Cansortium Inc. TIUM CNTMF released unaudited financial results for the first quarter ended March 31, 2022, revealing revenue increased 30% to $19.7 million compared to $15.1 million in Q1 2021.
Q1 2022 Financial Highlights (vs. Q1 2021)
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Florida revenue increased 26.6% to $16.6 million compared to $13.1 million.
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Adjusted gross profit increased 19% to $11.5 million or 58.6% of revenue, compared to $9.7 million or 64.2% of revenue.
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Adjusted EBITDA increased 42% to $6.2 million or 31.5% of revenue, compared to $4.4 million or 29.0% of revenue.
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At March 31, 2022, the company had approximately $7.7 million of cash and cash equivalents and $67.5 million of total debt, with approximately 252.3 million fully diluted shares outstanding (based on treasury stock method and share price on May 27, 2022).
"As highlighted on our last quarterly report on May 2, the first quarter reflected continued growth to record levels across our business," stated CEO Robert Beasley. "Our recent cultivation improvements and added capacity have supplied us with the product we need to successfully optimize our store productivity. With revenue and adjusted EBITDA hitting record highs and our biomass harvest levels doubling compared to 2021, we are excited to carry this momentum through the rest of the year as we add new stores, grow new patient count, ramp cultivation and continue to optimize the quality of our flower."
Operational Highlights
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In Florida, the company anticipates opening 4-6 new stores in 2022. Four of these locations are already under contract and under construction.
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On April 20, Cansortium opened its third Pennsylvania dispensary in Annville.
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The company anticipates filing both its 2021 audited annual financial statements and first quarter 2022 unaudited interim financial statements by June 8, 2022. Cansortium expects to host a conference call for shareholders and prospective investors shortly thereafter.
2022 Outlook
The company continues to expect revenue in 2022 to range between $90-$95 million, reflecting an approximate 45% increase from 2021 at the midpoint. Cansortium also continues to expect adjusted EBITDA in 2022 to range between $25-$28 million, reflecting an approximate 35% increase from 2021.
Photo: Courtesy of Thiago Patriota on Unsplash
Related News
Cansortium Unaudited Revenue Increased 22% To $63.7M In 2021 YoY
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