Canada House Wellness Posts $4.0 Million In Revenue, $2.6 Million Net Loss For Fiscal Q1 2022

Canada House Wellness Group Inc. (CSE: CHV) shared on Tuesday evening its financial results for the fiscal Q1 2022 ending July 31, 2021, highlighting revenue of $4.0 million. This is an increase from fiscal Q4 2021’s revenue of $2.9 million and Q1 2021’s revenue of $2.5 million.

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Breaking down the topline revenue figure, earnings from referrals lodged in $1.4 million, product revenues notched $3.2 million, while license and other revenues added $0.1 million.

Gross profit at the end of the quarter came in at 27.9%, down from last year’s 82.5%. Further down, total operating expenses ended at $2.8 million, leading the company to record an operating loss of $1.6 million.

Corollary, the company posted a quarterly net loss of $2.6 million, compared to the previous quarter’s $6.2 million and the previous year’s $0.6 million.

The company’s cash position ended at $0.7 million from a starting balance of $1.8 million. Current assets at quarter’s end carry a balance of $8.3 million while current liabilities came in at $13.1 million.

The cannabis firm previously reported annual revenue of $10.6 million and a net loss of $11.4 million for the fiscal year 2021.

Canada House Wellness last traded at $0.035 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.

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