Kiaro Holdings Corp. (OTCPK:KIARF) (TSXV:KO) released fourth quarter and year-end financial results for fiscal year 2022 ended January 31, 2022, revealing record revenues in 2022 of $26.9 million, an increase of 58% over prior year.
Fiscal Year 2022 Highlights
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The company's gross profit of $7.7 million was year on year growth of 51% up from $5.1 million.
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Strong retail revenue growth of 45% from 17 stores, with same store sales increase of 8%
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Record wholesale revenue growth of 62% driven by a significant increase in the number of licensed producers and retail customers served
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Retail margins of 37%
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Acquired and successfully integrated two significant businesses, Ontario based cannabis retailer Hemisphere and the Vaped eCommerce retailer of vaporizers and accessories with global platforms in Canada, the USA, and Australia
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Adjusted EBITDA reduced as a percentage of revenue by 1.3%, from -$0.7 million in FY2021 to -$1.5 million in FY2022.
Interim CEO Eleanor Lynch stated that "Kiaro is well positioned to achieve double digit organic growth as the business fundamentals and a highly talented team of people are in place to drive performance and execute key initiatives. High growth is always exciting, but the most pleasing aspect of our diversified business is the common thread in all our operations - a careful dedication to delivering a service experience far superior to our competitors. This is recognized and appreciated by our customers, business partners and the communities in which we operate."
Photo: Courtesy of Esteban Lopez on Unsplash
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