Auxly Reports Q1 Revenues Of $10.0 Million, Net Loss Of $10.5 Million

Auxly Cannabis Group Inc. (TSX: XLY) today reported its financial results for Q1 2021, reporting net revenues of $10.0 million for the quarter, an increase of 1% from Q1 2020. Auxly recorded a net loss of approximately $10.5 million compared to approximately $12.7 million for the same quarter last year.

Revenues were down significantly on a quarter over quarter basis, with the fourth quarter having seen net revenues of $18.9 million, compared to the $10.0 million in revenues reported in the current quarter. The sharp decline was stated to be a result of provincial regulatory inventory management practices.

Auxly reported a gross profit of $2.3 million for the quarter, in comparison to a gross profit of $3.0 million in Q1 of 2020. Gross profits from cannabis for the period were at $2.3 million, which resulted in a 26% margin.

Expenses meanwhile came in at $16.5 million for the three month period, lead by general and administrative expenses of $9.4 million and interest expenses of $4.6 million for the quarter. The company however reported other income of $3.7 million, lead by a gain on settlement of assets and liabilities and other expenses, resulting in a net loss of $10.5 million. Adjusted EBITDA meanwhile came in at -$6.9 million, which improved by approximately $1.4 million over Q1 2020.

Auxly Cannabis Group Inc. last traded on the TSX at CAD$0.42


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.

Video Articles

200 Grams of Gold And 21% Copper — That’s Not Normal | Matt Wilson – Sterling Metals

Silver at $100? This Time It Might Stay There. | David Morgan

Critical Minerals Are Rerating! | John Passalacqua – First Phosphate

Recommended

Steadright Enters MOU To Acquire Historic Goundafa Polymetallic Mine In Morocco

Military Seizes Power in Madagascar After President Flees

Related News

Auxly Cannabis Clarifies FSD Pharma Joint Venture Termination

Auxly Cannabis (TSXV: XLY, OTCMKTS: CBWTF) clarified yesterday the termination of its joint venture with...

Friday, February 8, 2019, 02:00:35 PM

Auxly Cannabis Closes $84 Million Secured Credit Facility for Sunens Farms

As Auxly Cannabis (TSXV: XLY) forecloses on one client for a secured debt being in...

Tuesday, September 24, 2019, 09:43:58 AM

Auxly Cannabis Sees Imperial Brands Grant Two Year Extension To Debentures

Auxly Cannabis (TSXV: XLY) has managed to obtain an extension to certain outstanding debts held...

Monday, April 19, 2021, 08:37:19 AM

Auxly Sells Nova Scotia Facility For $6.0 Million

The trend of the sale of assets within the cannabis space amid poor market conditions...

Tuesday, July 5, 2022, 09:02:15 AM

Auxly Cannabis Files Notice of Foreclosure On Curative Cannabis, Begins Motions to Obtains Assets

The first notable bankruptcy in the cannabis sector appears to have taken place. On September...

Monday, September 23, 2019, 09:55:41 AM