Christina Lake Cannabis Corp. CLCFF CLC Q3 2022 revenue was CA$2.9 million ($2.1 milion), a 25% increase from CA$2.3 million in the prior quarter, and a 126% increase compared to CA$1.3 million in Q3’21.
Q3 2022 Financial Highlights
Gross margin before fair value adjustments of 48%.
Gross profit was CA$895,000, compared to CA$16,000 in Q3’21.
Net income was CA$2.5 million which is a CA$1.3 million decrease from Q3’21.
As at August 31, 2022, the company had working capital of CA$10.4 million, which consisted of CA$1.2 million of cash, CA$1.7 million in receivables, CA$4.6 million of inventory, CA$4.4 million of biological assets, and CA$1.6 million of current liabilities.
“I am honored to be able to report a record quarter at Christina Lake,” stated Christina Lake CEO Mark Aiken. “This represents our highest revenue per quarter, with 25% growth over last quarter. As one of Canada’s leading extractors, our team remains focused on driving significant growth with our high-quality extracts, while continuing to look for new opportunities in the market. On top of this, we have delivered another quarter of positive net income.”
The company was able to optimize processing techniques which lead to consistent production of high potency distilled oils and other extracts, while adding additional processing capacity. That improvement was a key contributor to the significant increase in the revenue from the prior fiscal year. The company intends to finish processing its remaining biomass and oils in inventory, and will look to accelerate processing of its third 2022 harvest.
Christina Lake shares were trading 5.57% lower at $0.0864 per share at the time of writing Wednesday morning.
Get your daily dose of cannabis news on Benzinga Cannabis. Don’t miss out on any important developments in the industry.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.