Cannabis company Grown Rogue International Inc. GRIN GRUSF reported its unaudited fourth-quarter results on Wednesday.
Based in Medford, Oregon, the company said it achieved an eighth consecutive quarter of positive adjusted EBITDA with fourth quarter revenue totaling $3.76 million, up by 24% sequentially.
“Grown Rogue continues to execute on our growth plan,” said Obie Strickler, the company’s CEO, adding that “company gained market share in both Oregon and Michigan as our customers and retail partners value our quality, consistency, and service. “
Q4 2021 Financial & Business Highlights
- Revenue amounted to $3.76 million, compared to $3.03 million in the third quarter of 2021.
- Gross margin, before fair value adjustments, was 62.4% versus 59.1% in the third quarter, representing an increase of roughly 300 basis points.
- Adjusted EBITDA margin was 30.4%, compared to 25.5% in the prior period, representing an increase of 48%.
- Operating income, before fair value adjustments, was $0.73 million compared to $0.26 million in the previous quarter, up by 177%.
- The operating margin was 19.5% compared to 8.7% in the previous period, representing an increase of over 1000 basis points sequentially.
- Net income before fair value adjustments totaled $0.43 million.
- Working capital was $2.94 million compared to $1.85 million in the third quarter of 2021.
- Net assets, excluding intangibles and goodwill, were $6.82 million, compared to $5.55 million in the prior quarter.
- After quarter-end, Grown Rogue closed a private placement for gross proceeds of $1.3 million, including $0.3 million from the company’s CEO, Obie Strickler.
- Michigan operations reported a gross margin of 72% and an adjusted EBITDA margin of 52% before fair value adjustments.
“Even with the significant pricing pressure being experienced across the sector affecting many of our peers, Grown Rogue’s continued industry-leading metrics speak to our efficiency and discipline with managing costs,” Strickler added.
More recent news from Grown Rogue International:
- Michigan Cannabis Extraction Co Pure Grown Extracts Receives Medical Pre-Qualification Status Letter
- Grown Rogue Raises $1.3M Via Private Placement, CEO Invests $300,000 For 3M Shares
- Grown Rogue Creates Joint Venture With Pure Extracts Aiming To Expand Its Offering In Michigan Cannabis Market
- Grown Rogue Buys Oregon Dispensary For $3M, Projects Total Revenue Of $20M
GRUSF Price Action
Grown Rogue’s shares traded at $0.108 per share at the market close on Tuesday.
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