– Q1 Revenue up 30% YoY to a Record $19.7 Million; Preliminary April Revenue of $7.5 Million –
– Q1 Adjusted EBITDA up 42% YoY to a Record $6.2 million –
– Cansortium Reaffirms 2022 Guidance of $90-$95 Million of Revenue and $25-$28 Million of Adjusted EBITDA –
MIAMI, May 31, 2022 /CNW/ – Cansortium Inc. (CSE:TIUM.U) (OTCQX: CNTMF) (“Cansortium” or the “Company”), a vertically-integrated cannabis company operating under the Fluent™ brand, today announced interim unaudited financial results for the first quarter ended March 31, 2022. Unless otherwise indicated, all results are presented in U.S. dollars.
As highlighted on our last quarterly report on May 2, the first quarter reflected continued growth to record levels across our business.
CEO Robert Beasley
Our recent cultivation improvements and added capacity have supplied us with the product we need to successfully optimize our store productivity. With revenue and adjusted EBITDA hitting record highs and our biomass harvest levels doubling compared to 2021, we are excited to carry this momentum through the rest of the year as we add new stores, grow new patient count, ramp cultivation and continue to optimize the quality of our flower.
- Revenue increased 30% to $19.7 million compared to $15.1 million.
- Florida revenue increased 26.6% to $16.6 million compared to $13.1 million.
- Adjusted gross profit1 increased 19% to $11.5 million or 58.6% of revenue, compared to $9.7 million or 64.2% of revenue.
- Adjusted EBITDA increased 42% to $6.2 million or 31.5% of revenue, compared to $4.4 million or 29.0% of revenue.
- At March 31, 2022, the Company had approximately $7.7 million of cash and cash equivalents and $67.5 million of total debt, with approximately 252.3 million fully diluted shares outstanding (based on treasury stock method and share price on May 27, 2022).
1 Adjusted gross profit is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted gross profit from gross profit plus (minus) the changes in fair value of biological assets, as presented in the consolidated statement of operations.
- In Florida, the Company anticipates opening 4-6 new stores in 2022. Four of these locations are already under contract and under construction.
- On April 20, Cansortium opened its third Pennsylvania dispensary in Annville.
- The Company anticipates filing both its 2021 audited annual financial statements and first quarter 2022 unaudited interim financial statements by June 8, 2022. Cansortium expects to host a conference call for shareholders and prospective investors shortly thereafter.
The Company continues to expect revenue in 2022 to range between $90-$95 million, reflecting an approximate 45% increase from 2021 at the midpoint. Cansortium also continues to expect adjusted EBITDA in 2022 to range between $25-$28 million, reflecting an approximate 35% increase from 2021.
About Cansortium Inc.
Cansortium is a vertically-integrated cannabis company with licenses and operations in Florida, Pennsylvania, Michigan and Texas. The Company operates under the Fluent™ brand and is dedicated to being one of the highest quality cannabis companies for the communities it serves. This is driven by Cansortium’s unrelenting commitment to operational excellence in cultivation, production, distribution and retail. The Company is headquartered in Miami, Florida.
Cansortium Inc.’s common shares trade on the CSE under the symbol “TIUM.U” and on the OTCQX Best Market under the symbol “CNTMF.” For more information about the Company, please visit www.getfluent.com.