limited indiva NDVAF NDVA released its financial and operating results for the fourth quarter and fiscal year ended December 31, 2021.
Fiscal 2021 performance
Record gross revenue for the year ended December 31, 2021 was C$35.43 million ($27.79 million), compared to CAD $16.19 million for the year ended December 2020, representing a 118.9% year-over-year increase.
Record net income for the year ended 2021 was C$32.47 millioncompared to C$14.65 million for the year ended December 2020, representing a 121.6% year-on-year increase.
Gross margin before fair value adjustments and impairments improved to a record C$9.95 million or 30.6% of net revenue from C$1.54 million or 10.5% of net income for the fiscal year ending in 2020.
Adjusted EBITDA improved to a loss of C$0.29 million against a loss of C$4.49 million last year.
Overall net loss, excluding one-time expenses and non-cash charges, decreased to C$5.43 million in fiscal 2021 from a loss of C$8.62 million in fiscal 2021. fiscal year 2020.
Record gross revenue in the fourth quarter of 2021 at C$10.39 million, representing a 25.1% sequential increase from the third quarter of 2021 and a 35.3% year-over-year increase other compared to the fourth quarter of 2020.
Record net income in the fourth quarter of 2021 was CA$9.45 millionrepresenting a sequential increase of 18.4% compared to Q3 2021, and a 34.1% increase year-on-year from the fourth quarter of 2020.
Gross margin before fair value adjustments, impairments and one-time items improved to a record C$3.0 million, or 31.7% of net revenue, from 37.8% in Q3 2021 and 10.6% in Q4 2020.
Adjusted EBITDA decreased sequentially in the fourth quarter of 2021 to reach a loss of C$0.49 millionagainst a profit of C$0.17 million in the third quarter of 2021.
The overall net loss included one-time expenses and non-cash charges, including inventory write-downs and losses on debt settlements and modifications totaling C$1.83 million. Excluding these charges, the overall loss decreased to C$2.33 million from a loss of C$2.43 million in the fourth quarter of 2020.
“We are pleased to report record fourth quarter and fiscal 2021 revenues, and significantly improved gross margins compared to fiscal 2020. According to data from Hifyre Inc., Indiva remained the dominant national leader in edibles market share in 2021. , and was ranked 10and out of 134 licensed producers by consolidated market share in all categories. Based on units shipped, Indiva ranked 4and nationwide in 2021, making Indiva a major supplier to provincial wholesalers and retailers. Our distribution has now expanded to reach all 13 provinces and territories of Canada, creating an actionable platform for the introduction of new products through new licensing partnerships and internal innovation,” said Niel Marotta, President and CEO of Indiva.
First quarter outlook
The company expects first-quarter 2022 net sales to be lower sequentially, but significantly higher year-over-year, due to normal seasonal factors affecting sales of edibles. Margins are expected to benefit in the second half of 2022 thanks to the implementation of automation in the production and packaging of edibles. Indiva also plans to continue introducing other craft cannabis flower SKUs under the Artisan Batch brand, with a focus on high THC potency, robust terpene content, premium buds and harvest dates. fresh.
Photo: Courtesy of Sharon McCutcheon on Unsplash
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