Empower Clinics (CSE: CBDT) this morning reported its third quarter financial results, posting revenues of $0.4 million for the three month period. Revenues were down substantially on a quarter over quarter basis, yet the company managed to post a positive net income of $2.3 million.
Revenues fell a whopping 52.9% on a quarter over quarter basis, dropping from $0.9 million to $0.4 million. Rather than identify the reasoning behind the significant shortfall, the company instead focused on the year over year growth, with revenues climbing from $0.1 million last year to $0.4 this year.
Gross margins for the quarter came in at $0.4 million. The company posted a loss from operations of $0.9 million, lead by operating expenses of $0.7 million and share based payments of $0.2 million. The firms loss from operations narrowed on a quarter over quarter basis, improving from $1.4 million.
Despite the loss from operations, the company saw other income of $3.2 million, primarily lead by a gain in the fair value of certain warrant liabilities to the tune of $3.1 million. Overall, the company posted a net income of $2.3 million for the three month period as a result. Adjusted EBITDA meanwhile was negative at $0.3 million.
Empower Clinics last traded at $0.335 on the CSE.
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