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Biome Sees Revenue Quadruple, Gross Profits Triple In Q2

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Biome Sees Revenue Quadruple, Gross Profits Triple In Q2

Biome Grow Inc. (CSE: BIO) (OTC: BIOIF) released consolidated financial statements for the second quarter and first half of fiscal 2019 on Thursday. 

The company's revenue quadrupled from CA$341,000 ($256,000) in the first quarter to CA$1.35 million ($1 million) in the second. 

Biome's gross profit tripled from CA$204,000 to CA$600,000 quarter-over-quarter. 

The company's EBITDA loss for the second quarter was CA$749,270, down from an EBITDA loss of CA$1 million in the first quarter — an improvement of 25.4%. 

Biome's working capital fell 37% to CA$1,324,582 in the second quarter.

"Our current quarter (Q3), is also achieving a significant increase in business over what we are reporting today for Q2 and we are looking forward to sharing these results once this period has concluded," CEO Khurram Malik said in a statement. 

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Highlights

  • Biome's first licensed producer under Canada's Cannabis Act, Highland Grow, reported standalone net profitability in its second commercial production quarter.
  • Biome was approved for selling cannabis in Saskatchewan, while adding Manitoba to its national supply footprint. The company also reached a supply agreement with New Brunswick.
  • The average selling price per gram rose from CA$6.80 to CA$7.86 quarter-over-quarter. 

What’s Next

For the third quarter of 2019, Biome said it expects to increase its product amounts due to new packaging automation in its Nova Scotia facility.

The over-the-counter stock was down 4.18% at 27 cents at the close Thursday. 

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