Flower One Q1 Revenue Drops 35% YoY, Here Are The Details

Flower One Q1 Revenue Drops 35% YoY, Here Are The Details

Flower One Holdings Inc. FLOOF FONE F revenue in Q1 2022 was $8.9 million, compared to (restated) revenue of $13.8 million in Q1 2021, representing a decrease of 35%.

First Quarter 2022 Financial and Operating Highlights:

  • Gross profit was $1.53 million compared to gross profit of $12.16 million in the same quarter of 2021, representing an unfavorable decrease of 87%.

  • Gross profit before fair value adjustments was $3.9 million, compared to $8.9 million from the same period of the prior year.

  • Net loss of $10.2 million, compared to a net loss of $15.8 million for the same period of the prior year.

  • As of March 31, 2022, the company had cash and cash equivalents of $4.7 million, compared with $4.9 million as of March 31, 2021. The company’s overall liability balance has decreased by $28.2 million year-over-year.

“As a company, we have implemented a variety of measures across the organization that reduced our overall costs, in spite of a very challenging global economic environment,” stated Araxie Grant, Flower One’s CFO. “Controlling our costs during these times is a testament to our team’s financial discipline, and represents significant progress towards achieving positive cash flow. Our finance department’s ability to provide precise and insightful data continues to improve, enabling us to make better strategic decisions and create shareholder value.”

Photo by Mackenzie Marco on Unsplash

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Posted In: Araxie GrantCannabisEarningsNewsPenny StocksMarkets

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