Unrivaled Brands, Inc. UNRV released its second quarter 2022 financial results for the quarter ended June 30, 2022, revealing total revenue of $17.56 million, an increase of 511.0% compared to total revenue of $2.87 million for the quarter ended June 30, 2021.
Q2 2022 Financial Highlights
Gross profit was $8.27 million, compared to a gross profit of $2.72 million in Q2 2021, an increase of $5.55 million or 204.0%.
Net loss was $63.71 million compared to net loss of $4.97 million in Q2 2021.
The merger with UMBRLA and the acquisitions of People's First Choice and SilverStreak Solutions in 2021 led to more operations with additional facilities, employees, and costs to support them.
Selling, general and administrative expenses for the three months ended June 30, 2022 were $19.07 million, compared to $4.70 million for the three months ended June 30, 2021, an increase of $14.37 million or 305.9%.
The company realized an operating loss of $67.07 million for the three months ended June 30, 2022 compared to an operating loss of $1.97 million for the three months ended June 30, 2021, an increase of $65.09 million or 3,298.5%. This increase was attributed primarily to a $55.73 million charge for impairment of intangible assets and goodwill related to the UMBRLA and People's acquisitions.
Unrivaled Brands shares were trading 7.91% lower at $0.0675 per share at the time of writing Friday morning.
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