1933 Industries (TGIF) (
CSE:TGIF,
OTCQX: TGIFF,
Forum) announce its third quarter (Q3 2021) financial results for the period ended April 30, 2021. All amounts expressed are in Canadian dollars.
Financial Highlights / Operating Results:
- Net income for Q3 2021 was $0.6 million or $0.002 per share, compared to a net loss of $4.7 million or $(0.02) per share for Q3 2020, which represents a $5.2 million improvement year-over-year.
- Q3 2021 revenues were $3.4 million, compared to $2.6 million for Q3 2020, a 32% increase year over year attributed to the cultivation of premium cannabis flower and robust demand from the local market in Nevada. Revenues were 1% lower compared to the prior quarter due to a decrease in sales of its concentrate products.
- Adjusted EBITDA for Q3 2021 was $1.4 million compared to adjusted EBITDA loss of $3.1 million during the same quarter last year.
- Expenses were $1.9 million for Q3 2021 and $5.6 million for Q3 2020, a decrease of 67% as the Company continued to make strategic cost reductions across all entities. For the nine months ended, expenses were reduced 50% from the prior year, from $17.1 million in 2020 to $8.5 million in 2021. Cost control strategies will continue in place to maintain consistent profitability in the future.
- Gross margin improved to $2.5 million or 73% in Q3 2021 as compared to gross margin of $0.9 million or 35% in Q3 2020. The improvement is attributed to the Company's enhanced ability to cultivate saleable flower and biomass and the readjustment of the cost structure of its CBD line.
About 1933 Industries
1933 Industries is a Nevada-based, vertically integrated, brand-focused cannabis company. TGIF owns leading cannabis brands, as well as licensed cannabis cultivation, extraction, processing, and manufacturing assets. 1933’s award-winning proprietary portfolio of brands include A-M-A cannabis flower & concentrates and the Canna Hemp brand of CBD wellness products.
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FULL DISCLOSURE: 1933 Industries Inc. is a client of Stockhouse Publishing.