Sugarbud Craft Growers Corp. SBUDF SUGR unaudited Q1 2022 net revenue grew year over year by $198,547 or 38% ($716,563 in Q1 2022 vs. $518,016 in Q1 2021).
Q1 2022 Highlights
Sugarbud continues to see strong consumer demand for the company’s products with strong year-over-year growth in Q1 2022. Gross revenue for the quarter was $930,585 compared to $679,755 in Q1 2021, representing a 37% increase. Sequentially, quarter-over-quarter gross revenue also remained very strong increasing by 25% vs. Q4 2021 ($930,585 in Q1 2022 vs. $743,985 in Q4 2021).
Total grams sold increased by 103% year over year to 159,733 grams in Q1 2022 vs. 78,626 grams in Q1 2021.
Q1 2022 gross margin before fair value adjustments totaled $254,821 (Q1 2021 - $122,341), representing a year over year increase of $132,480 or 108%. Gross margin as a percentage of net sales improved by 12 percentage points in Q1 2022 (36%) vs Q1 2021 (24%) and was 13 percentage points higher than Q4 2021 on an unadjusted basis (23%).
The company continues to take a prudent approach to cost management with general and administrative expenses down 12.5% year over year ($973,263 in Q1 2022 vs. $1,111,666 in Q1 2021).
"We are very pleased to see the growing momentum and demand for our products continue to accelerate in early 2022. Sugarbud is rapidly establishing a strong brand identity and reputation as a leader in the Craft Cannabis space as consumers embrace our commitment to both quality, and an exceptional total value cannabis experience," stated Sugarbud president and CEO, John Kondrosky. "We believe that our progress and growth to date has us well-positioned to continue to expand our market share and accelerate profitable revenue growth in our target markets over the balance of 2022."
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