RIV Capital Inc. CNPOF RIV released its financial results for the fiscal year ended March 31, 2023, revealing net revenue of $6.8 million. The company did not report revenue for any reporting periods ended on or prior to March 31, 2022.
Fiscal Year 2023 Financial Highlights
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Gross profit of $2.4 million.
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Net loss of $179.3 million, compared to a loss of $42.2 million in FY 2022.
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Total comprehensive loss of $187.3 million compared to a loss of $39.9 million in FY 2022.
Q4 Fiscal Year 2023 Financial Highlights
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Net revenue of $1.7 million, compared to $1.9 million in Q3 FY 2023. Retail revenue of $1.6 million was generated from Etain, LLC's dispensaries in Manhattan, Kingston, Syracuse, and Yonkers, and wholesale revenue of $200,000 was generated from sales of Etain-branded products to other registered organizations in New York. New York's medical market continues to be challenged by the proliferation of the illicit market. Based on state-level data, medical cannabis revenue appears to be declining across New York and Etain's medical business is experiencing similar pressure.
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Gross profit of $200,000, compared to a gross profit of $800,000 in Q3 FY 2023.
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Other loss of $19.4 million, compared with $6.3 million Q3 FY 2023 and $12.2 million for Q4 FY 2022. Included in this is a $16.0 million charge related to the settlement agreement announced on February 23, 2023.
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Net loss of $23.6 million, and a basic and diluted loss per share of $0.15, compared with a net loss of $9.9 million, and a basic and diluted loss per share of $0.06 for Q3 FY 2023, and a net loss of $13.7 million, and a basic and diluted loss per share of $0.10, for Q4 FY 2022.
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Total comprehensive loss of $24.7 million for Q4 2023, compared with a total comprehensive loss of $12.7 million for Q3 FY 2023 and $9.8 million for Q4 FY 2022.
"Our fiscal year end marks nearly one year since we acquired ownership and control of New-York based Etain and officially entered the U.S. cannabis market," stated Mike Totzke, COO and interim CEO of RIV Capital. "While the opening of the adult-use market in New York has been slower and less successful than we initially expected, we remain bullish on this market's long-term prospects, especially in light of the recently unveiled updated draft regulations that we believe are a much-needed move in the right direction."
Photo: Benzinga edit with photo by Kindel Media on Pexels
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