Innocan Pharma FY22 Revenue Grows 1205% To $2.6M, Here Is What You Need To Know

Innocan Pharma Corporation INNPF INNO IP released its audited financial results for the year ended December 31,2022, revealing revenue of $2.6 million, an increase of 1205% from approximately $196,000 in 2021.

Financial Highlights for the year ended December 31, 2022

Q4 2022 revenues increased to approximately $1.1 million from approximately $749,000 in Q3 2022, representing increases of +51% respectively. This increase in revenue growth is mainly due to the increased sales of Innocan's subsidiary, BI Sky Global, (Innocan & Brandzon Co. LTD's joint venture) that focuses on the development of beauty microbrands for platforms such as Amazon, and other retail marketplaces.
Gross Profit increased to approximately $2.1 million as of December 31, 2022, compared to approximately $121,000 during the prior year,
Cash balance stood at approximately $4.9 million as of December 31, 2022, representing an approximate 55% decrease compared to approximately $11 million at the end of the prior year.
Net comprehensive loss was $3.9 million compared to a loss of $10 million in 2021.f

Roni Kamhi, CEO BI Sky Global & COO Innocan Pharma stated: "We, at BI Sky Global, are very pleased with the significant progress made in 2022, as we continue our journey to become a global leader in the beauty arena and a recognized brand in the US. We ended 2022 with incredible growth that will serve as a strong starting point for 2023. Our customers now include an increased number of subscribers that represent about 10% of monthly sales. As we look to the future of 2023, we expect to see continued growth in the beauty category with new product lines, alongside increased sales.

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