Empower Clinics Reports 2020 Revenues Of $3.2 Million, Net Loss Of $17.1 Million

Empower Clinics (CSE: CBDT) yesterday released its fourth quarter and full year financial results. The firm reportedly posted record results, making it questionable as to why they released such results early in the morning on a day where Canadian markets were closed.

The company for the year ended December 31, 2020 posted total revenues of $3.2 million, along with a net loss of $17.1 million. The fourth quarter meanwhile saw revenues of $0.9 million, an improvement from the $0.6 million posted in the third quarter, along with a net loss of $15.7 million.

Gross margins for the fiscal year amounted to $2.0 million, following total cost of goods sold of $1.2 million for the year. The company however posted a loss from operations of $4.5 million for the year, with expenses lead by operating expenses of $3.9 million, and legal and professional fees of $1.4 million.

Things did not fair better from here from a profitability perspective, with other expenses amounting to a total of $12.6 million. Other expenses were dominated by a loss on the change in the fair value of warrant liabilities to the tune of $11.9 million, followed by accretion expenses of $0.3 million and interest expenses of $0.2 million. The company closed out the year with a net loss of $17.1 million.

In terms of the balance sheet, Empower posted a cash position of $4.9 million, which contributed largely to a total of $5.3 million in current assets. Accounts payable meanwhile currently sit at $3.4 million, while total current liabilities amount to $7.0 million, putting the firm in a negative working capital position.

Empower Clinics last traded at $0.70 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.

Video Articles

Why $50 Silver, $4000 Gold Might Be Closer Than Anyone Thinks | Bradley Langille – GoGold Resources

Why Silver’s True Price Could Be Much Higher | Joaquín Marias – Argenta Silver

Gold Enters A ‘Stronger For Longer’ Phase | Richard Young – i-80 Gold

Recommended

Emerita Resources Intersects Further Mineralization At El Cura, Expanding Deposit

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

Related News

Empower Clinics Reports Run Rate Of US$10.0 Million For Kai Medical Lab Subsidiary

Empower Clinics (CSE: CBDT) this morning announced that one of its subsidiaries, KAI Medical Laboratory,...

Monday, March 8, 2021, 08:32:59 AM

Empower Clinics Eyes Selling Sun Valley Cannabis Assets Back To Founders For US$1 Million

Empower Clinics Inc. (CSE: CBDT) announced today that it has signed a non-binding term sheet...

Wednesday, July 21, 2021, 08:29:00 AM

Empower Clinics Receives Repeat Order For 5,000 Test Kits

Empower Clinics (CSE: CBDT) this morning announced that it has received a notable purchase order...

Wednesday, April 14, 2021, 07:45:28 AM

Empower Closes $3.0 Million Financing, CEO Enters Into Share Loan Arrangement

Empower Clinics (CSE: CBDT) has evidently closed a much-needed financing as of last night. The...

Friday, January 7, 2022, 08:56:18 AM

Empower Clinics Wraps Up Kai Medical Laboratory Expansion

Empower Clinics Inc. (CSE: CBDT) shared this morning the completion of the expansion of its...

Wednesday, August 4, 2021, 09:37:00 AM