Delta 9 Cannabis (TSX: DN) this morning released guidance for its fourth quarter and full year results for 2019. Full financial results have also been set for release on March 19, 2020, with the associated conference call to occur the following morning.
For the fourth quarter of 2019, the company expects to report net revenues of between $10 and $10.5 million, which is a substantial increase over the firms disappointing third quarter figures which came in at $6.7 million. At the time, the firms third quarter results disappointed investors whom had expected much higher figures given second quarter results of $8.9 million.
In terms of the full year financial outlook, the company as a result is expecting to recognize revenues of between $31.1 million and $31.7 million for fiscal year 2019. This is a significant increase on a year over year basis, with Delta 9 recognizing revenues of only $7.57 in FY2018.
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With respect to production, guidance figures were also provided. The company harvested approximately 1,305 kilograms of cannabis during the quarter, compared to 871 kilograms in the prior quarter. Production costs also fell on a preliminary basis, with direct production costs coming in at $0.91 per gram and total cost per gram hitting $1.04, as compared to $1.08 and $1.21 in the prior period respectively.
Delta 9 Cannabis last traded at $0.46 on the TSX.
Information for this briefing was found via Sedar and Delta 9 Cannabis. 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.
