Cannara Biotech Inc. LOVFF LOVE (FRA:8CB) released its fiscal fourth quarter and fiscal year 2022 financial results for the three-month and full year periods ended August 31, 2022, revealing 2022 fiscal year revenue of CA$36 million, ($26.8 million ) a 108% increase compared to 2021 fiscal year revenue.
Q4 2022 Financial Highlights
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Revenue of CA$12 million, an 84% increase compared to Q4 2021 and a 19% increase from the previous quarter.
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Gross profit before fair value adjustments of CA$4.8 million, an increase of 38% compared to Q4 2021 and a 27% increase from the previous quarter.
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Increased positive adjusted EBITDA for Q4 2022 to CA$2.5 million, an 83% increase vs Q4 2021.
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Delivered the company's sixth straight quarter of positive adjusted EBITDA.
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Net income of CA$2.6 million
Fiscal Year 2022 Financial Highlights
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Increased positive Adjusted EBITDA to CA$5.3 million for the fiscal year 2022, a 254% increase vs fiscal year 2021.
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Net income of CA$2.3 million
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The company has CA$29 million in working capital of August 31, 2022.
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The company granted a total of 1.2 million stock options to employees at an exercise price of CA$0.18, subject to certain vesting conditions in accordance with the employee share option plan during Q4 2022 and subsequent to year-end, the company granted a total of 7.5 million stock options at an exercise price of CA$0.10 and 14 million stock options at an exercise price of CA$0.18 to employees and 225,000 to board members at an exercise price of CA$0.18, subject to certain vesting conditions in accordance with the employee share option plan.
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Subsequent to year end, a total of 500,000 stock options were exercised at a price of CA$0.10 per share for a total consideration of CA$50,000, resulting in the issuance of 500,000 new common shares of the company.
"This past year was a tremendous success, and I am very proud of the team at Cannara for their dedication, hard work and support as we continue to strive towards being one of the premier cannabis cultivators in the country," stated Zohar Krivorot, president & CEO of Cannara. "Our state-of-the-art Valleyfield Facility is producing, as of today, seven of its twenty-four growing zones, each containing 9,600 plants each. We remain confident in fulfilling the remaining grow zones over the coming quarters, and our successful harvests should shed any doubt regarding our ability to achieve all of our expansion milestones and bring more premium-grade cannabis to market," concluded Krivorot.
Outstanding Shares
As at the date of this report, the company had 877.5 million common shares and 45.6 million stock options issued and outstanding.
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Photo by Esteban Lopez on Unsplash
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