C21 Investments Inc. (CSE: CXXI) today released the company’s unaudited results for the first quarter of 2022. The company generated revenues of $9.2 million, while also posting a net income of $4.4 million.
Revenues were relatively flat on a quarter over quarter basis, with revenues increasing to $9.2 million from $9.1 million in the prior quarter. Gross profits for the quarter totaled $4.8 million, a decrease from $5.5 million in Q4 2020. C21 meanwhile posted a gross margin of 49%, a decrease of 5% from the previous quarter.
Operations in Nevada recorded a 55% gross margin for Q1, and $3.9 million in income from operations. The company’s Nevada based dispensaries are generating a daily revenue run rate that’s reportedly up 28% year-over-year, at an average of $98,600 in daily revenue.
With a net income of $4.4 million for the period, C21 posted an earnings per share figure of $0.04 per share, with the company posting adjusted EBITDA of $2.6 million.
C21’s cash position at the end of Q1 was $6.1 million, down $0.1 million from the previous quarter. Cash flow was used to build out a $1.3 million cultivation facility, pay down $1.5 million of principal debt, and reduce C21’s income tax liability by $0.9 million.
C21 Investments Inc. last traded on the CSE at $1.22.
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