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Lowell Farms Posts Lower Revenue And Operating Results
Lowell Farms Inc. (OTCQX:INDXF) — previously known as Indus Holdings — posted its annual and quarterly earnings results Tuesday.
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The Salinas, California-based cannabis company reported quarterly revenue of $9.2 million, which is a 15% slip from the corresponding three-month period in 2019.
Its annual revenue, however, reached $42.6 million — a 15% year-over-year growth.
Adjusted EBITDA for the quarter was a loss of $3.7 million, which compares to a loss of $13.2 million in the same period of the prior year. On an annual basis, adjusted EBITDA was also a loss of $9.8 million, compared to a loss of $36 million in 2019.
The cannabis company's quarterly expenses hovered $5.5 million, versus $12 million in the same quarter of 2019. Annual operating costs also fell by 45% from 2019, being $20.6 million in 2020.
Lowell noted that the lower revenue and operating results in the fourth quarter could be attributed to reduced cultivation produce due to the wildfires and high temperatures, which occurred last summer.
“Despite the headwinds encountered last year, we have much to look ahead and our shift in strategy to acquire Lowell Herb Co and become Lowell Farms will position us for the future,” Lowell Farms CEO Mark Ainsworth said.
The team has shown "tenacity and drive," Ainsworth added.
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“The future is bright for Lowell Farms and I can’t wait to share more with you as we solidify our positioning within the California market."
At the time of writing, Lowell’s shares — under Indus’ ticker symbol “INDXF” — were trading 2.32% lower at $1.9 per share.
The INDXF ticker will switch to LOWLF effective March 5, 2021,
Choom Reports Q2 Revenue Up 350% On A Yearly Basis
Choom Holdings Inc. (OTCQB:CHOOF) posted its second quarter of fiscal 2021 revenue of $6.1 million, up by a whopping 350% from the same period in the prior year.
Retail cannabis company also reported a quarterly adjusted EBITDA loss of $200,000, which compares to a loss of $1.8 million in the same period of fiscal 2020.
“Coming off the busy Q1 summer season, traditionally the highest-grossing period for cannabis retail, we were happy to see such strong results for the second quarter” Choom CEO Corey Gillon stated. “We continue to execute on our mission of providing the best retail cannabis experience across every market we serve."
Choom noted it plans to boost profitable sales through new locations and optimization of the current operations.
After the quarter ended, the company improved its balance sheet via a $1.95 million private placement. It plans to use the collected proceeds to support its future store expansion.
During the reporting quarter, Choom re-opened its Camrose 48th location, which was temporarily closed because of the global pandemic.
At the time of writing, Choom’s shares were trading 10.71% higher at 12 cents per share.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.