MPXI's Revenue Spikes 276% YoY, Net Loss Drops 43% Sequentially

Cannabis company MPX International Corp. MPXI MPXOF reported its revenue jumped by 276% over the year to CA$798,516 (US$587,000).

That’s a sequential increase of 29.5%.

The Toronto-based company stated that the revenue growth could be attributed to sales in Spartan, Canveda, and HolyWorld SA, a Swiss-based company operating under the HolyWeed brand.

MPXI acquired HolyWorld in May by agreeing to pay 10 million Swiss francs to HolyWeed shareholders.

In addition, during the half-year period that ended March 31, MPXI generated approximately CA$1.4 million in revenue. That’s up by 202% compared to the same period last year.

Other Quarterly Highlights From Second-Quarter Report

• Gross profit (after adjustment for the unrealized gain in the fair value of biological assets) of CA$993,296
• That’s a sequential decrease of around 30%, and a 270% year-over-year increase
• Gross profit for six months ended March 31 (after adjustment for the unrealized gain in the fair value of biological assets) of CA$2.41 million versus a gross profit of CA$793,057 in the corresponding period of last year.
• G&A expenses dropped by 12.6% over the quarter, to roughly CA$3.38 million
• However, G&A expenses rose by 76% compared to the same quarter of 2019
• Net loss (after tax) of around CA$2.53 million, down by 43% compared to the period of three months ended December 31
• Negative adjusted EBITDA of CA$3.5 million, versus a loss of CA$4.5 million in the first quarter of 2020

MPXI’s Recent Milestones

Earlier this month, MPXI secured around US$3,35 million in financing by finalizing the first tranche of a non-brokered private placement offering of its units.

The company issued 3,348 units valued at US$1,000.

Shortly after, MPXI’s Spartan Wellness partnered with Medical Cannabis by Shoppers Drug Mart Inc. The two companies inked a services agreement on July 1, to enhance clinical services for Shopper Drug Mart's patients.

Courtesy photo