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PharmaCielo Ltd. (OTCQX:PCLOF) (TSXV:PCLO) released financial results for the fourth quarter and year ended December 31, 2022, revealing total revenue of CA$5.3 million ($3.9 million), an increase of 173% compared to CA$1.9 million in FY 2021.
FY 2022 Financial Highlights
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Gross profit of CA$827,059 compared to a gross loss of CA$4.3 million in FY 2021.
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Adjusted EBITDA was negative CA$7.2 million compared to negative CA$16.4 million in FY 2021.
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Net Loss was CA$14.5 million compared to a loss of CA$26.6 million in FY 201.
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PharmaCielo had cash equivalents of CA$172,983 at December 31, 2022, compared to CA$5.3 million at December 31, 2021.
Q4 FY 2022 Financial Highlights
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Revenue of CA$1.5 million, an increase of 346% compared to CA$339,000 in Q4 FY 2021.
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Adjusted EBITDA was negative CA$942,000 compared to negative CA$4.5 million in Q4 FY 2021.
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Net Loss was CA$2.9 million compared to loss of CA$4.1 million in Q4 FY 2021.
Bill Petron, chairman and CEO of PharmaCielo, stated, "Against an environment in 2022 that was challenging for all cannabis companies, our team succeeded in growing revenue by almost three-times our 2021 results, while bringing Sales, General and Administrative expenses down by over 40% compared to last year. There were many positive developments during the year, including the opening of psychoactive flower export from Colombia, which we see as a massive opportunity for PharmaCielo.”
“Our fully built-out facilities, ability to scale quickly and structural cost advantage position us as a formidable competitor to EU imports from Canada and other producing countries. We expect to continue shifting our sales mix toward dried flower and higher value active pharmaceutical ingredients during 2023, while growing revenue as a whole. Likewise, we will maintain strict cost discipline and a focus on efficiency, in order to move the company closer to generating profitability and cash flow. The opportunity ahead of us is large, and while the evolution of the market is still in its early stages, I am confident that we have the right team in place to build a very profitable business, while generating returns for shareholders," concluded Petron.
Photo by Richard T on Unsplash
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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.