Unrivaled Brands, Inc. UNRV fiscal 2022 revenues increased $9.9 million, or 23%, from fiscal 2021, to $52.0 million. Revenue growth was driven primarily by a 63% increase in revenue from retail operations.
Q4 2022 Financial Highlights
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Revenue was $8.7 million, a decrease of 57% compared to $20.5 million in Q4 2021.
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Gross profit was $3.8 million, a decrease of 49% compared to $7.6 million in Q4 2021.
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Net income was $3.6 million, compared to a net loss of $9.7 million in Q4 2021
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Adjusted EBITDA from continuing operations was $1.4 million, compared to negative $6.2 million in Q4 2021.
Full Year 2022 Financial Highlights
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Gross profit increased to $16.9 million, a 53% increase from the prior year.
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Net loss was $188.7 million, compared to net loss of $31.9 million in 2021.
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Adjusted EBITDA from continuing operations was negative $18.7 million, compared to negative $16.3 million in 2021.
As part of the company’s strategic restructuring in fiscal year 2022, the company terminated its third-party distribution operations in California and its retail and delivery operations at SilverStreak Sacramento. In November 2022, the company received confirmation for the legal dissolution of SilverStreak and the entities related to its distribution operations in the state of California. As a result, all liabilities and existing obligations of the dissolved entities were extinguished and the company recorded a gain of disposal of assets for $7.2 million during the year ended December 31, 2022.
Patty Chan, Unrivaled’s interim CFO stated: “Today, I am proud to say that we have overcome obstacles that seemed insurmountable, and we have emerged stronger than ever before. Our resilience and determination have paved the way for opportunities for a brighter future for Unrivaled. I am excited about the opportunities that lie ahead. But let me tell you, we’re not done yet. We can’t celebrate just yet, because there’s still much work to be done.”
Photo: Benzinga edit with photo by Kindel Media on Pexels
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