Biome Grow Inc. BIO 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.
Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter
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.
Related Links:
Diversity In Cannabis: Making Sure Everyone Benefits And 'Not Just A Privileged Few'
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!