Christina Lake Cannabis Q2 Revenue Shows Strong Growth Both Sequentially And YoY, Here Are The Details

Christina Lake Cannabis Q2 Revenue Shows Strong Growth Both Sequentially And YoY, Here Are The Details

Christina Lake Cannabis Corp. CLCFF CLC revenue in Q2 2022 was CA$2.3 million ($1.8 million), a 40% increase over Q1 FY2022 and 971% over Q2 2021.

Q2 Financial Highlights

  • Gross Margin Before Fair Value Adjustments was 56% in Q2 FY2022 compared to 55% in Q1 FY2022 and 67% in Q2 FY2021.

  • Total general & administrative expenses declined by 70% in Q2 FY2022 compared to in Q2 FY2021, driven by year-over-year reductions in corporate development, marketing, and share based compensation expenses.

  • Net Income Q2 FY2022 was CA$22,000 which is a CA$1.8 million increase from the net loss incurred in Q2 FY2022. The year-over-year improvement is primarily driven by significant revenue growth and reduced G&A Expenses.

  • The company posted CA$184,000 in positive EBITDA in Q2 FY2022, compared to a loss of CA$507,000 in Q1 FY2022 and a loss of CA$1.6 million in Q2 FY2021. There was a one-time gain on settlement of CA$259,000 related to the redemption and cancellation of the preferred shares during Q2 FY2022.

As at May 31, 2022, the company had CA$1.26 million of cash and CA$1.03 million in receivables.

Ryan Smith, CFO, stated, “our financial results demonstrate that our business model is performing and that by focusing upon high-quality, consistent cannabis oil, we can continue to grow our top and bottom lines.”

Photo by Tim Foster on Unsplash

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