2022 1st Quarter Results - Disappointing Again (Large Loss)First Quarter 2022 Highlights - Retail revenue was $5.5 million for the first quarter of 2022, representing a 10.9% decline compared to the prior quarter.
- Dispensary Gross Margin increased to 36.5%, compared to 32.5% in the comparative 2021 quarter(1);
- E-commerce Orders accounted for 19.8% of transactions in the first quarter of 2022;
- Cash Position as of March 31, 2022, was USD $7,480,325.
(1) This is a non-IFRS measure. Readers are cautioned that the amounts presented do not have standardized meanings prescribed by IFRS. Please see the non-GAAP Financial Measures Disclosure below.
2022 First Quarter Financial Highlights The Company's key financial results for the three months ended March 31, 2022, and 2021 are as follows:
| U.S. Dollars | For the three
months ended
March 31, 2022 | For the three
months ended
March 31, 2021 |
| Total revenue(a) | $5,670,976 | $7,542,735 |
| Gross margin | $1,959,431 | $2,433,712 |
| Adjusted Gross Margin(b) | 1,943,431 | $2,349,924 |
| Adjusted Gross Margin(b) | 34.3% | 31.2% |
| Net income (loss) | $(990,468) | $68,245 |
| Adjusted EBITDA(a) | $(25,506) | $897,666 |