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.
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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
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