SOL Global Investments Corp. SOLCF SOL (FSE:9SB) released its financial results for the year ended November 30, 2022 and first quarter financial results for the three months ended February 28, 2023.
Unaudited Q1 FY 2023 Results
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Net loss of CA$11 million ($8 million) vs. quarter-ended February 28, 2022, net loss of CA$75 million. This represents a favorable change of CA$64 million ($47 million).
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Total unrealized loss from investments totaled CA$7 million for the quarter-ended February 28, 2022, compared to an unrealized loss of CA$93 million for the quarter-ended February 28, 2022. This represents a favorable change of CA$86 million between periods.
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Total realized loss from investments totaled CA$6 million for the quarter-ended February 28, 2022, compared to a realized gain of CA$11 million for the quarter-ended February 28, 2022. This represents an unfavorable change of CA$17 million between periods.
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The unaudited net asset value per share is equal to CA$0.91 at February 28, 2023, vs. CA$5.14 at February 28, 2022.
"SOL remains confident in its core holdings and continues to be committed in evaluating opportunities in the market," stated Paul Kania, CFO and interim CEO. "Signs of stability have allowed us to better assess these opportunities, with de-leveraging our balance sheet being our underlying focus."
Audited Year-End Results
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Net loss of CA$297 million vs. year-ended November 30, 2021, positive net income of CA$159 million. This represents an unfavorable change of CA$456 million.
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Total unrealized loss from investments totaled CA$204 million for the year-ended November 30, 2022, compared to an unrealized loss of CA$32 million for the year-ended November 30, 2021. This represents an unfavorable change of CA$172 million between periods.
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Total realized loss from investments totaled CA$33 million for the year-ended November 30, 2022, compared to a realized gain of CA$339 million for the year-ended November 30, 2021. This represents an unfavorable change of CA$372 million between periods. This was mainly due to Verano Holdings Corp position sold in 2021.
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The net asset value per share is equal to CA$1.17 at November 30, 2022 vs. CA$6.29 at November 30, 2021.
Photo by Mackenzie Marco on Unsplash
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