Irwin Naturals FY22 Revenue Declines 10.8%, What About Adjusted EBITDA?

Irwin Naturals Inc. IWINF IWIN (FRA:97X) revenue in 2022 was $89.5 million, down 10.8% from $100.3 million in 2021.

FY 2022 Financial Highlights

  • Gross profit was $40.7 million, compared to $44.7 million in 2021.

  • Net loss was $2.5 million compared to income of $10.1 million in 2021.

  • Adjusted EBITDA was $3.7 million a 69.5% decrease compared to $12 million in 2021.

  • Cash at end of the year was $800,000.

Sean Sand, CFO, stated, “During the fourth quarter of 2022, we made further progress in meeting our expansion efforts into the high-growth cannabis and psychedelics sectors. We have made the necessary investments in our operations to support sustained long-term growth by entering into several new licensing agreements to distribute Irwin Naturals branded cannabis products and expanded our mental health clinics footprint in Florida through an acquisition.”

Klee Irwin, CEO, stated, “In Q4, we continued to invest in our Emergence clinics and cannabis business lines. Our investment in Emergence now includes eight acquisitions, consisting of 13 clinics, and one advertising platform. We are currently moving forward with phase two of our plan to become the world’s largest chain of dedicated psychedelic mental health clinics through organic growth and development and are currently reviewing options for the first Emergence branded clinic in the United States. Additionally, we anticipate seeing considerable growth coming from our Cannabis business line with the first revenues from our licensing deals to occur in Q2 2023, which now sees us in seven states and in Canada.”

Board of Directors
The company also announced the election of Sheri Orlowitz as a new director of the company as of May 12, 2023 to fill the vacancy left by the resignation of Bismuth earlier this month.

Photo by Mackenzie Marco on Unsplash

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Posted In: CannabisEarningsNewsPenny StocksPsychedelicsMarketsKlee IrwinpremiumSean Sand
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