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Indiva Limited (OTCQX:NDVAF) (TSXV:NDVA) released its financial and operating results for the fourth quarter and fiscal year ended December 31, 2021.
Fiscal Year 2021 Performance
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Record gross revenue for the year ended December 31, 2021 was CA$35.43 million ($27.79 million), versus CA$16.19 million for the year ended December 2020, representing a 118.9% year-over-year increase.
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Record net revenue for the year ended 2021 was CA$32.47 million, versus CA$14.65 million for the year ended December 2020, representing a 121.6% year-over-year increase.
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Gross margin before fair value adjustments and impairments improved to a record CA$9.95 million or 30.6% of net revenue versus CA$1.54 million or 10.5% of net revenue for the year ended 2020.
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Adjusted EBITDA improved to a loss of CA$0.29 million versus a loss of CA$4.49 million last year.
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Comprehensive net loss, excluding one-time expenses and non-cash charges, declined to CA$5.43 million in fiscal year 2021, versus a loss of CA$8.62 million in fiscal year 2020.
Quarterly Performance
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Record gross revenue in Q4 2021 at CA$10.39 million, representing a 25.1% sequential increase from Q3 2021, and a 35.3% increase year-over-year from Q4 2020.
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Record net revenue in Q4 2021 was CA$9.45 million, representing a 18.4% sequential increase from Q3 2021, and a 34.1% increase year-over-year from Q4 2020.
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Gross profit before fair value adjustments, impairments and one-time items improved to a record CA$3.0 million, or 31.7% of net revenue, versus 37.8% in Q3 2021 and 10.6% in Q4 2020.
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Adjusted EBITDA declined sequentially in Q4 2021 to a loss of CA$0.49 million, versus a profit of CA$0.17 million in Q3 2021.
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Comprehensive net loss included one-time expenses and non-cash charges including inventory impairments and losses on settlements and modification of debt totaling CA$1.83 million. Excluding these charges, comprehensive loss declined to CA$2.33 million versus a loss of CA$2.43 million in Q4 2020.
"We are pleased to report record revenue in the fourth quarter and for the fiscal year 2021, and greatly improved gross margins compared to fiscal 2020. According to data from Hifyre Inc., Indiva continued as the dominant national market share leader in edibles in 2021,and was ranked 10th out of 134 licensed producers by consolidated market share across all categories. On a units shipped basis, Indiva ranked 4th nationally in 2021, making Indiva an important supplier to provincial wholesalers and retailers. Our distribution has now expanded to reach all 13 provinces and territories in Canada, creating a leverageable platform for new product introduction through new licensing partnerships and in-house innovation," stated Niel Marotta, president and CEO of Indiva.
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Q1 Outlook
The company expects that Q1 2022 net revenue will be lower sequentially, but significantly higher year-over-year, due to normal seasonal factors affecting edible sales. Margins are expected to benefit in the second half of 2022 due to the implementation of automation in the production and packaging of edible products. Indiva also expects to continue to introduce additional craft cannabis flower SKUs under the Artisan Batch brand, with special focus on high THC potency, robust terpene content, premium buds and fresh harvest dates.
Photo: Courtesy of Sharon McCutcheon on Unsplash
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Crypto Whales Are Loading Up — Are You?
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.