Canada House Wellness Posts $5.1 Million In Revenue, $3.4 Million Net Loss For Fiscal Q2 2022
Canada House Wellness Group Inc. (CSE: CHV) shared on Thursday its financial results for the fiscal Q2 2022 ended October 31, 2021. The report highlighted a quarterly revenue of $5.1 million, an increase from fiscal Q1 2022’s revenue of $4.0 million and Q2 2021’s revenue of $2.3 million.
Breaking down the topline revenue figure, earnings from referrals lodged in $1.3 million, product revenues notched $4.5 million, while license and other revenues added $0.09 million.
Gross profit at the end of the quarter came in at 15.1%, down from 27.9% last quarter and 64.4% last year. Further down, total operating expenses ended at $3.3 million, leading the company to record an operating loss of $2.5 million.
Consequently, the company posted a quarterly net loss of $3.4 million, compared to the losses of the previous quarter at $2.6 million and the previous year at $2.1 million.
The firm relayed that the quarterly loss included a $1.3 million inventory impairment, without which the loss would’ve only been $2.0 million.
The company’s cash position ended at $0.9 million. Current assets at quarter’s end carry a balance of $8.8 million while current liabilities came in at $14.3 million.
Canada House Wellness last traded at $0.035 on the CSE.
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