Cannabis consumer packaged goods company 1933 Industries Inc. (CSE:TGIF)(OTCQB:TGIFF) has announced its first quarter financial results for the three months ended October 31, 2021.
Q1 2022 Financial Highlights
- Total revenues were CA$2.5 million ($2 million) and CA$2.7 million for Q1 2021, representing a decrease of 8% year-over-year.
- Expenses were CA$1.9 million, compared to CA$3.5 million for Q1 2021, a decrease of 45%.
- Gross margin was CA$1.1 million or 45% and CA$0.7 million or 27% for Q1 2021.
- Net loss from continuing operations was CA$0.9 million compared to a net loss of CA$2.8 million for Q1 2021, an improvement of 66%.
- Adjusted EBITDA loss was CA$0.3 million compared to adjusted EBITDA loss of $1.4 million for Q1 2021, an improvement of 78%.
- Cash at October 31, 2021 was CA$3.2 million, compared to CA$4.4 million at July 31, 2021, a decrease of 27%.
- Total assets at October 31, 2021 were CA$44.6 million, compared to CA$45.4 million at July 31, 2021.
- Working capital at October 31, 2021 was a surplus of $3.5 million, compared to working capital surplus of CA$8.4 million at July 31, 2021, a decrease of 58%. The decrease was due to the reclassification of CA$4.3 million convertible debentures to from long-term to current liabilities.
Management Commentary
“Over Q1 2022, the Company continued to make strategic cost reductions across all divisions, with the goal of achieving consistent profitability,” Paul Rosen, the company’s chairman and CEO, said. “The company believes that the changes it has made in both its cultivation and post-harvest processes and procedures will result in increased flower capacity, consistency, and quality and that the company remains on the right path to improve its growth and reach consistent profitability in fiscal 2022 and beyond.”
Photo: Courtesy of Markus Winkler on Unsplash
