Announces Receipt of Interim Order in connection with the Amendment to the Arrangement with Cresco Labs Inc. ("Cresco Labs") – Shareholder Meeting to take place on December 31, 2019
Revenue growth of 7% vs. Q2-2019 (up 244% vs. Q3-18) while preparing for integration with Cresco Labs and completing HSR Review process.
Continued gross margin expansion (+400bps sequentially in Q3) as optimized brand portfolio continues to scale and ultra-premium flower sales increase, supported by a 3x capacity increase.
Introduced Cresco Labs products through Continuum and drove rapid penetration over a period of four months, positioning Cresco Labs as one of Origin House's top distributed brands.
revenues were $22.8 million as compared to $6.6 million, an increase of 244%;
gross margin was $5.7 million as compared to $0.3 million, an increase of 1796%;
operating expenses were $19.8 million as compared to $10.1 million, an increase of 97%;
net loss of $25.6 million as compared to net loss of $7.5 million, a decrease of 242%;
net loss per basic and diluted share of $0.34 as compared to net loss per share of $0.12, a decrease of 183%; and
adjusted EBITDA loss of $12.1 million as compared to adjusted EBITDA loss of $2.1 million, a decrease of 470%.
The following is a summary of key balance sheet items as at September 30, 2019, compared to December 31, 2018:
cash was $22.4 million as compared to $69.2 million, a decrease of 68%;
total assets of $274.1 million as compared to $230.7 million, an increase of 19%; and
total liabilities of $134.5 million as compared to $57.7 million, an increase of 133%.