PharmaCielo Ltd. (OTCQX:PCLOF) (TSXV:PCLO) Q1 2022 revenue was CA$1.2 million ($947,000) compared to CA$675,000 in Q1 2021, an increase of 77.92%.
Q1 Highlights
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Adjusted EBITDA was a loss of CA$1.57 million compared to a loss of CA$3.3 million in Q 2021
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Net Loss was CA$2.91 million compared to a net loss of CA$6.54 million in Q 2021
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Cash equivalents of $1.4 million at March 31, 2022, compared to $5.3 million at December 31, 2021.
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In February 2022, the Colombian government passed regulation to enable dried flower export. PharmaCielo expects dried flower exports to grow throughout the second half of 2022. The company has already ramped-up THC flower production and is prepared to shift this product into the dry flower export market.
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The company is currently working toward EU-GMP certification of all of its products. Management expects the company to achieve certification in Q4 2022.
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With a growing business development organization, and the short-term potential to sell dried flower into several markets globally, management has re-focused PharmaCielo's product strategy to emphasize THC and broad-spectrum products, which are expected to have more sustainable long-term margin profiles than CBD isolate. The company's recent shipment of 300kg of CBD Full Spectrum Oil to a Spanish pharmaceutical company and its agreement to supply THC final products to be commercialized in Germany, are two examples of the success of this strategy.
Bill Petron, chairman and CEO of PharmaCielo stated, "I am pleased with our performance in the first quarter, as the team's efforts over the past several months to build the sales pipeline, generate revenue growth and manage expenses, began to pay off. While quarter to quarter top line performance may fluctuate given the size of the company, we expect continued momentum with shipments to Germany scheduled to begin later this year, and continued progress in markets like Argentina and Brazil. Our investment in an international salesforce has translated into a growing pipeline that we expect will further accelerate growth, with continued expansion in Spain and Germany, the potential for commercial shipments to Poland, as well as growth in a short list of additional key markets such as Israel."
Photo: Courtesy of Jeff W on Unsplash
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