Sugarbud Reports Solid Revenue Growth

Sugarbud Reports Solid Revenue Growth

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."

Related News

Sugarbud Upsizes Its Marketed Public Offering Of Secured Convertible Debenture Units

Sugarbud Announces $2.4M Marketed Public Offering Of Secured Convertible Debenture Units

Sugarbud Launches Cannabis 2.0 Products And New High Potency Cultivar, GMO Cookies

Posted In: John KondroskyCannabisEarningsNewsPenny StocksMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.