TSX:FLOW - Post Discussion
Post by
Betteryear2 on Feb 09, 2023 3:47pm
Flow Beverage Cor Reports Q4 & Fiscal 2022 Financial Results
- Flow brand net revenue increased 38% in Q4 2022, and 26% in FY 2022
- EBITDA Loss increased 10% in Q4 2022, and improved 29% in FY 2022
- Gross margins were 10% in Q4 2022 and 19% in FY 2022, normalized gross margins of 28% in Q4 2022 and 25% in FY 2022 exclude the impact of one-time items
- Recent strategic initiatives expected to improve profitability without compromising Flow brand growth
- Continued momentum in Flow brand net revenue growth expected from recent contract wins with Starbucks Canada, Foodbuy, Primo Water and Vitamin-Infused Water launch
TORONTO--(BUSINESS WIRE)--Flow Beverage Corp. (TSX:FLOW; OTCQX:FLWBF) (the “Company” or “Flow”), today announced its financial results for the fourth quarter (“Q4 2022”) and fiscal year ended October 31, 2022 ("FY 2022"). All currency amounts are stated in Canadian dollars unless otherwise noted.
Nicholas Reichenbach, Chairman and Chief Executive Officer of Flow, stated: “We are pleased with the growth in Flow brand revenue over the course of FY 2022, with continuing high sales velocity across our North American retail partner network, recent contract wins adding thousands of new stores, new channel growth in the food service industry, and early uptake of our most recent innovation, Flow Vitamin-Infused Water. Looking to FY 2023, we expect further improvement in profitability as we continue to execute our transformation plan, accruing full benefits from the sale of the Verona production facility, and further cost savings from ongoing internal restructuring and operational efficiency opportunities we have identified. With over $26 million in cash today, we have substantial runway to streamline our operating model and are sharply focused on delivering profitable growth of the Flow brand.”
Flow Beverage Corp. Reports Q4 and Fiscal 2022 Financial Results — Continued Growth & Cost Improvement | Business Wire
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