Auxly Cannabis Posts Q2 Revenues Of $20.9 Million, Net Income

Auxly Cannabis (TSX: XLY) is seemingly doing the impossible – grabbing marketshare in an increasingly fragmented Canadian cannabis market. The company this morning reported revenues of $20.9 million for the quarter ended June 30, while posting a positive net income of $8.7 million.

Revenues were up significantly on both a quarter over quarter and year over year basis. Comparatively, the firm posted $6.9 million in revenues for the year ago period, and $10.0 million in the prior quarter. The improvement was largely justified simply by increased demand from consumers at retail cannabis locations across the country and improvement in provincial customers inventory purchases.

Gross profits appear to be the biggest gainer after revenue growth, with gross profit growing to $7.7 million before fair value adjustments, compared to $2.1 million in the first quarter. Expenses however still came in higher than gross profits at $19.0 million, lead by selling general and administrative expenses at $12.1 million and interest expenses of $4.8 million.

The company did receive a slight boost however from other income of $3.1 million, despite an $11.4 million impairment of long term assets, which was offset by $17.0 million in gains from settlements of assets and liabilities and other expenses. Overall, the company posted a net income of $8.7 million, thanks to a boost of $12.3 million in income from discontinued operations, including the sale of KGK Sciences.

Adjusted EBITDA during the quarter amounted to negative $3.3 million.

The company reported an improvement in overall cannabis market share to 4.9% for the quarter, including a 15.4% market share in 2.0 products.

Auxly Cannabis last traded at $0.23 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

First Majestic Silver: The Santo Nino Discovery

Avino Silver Q1 Earnings: The Record Streak Continues!

Aya Gold & Silver Q1 Earnings: From Kitchen Sink to Record Results

Recommended

Emerita Resources Intends To Appeal Exploitation License Granted To Minera Los Frailes

First Majestic Silver: The Santo Nino Discovery

Related News

Auxly Signs Manufacturing And Distribution Deal With Dosist

Auxly Cannabis (TSXV: XLY) this morning announced that its PEI-based subsidiary Dosecann has entered into...

Wednesday, June 24, 2020, 08:44:35 AM

Auxly Potentially Hours Away From Securing Curative Cannabis Assets

Auxly Cannabis (TSXV: XLY) is potentially only moments away from finally securing the assets of...

Tuesday, November 26, 2019, 02:31:10 PM

Auxly Cannabis Receives $123 Million Cash Injection From Imperial Brands

Auxly Cannabis Group (TSXV: XLY) announced this morning that it would be receiving a significant...

Thursday, July 25, 2019, 09:54:11 AM

Auxly Cannabis Sees Q2 Revenues Fall to $8.6 Million, Net Loss Hits $29.2 Million

Auxly Cannabis (TSXV: XLY) announced its second quarter financial results this morning, reporting declining net...

Friday, August 28, 2020, 08:57:28 AM

Auxly Cannabis Q3 Revenues Climb To $24.5 Million

Auxly Cannabis (TSX: XLY) is quickly becoming a darling of the Canadian cannabis landscape. The...

Monday, November 15, 2021, 08:23:08 AM