GREY:FFLWF - Post by User
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whoknowson Jun 15, 2021 7:40am
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Post# 33386971
RE:Fire & Flower Reports Flat Revenues Of $44.1 Million For Fir
RE:Fire & Flower Reports Flat Revenues Of $44.1 Million For FirAwareInvestor wrote: Fire & Flower Holdings this morning reported its first quarter financial results. While the company classified the earnings as being a record, revenues were effectively flat on a quarter over quarter basis, with the company reporting $44.1 million in revenues along with a net loss of $61.6 million.
Financial Highlights for the First Quarter period ended May 1, 2021
- Total revenue of $44.1 million compared to revenue of $23.1 million for the first quarter of 2020, an increase of 90.7%;
- Gross profit percentage of 37.5% compared to 32.6% for the same period in 2020;
- Fourth consecutive quarter of positive Adjusted EBITDA of $2.3 million as compared to an Adjusted EBITDA loss of $1.4 million for the first quarter of 2020;
- Completed a $15 million at-the-market equity offering which positions Fire & Flower for future growth;
- Strengthened the Company's balance sheet with a $53 million debt-to-equity conversion helping to further reduce interest costs. A wholly-owned indirect subsidiary of Circle K owner, Alimentation Couche-Tard Inc. converted approximately $24 million principal amount of debentures, which increased their equity stake in the Company to 19.9%;
- Total debt was reduced from $37.5 million at January 30, 2021 to $7.2 million ;
- The net loss of $61.6 million in the quarter was primarily attributable to the $54.1 million loss on revaluation of derivative liabilities in the current quarter;
- Cash balances of $32.7 million as compared to $30.6 million at January 30, 2021 .