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Nova Cannabis Inc. (OTCQB:NVACF) (TSX:NOVC) FY 2022 revenue was CA$226.4 million ($166.6 million), a 68.5% increase from CA$134.4 million in 2021.
Q4 2022 Financial Highlights
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Record revenue of CA$61.4 million, a 28.9% increase from the fourth quarter of 2021, and a 4.2% increase from the third quarter of 2022.
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Gross margin of CA$12.8 million, or 20.8% of revenue, a 51.8% increase from the fourth quarter of 2021, and an increase of 14.6% from the third quarter of 2022.
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Net loss of CA$4.8 million in the fourth quarter of 2022 compared to a net loss of CA$5.1 million in the fourth quarter of 2021.
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Adjusted EBITDA for the fourth quarter of 2022 was CA$3.2 million compared to CA$2.5 million for the third quarter of 2022.
FY 2022 Financial Highlights
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Gross margin of CA$43.9 million, or 19.4% of sales, a 76.2% increase from CA$24.9 million, or 18.5% of sales, in 2021.
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Net loss of CA$11.2 million in 2022, compared to a loss of CA$20.6 million in 2021.
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Adjusted EBITDA for 2022 was CA$9.2 million compared to a loss of CA$2.6 million in 2021, an improvement of 450%.
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Liquidity, including cash and credit facility availability, of CA$11.4 million as at December 31, 2022.
"Building on the consistent momentum we've demonstrated through the year, Nova once again posted record revenue for the fourth quarter of 2022 as the Value Buds format continues to standout in a competitive marketplace," stated Marcie Kiziak, CEO of Nova. "Our revenue growth is accompanied by gross margin growth, as we've started to adjust pricing in certain areas where the competitive pressures have waned.”
“This, along with growing revenues from data analytics licensing and the successful launch of our private label products in partnership with SNDL, gives us levers to drive future gross margin growth as we capture greater market share, further validating our strategy. These remarkable achievements are a testament to the dedication and hard work of our management team and employees, who have worked tirelessly to optimize our operations and drive efficiencies. By focusing on our core strengths and investing in our people and processes, we expect to unlock continued value for our shareholders."
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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.