Next Green Reports Q4 Results And Corporate Appointments
Next Green Wave Holdings Inc. NGW NXGWF has generated approximately $4.7 million in revenue, compared to $3.6 million in the prior period and $150,000 in the corresponding quarter of 2019.
The Vancouver, British Columbia-based company posted an Adjusted positive EBITDA of $2.3 million versus a $2.15 million loss in the fourth quarter of last year.
Next Green's earnings report comes on the heels of the company's signing a supply and production deal with the California cannabis brand Cookies.
Some of the fourth quarter highlights include the company's intention to build out an indoor cultivation facility spanning 50,000 square feet adjacent to its 35,000 square foot facility in Coalinga, California.
The company also launched an operation and packaging facility, and made some changes in its management. Next Green appointed lawyer Glen Harder to board chairman, and Todd Hybels — who previously served as facility director — to Chief Operating Officer.
"We transitioned from a startup into a fully-fledged cannabis CPG company that has consistent revenue growth quarter over quarter, is positive cash-flow month after month and has achieved true profitability for the last three quarters," Next Green CEO Michael Jennings commented.
Namaste To Double Its Revenue In Q4, Poised To Complete CannMart's Integration
E-commerce company Namaste Technologies Inc. NXTTF expects to generate $8 million in revenue for the fourth quarter.
That's a 100% increase year-over-year and a sequential increase of 21%.
The Toronto-based company also said it anticipates its gross revenue, including cannabis revenue, to amount to roughly $27 million in 2020, up by 59% over the year.
"We believe our preliminary results demonstrate the strength of our business during an inflection point within the industry," Namaste CEO Meni Morim said. "Namaste, as an organization, is relentlessly focussed on the execution of our strategy to become a leading global cannabis company."
The company is poised to boost revenue over fiscal 2021 as it integrates CannMart Labs after buying the remaining interest, 49%, in the company back in November.
A Look Back To Item 9's Fiscal 2020: 65% Revenue Growth, Merger With National Dispensary Franchise
Vertically integrated cannabis company Item 9 Labs Corp. INLB revealed Wednesday its financial results for fiscal 2020.
The Phoenix-based company generated $8.1 million in revenue, a 65% boost that could be attributed to the production increase and market demand.
Over the period, gross profit rose by 39% to $3.3 million, while operating loss declined by 46% to $5.4 million.
Adjusted EBITDA was a loss, decreasing by 9% over the year, to $2.1 million.
Item 9 also disclosed that operating expenses (as a percentage of gross profit) decreased from 526% to 265%.
Item 9 also reported some leadership shake-ups in the year behind us, including the naming of Mike Keskey to its board of directors as co-chairman and the appointment of CEO Andrew Bowden.
"We've seen strong, steady performance with sequential quarter-over-quarter growth rates of nearly 20% since my appointment as CEO at the start of our 2020 fiscal year," Bowden commented.
Indiva Revenue Spikes 2000% YoY
Indiva Ltd. NDVA NDVAF anticipates achieving record net revenue between $6.9 to $7.2 million in the last three months of fiscal 2020. That’s a year-over-year increase in revenue of 2,000% and a 128% sequential growth.
The company credited quarterly revenue growth to an increase in sales coming from Wana Sour Gummies, which had an expanded distribution to six provinces and one territory.
The London, Ontario-based company teamed up with Wana Brands in March to bring cannabis-infused products to Canada.
In addition, Indiva inked a distribution deal with Medical Cannabis by Shoppers in the last three months of discal 2020 to bring Bhang Chocolate on its online platform, alongside pot gummies.
The company also said it expects its gross margins in the quarter to surpass fiscal third-quarter levels of 22%.
“The sharp sequential improvement in quarterly revenue and continued gross margin expansion reflects the hard work and dedication of the Indiva team, as well as the strength of our partnerships and quality of our products,” noted Indiva CEO Niel Marotta.
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