C21 Investments Inc. (CSE: CXXI) released today its fiscal second-quarter 2022 financial results, which saw the company post US$9.0 million in revenue. This is a marginal decrease from Q1 2022’s revenue of US$9.2 million.
The cannabis firm said that the 1.9% decrease in quarterly revenue is “in line with similar industry trends seen in the Western markets”.
The gross margin for the quarter ended at 52.3%, up from last quarter’s 48.6%. However, the quarterly net income dipped to US$3.7 million from US$4.4 million for the same comparable period last quarter. This translates to US$0.03 earnings per share for the quarter.
Adjusted EBITDA meanwhile came in at US$3.3 million for the three-month period compared to Q1 2022’s US$3.1 million.
The firm ended the quarter with a cash position of US$4.2 million. This puts the company’s current assets balance at US$12.3 million while current liabilities ended at US$13.6 million.
The cannabis company said it has completed the first phase buildout of its cultivation expansion and is expecting the first harvest next week.
C21 Investments last traded at $0.92 on the CSE.
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.