Decibel FY22 Revenue Grows 51% To $58.5M, What About Net Loss?

Decibel Cannabis Company Inc. DBCCF DB achieved record net revenue of CA$79.3 million ($58.5 million) in 2022, an increase of 51% compared to CA$52.5 million in 2021.

Fiscal Year 2022 Financial Highlights

  • Gross profit was CA$26.4 million compared to CA$28.2 million in 2021.

  • Gross profit margin was 33% compared to 53% in 2021.

  • Record adjusted EBITDA of CA$17.0 million in 2022, an increase of 129% over 2021.

  • Net loss and comprehensive loss was CA$4.5 million compared to income of CA$1.7 million in 2021.

Q4 2022 Financial Highlights

  • Record net revenue was CA$25.8 million with sequential growth of 41% over the prior quarter and year over year growth of 84%.

  • Gross margin before fair value adjustments was 43%, compared to 52% in the prior quarter and 26% in the fourth quarter of 2021.

  • Record adjusted EBITDA of CA$7.1 million with sequential growth of 66% over the prior quarter and year over year growth of 387% over the fourth quarter of 2021. This marks Decibel's tenth quarter of consecutive quarterly positive adjusted EBITDA.

"Our fourth quarter results capped off a year of strong financial performance with record results including market share, net revenue, adjusted EBITDA, and adjusted net income. This creates momentum heading into 2023 with demand continuing to grow and assets well positioned to deliver on this demand", stated Paul Wilson, CEO of Decibel. "We have a number of 2023 catalysts that support an outlook where Decibel continues to build its market share and brand position in Canada and in turn leverage into international opportunities."

Photo by Jeff W on Unsplash

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