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1933 Industries Inc. TGIFF TGIF released its first quarter financial results, revealing revenue of CA$5.64 million ($4.17 million), a 129% increase in revenue compared to the same period in fiscal 2022 and a 116% increase compared to CA$2.6 million during the previous quarter.
The company owns 91% of Alternative Medicine Association, the company’s cultivation and production subsidiary focused on the cultivation and sale of medical and adult-use cannabis products, and 100% of CBD product manufacturer Infused MFG LLC. The company’s revenue is derived from wholesale cannabis sales in Nevada (AMA), and from the sale of hemp-derived consumer packaged goods (Infused) under the Canna Hemp brand.
Q1 2023 Financial Highlights
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Gross margin was CA$2.0 million before fair value adjustments of biological asset transformation, compared to CA$600,000 during the same period of the prior year. Excluding CA$1.3 million in fair value adjustments, the company was profitable in the reporting quarter.
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Net loss was CA$1.2 million for Q1 2023 and CA$900,000 for Q1 2022. The increase was due primarily to the to decrease in fair value adjustments on biological assets.
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Adjusted EBITDA was CA$100,000 for Q1 2023 compared to a loss of CA$300,000 for Q1 2022.
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At the end of the reporting period, the company had a cash balance of CA$3.3 million compared to CA$3.1 million during the same period of the prior year.
Paul Rosen, chairman and CEO of 1933 Industries stated, “We are pleased to announce measurable operational results. The company achieved the highest quarterly revenue in the company’s history, recorded positive adjusted EBITDA, and increased gross margins before fair value adjustments, demonstrating that the company is on the right track. AMA branded products are regularly listed as the top selling cannabis products in Nevada. Strategic relationships with wholesale dispensaries, higher volume of cannabis products and a disciplined approach to reducing expenses have led to a strong quarterly performance. Although competitive wholesale flower pricing pressure continues to impact producers in Nevada, the measures that we have implemented have resulted in significant progress towards executing on our goals.”
Price Action
1933 Industries shares were trading 13.29% higher at $0.0126 per share at the time of writing Wednesday morning.
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