Financials are out! $5.6M Revenue $11.11 M Net Profit
Record operating revenues of $5.63 million for the first quarter of 2019, up 1,595%, from $332,107 for the same quarter last year. Sequential net revenues increased 7% from $5,270,217 for the three-month period ending December 31, 2018. Sequentially the cost of sales of cannabis products improved by 5% to $3.82 million for Q1, 2019 from $4.02 million for the fourth quarter of 2018. Record gross profit of $4.22 million for the first quarter, 2019, up 1,983%, from $202,695 for the same quarter last year. Sequential gross profit increased 26% from the three-month period ending December 31, 2018 Gross profit margin was 75% for Q1, 2019 Net income for Q1, 2019 was $11.11 million or $0.13 per share versus a net loss of ($1.92) million or ($0.02) for the three-month period ending March 31, 2018. Management would highlight the one-time gain on the disposal of the Company's investment in the Delta West Limited Partnership (the "Delta West LP") as contributing a significant non-cash gain during the period. Without the one-time gain, Delta 9 recorded a loss from operations of ($946,180) or ($0.01) for Q1, 2019 versus a loss of $1,923,263 or ($0.02) for the same period last year. The Company reported a strong financial position, with working capital of $18.83 million and total assets of $65.35 million.