Delta 9 Sees Revenues Decline To $15.2 Million, Posts Net Loss
Delta 9 Cannabis (TSX: DN) this morning reported its third quarter financial results, posting revenues of $15.2 million for the quarter. The firm also posted a net loss for the period of $0.8 million.
Revenues were down on a quarter over quarter basis, falling from $16.8 million to $15.2 million. The decline was said to be based on a “degree of seasonality” as well as timing issues related to wholesale sales.
Gross profit before fair value adjustments however was rather unaffected, falling from $4.9 million to $4.8 million. Operating expenses meanwhile increased from $5.7 million to $6.5 million, with the largest expense being general and administrative at $4.7 million. Sales and marketing meanwhile came in at $2.6 million.
Following fair value adjustments, the company reported a loss from operations of $0.1 million, which then fell to a net loss of $0.8 million after other expenses. Adjusted EBITDA meanwhile came in at $0.2 million, as compared to $1.2 million in the second quarter.
Delta 9 Cannabis last traded at $0.39 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
