First-quarter revenue for cannabis company Fire & Flower Holdings Corp. FAF FFLWF spiked 142% year-over-year, generating CA$23.1 million (US$17 million) at a gross profit of 38.5%.
According to the company's latest earnings report, Fire & Flower confirmed wholesale revenue – driven by Open Fields Distribution in Saskatchewan - increased by 83% sequentially, from CA$2.1 million to CA$3.9 million.
In the first quarter, Retail Platform sales amounted to CA$18.4 million.
“The Ontario market presents a key growth opportunity for the company and we will continue to focus on all major markets for private retail across Canada,“ Fire & Flower CEO Trevor Fencott said in a statement.
Both the "Open Fields Distribution Platform" and "Hifyre Digital Retail and Analytics platform" provide additional independent revenue opportunities for the company, he added.
Here’s what the first quarter financial statement revealed:
- Net comprehensive loss of CA$12.7 million
- Total expenses of CA$17.2 million including CA$4.3 million of impairment charges
- CA$3.1 million of other expenses
- Negative adjusted EBITDA of CA$2.7 million, versus a loss of CA$3.4 million in the first quarter of 2019
The company increased its footprint in Ontario by purchasing Ottawa- and Kingston-branded stores, which were initially run by two retail store license holders in the province.
Fire & Flower issued 800,000 common shares for the purpose.
In addition, the company said it has received the Alcohol and Gaming Commission of Ontario’s license to operate eight new retail locations in Ontario.
During the quarter, Fire & Flower also secured up to $43 million in series of financings through several offerings, loans, and non-dilutive credit facilities.
Throughout the COVID-19 health crisis, it maintained and adjusted its operations by selling products only via its Spark Perk Fastlane "click-and-collect" service.
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