Earnings Update: Australis, High Tide, Heritage, Captor Capital

High Tide Q4 Revenue Increases 118% to CA$24.9

High Tide Inc. HITIF has wrapped up fiscal 2020 with roughly CA$8 million ($6.32 million) in adjusted EBITDA and CA$83.2 million ($65.7 million) in revenue.

Chief Executive Raj Grover called 2020 “the best year in High Tide’s history.”

The company's merger with META Growth in November “nearly doubled" its size in Canada, Grover said.

The fourth-quarter results show revenue increased by 118% to CA$24.9 million year-over-year.

In addition, adjusted EBITDA was CA$3.6 million for the last three months of 2020, compared to a loss of approximately CA$6 million in the same period of 2019.

Gross profit went up by 112% to CA$8.7 million in the fourth quarter and by 172% to CA$30.8 million for the full year.

As of Oct. 31, 2020, the company had $7.5 million in cash. To date, High Tide’s cash balance increased to roughly $38 million.

Revenue for the first quarter of 2021 is expected to hover between CA$37 million to CA$38 million.

Australis Reports Q3 Results Ahead Of Closing ALPS Deal

Cannabis-focused cannabis company Australis Capital AUSAF reported generating $90,000 in revenue in the third quarter while posting a net loss of $19.4 million.

These results "do not properly reflect the operations of the Company going forward," Australis said Monday, citing the recent reorganization of its leadership team.

The substantial net loss was primarily driven by extraordinary items, which amounted to $17.6 million.

Operating expenses totaled $4.9 million versus $3.2 million in the corresponding quarter of last year. Loss from operations was $5.1 million, up by $2 million year-over-year.

In January, the Las Vegas company additionally strengthened its management, by appointing Jon Paul to serve as its new CFO, ahead of the announced acquisition of Nevada-based Green Therapeutics LLC.

On Wednesday, Australis confirmed the acquisition of a 51% stake in ALPS — a company previously bought out from Aurora by the management.

As part of the transaction — which is expected to close in March — the company will name former Aurora Cannabis CEO Terry Booth to helm the company with interim CEO Dr. Duke Fu becoming the new COO.

"We are delivering on the promises made to our shareholders when the new leadership team took over," Fu said, adding they are "executing at a very high pace, with two proposed acquisitions announced and moving towards completion."

Heritage Cannabis Full Year Revenue Increases 160%

Toronto-based Heritage Cannabis (OTCQX: HERTF) revealed Monday its gross revenue declined by 58% year-over-year to $1.5 million in the fourth quarter of fiscal 2020.

Meanwhile, its full-year gross revenue spiked 160% over the same period, reaching roughly $9.26 million.

Cost of sales for the year ended Oct. 31 amounted to $6.6 million resulting in a gross margin of $1.7 million. In the last three months of 2020, the sales cost was $298,214, and the gross margin was $1.13 million.

General and administrative expenses decreased by 78% to $510,188 for the quarter and by 39.5% to around $8.24 million for the full year.

“The business definitely accelerated in 2020 despite the challenges brought on by the pandemic, and we expect to be well on our way to profitability this year with the integration of the recent acquisitions of Premium 5 and Opticann,” CEO Clint Sharples said.

Captor Posts $4.2M In Revenue, Plans To Open 3 Dispensaries

Cannabis company Captor Capital Corp. CPTR has generated over $4.2 million in revenue for the quarter ending Dec. 31.

That’s a year-over-year increase of 99%.

The company recorded a gross profit exceeding $1.2 million, coming from the sale of cannabis, compared to $312,615 in the same period last year.

“The continued increase in revenues combined with substantial decreases in losses year-over-year demonstrates that Captor is heading in the right direction as we bring new dispensaries online while maximizing revenues from current operations,” Captor CEO John Zorbas said.

In addition, the company plans to launch additional three locations in the second quarter, Zorbas revealed.