Nextleaf Stock Skyrockets On 30% Net Revenue Growth In FY 2022

Zinger Key Points
  • Gross profit of CA$661,238, compared to a loss of CA$855,029 in 2021.
  • Loss and comprehensive loss for the year was CA$3.5 million compared to a loss of CA$5.4 million in 2021.

Nextleaf Solutions Ltd. OILFF OILS L released its audited annual financial statements for the fiscal year ended September 30, 2022, revealing net revenue of CA$4.4 million ($3.3 million), a 30% increase compared to 3.4 million in 2021.

FY 2022 Financial Highlights

  • Gross profit of CA$661,238, compared to a loss of CA$855,029 in 2021.

  • Loss and comprehensive loss for the year was CA$3.5 million compared to a loss of CA$5.4 million in 2021.

  • Cash used in operations of CA$802,192

  • Established distribution in four provinces through government distributors and authorized retailers, and nationally through medical sales partners.

  • Completed a public offering for gross proceeds of CA$3.2 million under a prospectus supplement dated December 15, 2021, issuing 15.9 million units at CA$0.20 per unit.

"Nextleaf established itself as one of the top producers of cannabis vapes and oils with the success of Glacial Gold branded products. During 2022, our business graduated from ingredient supplier into the manufacturing and distribution of branded consumer products," stated Nextleaf CEO Paul Pedersen. "Nextleaf has a clear path to profitability with its right-sized operating overhead and steadily growing revenue base."

Key Milestones Subsequent to Fiscal Year 2022

  • The company entered the Newfoundland and Labrador market through a strategic partnership with Atlantic Cultivation Inc.

  • Nextleaf partnered with NOYA Cannabis for the Canadian Launch of Cookies "C" branded vapes.

  • Nextleaf completed its first international shipment of cannabis vape products.

  • The company amended the terms of the senior secured note issued to an institutional investor on March 31, 2021, extending the maturity date of the Note to June 1, 2023.

Price Action

Nextleaf shares were trading 31.07% higher at $0.0393 per share at the time of writing Tuesday morning.

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Photo by Giorgio Trovato on Unsplash

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