscal year compared to$4.1 million in 2020 fiscal year. - Gross profit in Q4 fiscal 2021 increased to
$1.6 million year-over-year from$1.4 million in the same quarter of the prior year. - Segment Adjusted EBITDA for the 2021 fiscal year was
$4.7 million compared to$2.9 million in 2020 fiscal year. Segment Adjusted EBITDA decreased to$1.0 million in Q4 2021 from$1.1 million in the same quarter of the prior year.
- Hifyre Digital Platform revenue for the 2021 fiscal year increased 129% to
$14.3 million compared to$6.3 million in 2020 fiscal year. - Q4 2021 Hifyre revenue was
$4.1 million compared to$3.1 million in the same quarter of the prior year. - Gross profit margin was 97.3% for the fourth quarter ended
January 29, 2022 and 99.2% for the 2021 fiscal year. - Adjusted EBITDA for the 2021 fiscal year was
$7.7 million compared to$1.8 million in 2020 fiscal year. Adjusted EBITDA increased to$1.9 million in Q4 2021 from$1.6 million in the same quarter the prior year.
- Amended the
Strategic Licensing Partnership and Option toAcquire Fire & Flower U.S. Holdings (formerly American Acres Managers) and the creation of an additional high marginU.S. digital revenue stream onJanuary 31, 2022 . - Pineapple Express Delivery launched next-day delivery services with BC Cannabis Stores in the
Vancouver region onFebruary 24, 2022 . - Completed one of the last remaining steps in the Company's NASDAQ listing through obtaining DTC Eligibility for the Company's common shares on
April 13, 2022 . - Expanded logistics and delivery services through a cross-docking Distribution Agreement with
Manitoba Liquor & Lotteries onApril 14, 2022 . - Announced a highly competitive product and pricing strategy to drive an expanded customer base on
April 21, 2022 . - On
April 20, 2022 , announced intent to exercise Series B warrants by strategic partner Alimentation Couche-Tard, owner ofCircle K convenience stores, resulting in a post exercise ownership stake of approximately 35%.
Adjusted EBITDA for the fourth quarter ended
Thirteen Weeks ended | Fiscal Year ended | |||
(in thousands of dollars) | ||||
Net loss – as reported | (19,461) | (11,417) | (63,592) | (78,959) |
(Gain) loss on revaluation of derivative liability | (7,558) | 2,444 | 8,545 | (18,638) |
Loss on extinguishment and revaluation of debentures | - | (710) | - | 53,152 |
Finance costs, net | 1,505 | 4,055 | 7,245 | 24,884 |
Income taxes, net | 1,330 | 781 | 2,452 | 1,999 |
Share-based compensation | 468 | 522 | 3,174 | 2,512 |
Acquisition and strategic initiative professional fees | 1,306 | 1,662 | 3,094 | 3,000 |
Depreciation & amortization | 5,495 | 3,419 | 19,080 | 12,345 |
Restructuring, impairment and other costs, net | 14,505 | 2,699 | 25,122 | 4,859 |
Adjusted EBITDA | (2,410) | 3,455 | 5,120 | 5,154 |
Lease liability cash payments for the thirteen weeks and fiscal year ended
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