Delta 9 Cannabis Inc. (OTCQX:DLTNF) (TSX:DN) released Thursday financial and operating results for the three-month period and full year ending December 31, 2021.
Q4 Financial Highlights
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Net Loss of $5.16 million.
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Record quarterly net revenues of $17.1 million for the fourth quarter of 2021, up 21% compared to $14.2 million for the same quarter last year.
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Gross profit of $4.9 million, down 22% compared to $6.3 million for the same quarter last year.
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Sequentially Adjusted EBITDA improved to $0.6 million in the fourth quarter of 2021 compared to and Adjusted EBITDA of $0.2 million in the third quarter of 2021.
Financial Highlights for the Year Ending December 31, 2021
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Record net revenues of $62.3 million in 2021, up 20% compared to $52.0 million in 2020
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Gross profit of $18.3 million in 2021 compared to $17.8 million last year.
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Adjusted EBITDA of $2.0 million in 2021 compared to an Adjusted EBITDA of $3.8 million last year.
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Loss from Operations of $7.6 million in 2021 compared to Loss from Operations of $2.8 million last year.
“I am very proud of our Delta 9 team who worked hard to post record revenue results for 2021 against a backdrop of a challenging market environment for cannabis in Canada,” stated John Arbuthnot, CEO of Delta 9. “We remain focused this year to produce growth and improved results as we continue to expand our retail store network, to focus our efforts on sales of our turn key Grow Pods in international markets, and to continue to grow the company’s cannabis wholesale division. Delta 9 will continue to execute its vertically integrated and diversified revenue strategies as we continue to accelerate revenue growth and implement prudent control costs.”
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