SLANG Worldwide's. SLGWF SLNG revenue from continuing operations for FY 2022 was CA$38.19 million, ($28 million) compared with CA$37.78 million in FY 2021, representing a 1% increase year-over-year.
FY 2022 Financial Highlights
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Gross profit was CA$16.45 million compared to CA$15.13 million in FY 2021.
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Adjusted gross profit of CA$17.62 million (46% adjusted gross margin) in FY 2022, compared with CA$14.47 million adjusted gross profit (38% adjusted gross margin) in FY 2021, representing a 22% increase year-over-year.
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Adjusted EBITDA was negative CA$3.65 million, compared with negative CA$5.63 million in FY 2021.
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Net loss was CA$30.27 million compared to CA$56.09 million in FY 2021.
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CA$11.9 million in cash and restricted cash on December 31, 2022, compared to CA$20.83 million on December 31, 2021.
Q4 2022 Financial Highlights
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Revenue from continuing operations for the three months ended December 31, 2022, was CA$11.78 million, compared with CA$8.84 million in the three months ended December 31, 2021, representing a 33% increase year-over-year.
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Gross profit of CA$4.70 million (40% gross margin) in Q4 2022, compared with CA$4.10 million (46% gross margin) in Q4 2021, representing a 6% decrease year-over-year.
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Gross profit before fair value of biological assets was CA$5.70 million (48% gross margin) in Q4 2022, compared with CA$3.34 million (38% gross margin) in Q4 2021, representing a 71% increase year-over-year.
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Adjusted EBITDA of negative CA$56,000 in Q4 2022, compared with negative CA$2.90 million in Q4 2021.
"2022 was a transformational year for SLANG, and the Company is demonstrating exceptional financial performance relative to its peer group. In Q4 FY2022, we achieved positive operational cash flow for the first time in the company's history, which we also generated subsequent to year-end in Q1 FY2023, meaning we have now produced two consecutive quarters of positive operational cashflow," said John Moynan, CEO of SLANG. "We continue to consolidate our supply chain and streamline our operations to drive financial results across our core and emerging markets. In the month of October 2022, we achieved cash flow positivity for the first time in the company's history. We demonstrated year-over-year adjusted gross margin growth for each quarter of 2022, and we believe this trend will continue as we drive revenue growth in our most profitable channels."
Price Action
Many Cannabis stocks traded higher during the pre-market session due to the introduction of a marijuana cannabis banking bill in Congress on Wednesday. SLANG’s stock soared 18% on the market open to $0.021.
Photo: Benzinga edit with photo by Kindel Media on Pexels
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