Eve & Co Records $2.5 Million In Revenue, $0.3 Million Net Loss In Q3 2021

Eve & Co Incorporated (TSXV: EVE) reported on Thursday its financial performance for the quarter ending September 30, 2021. The results highlighted a quarterly revenue of $2.5 million, up from Q3 2020’s revenue of $0.8 million.

The cannabis firm highlighted that its revenue-to-date amounting to $6.5 million surpassed its annual 2020 gross revenue of $3.8 million. During these first nine months, the company saw additional shipments of EU-GMP-certified cannabis to Germany and an increased number of provinces for product availability.

However, the firm still incurred a net loss of $0.3 million compared to last year’s net loss of $4.3 million. The quarterly loss translates to $0.01 per share.

At the end of the quarter, the company was able to utilize net cash on operating activities amounting to $0.2 million, including $0.4 million on stock-based compensation. The firm relayed that it has granted an aggregate of 850,000 stock options to certain directors, officers, and employees of the company.

Throughout the quarter, the firm had changes in its working capital, particularly a $0.9 million reduction of million of accounts payable and a $0.8 million deferred revenue. The balance of current assets came in at $12.5 million while current liabilities ended at $27.8 million.

Eve & Co last traded at $0.145 on the TSX Venture.

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.

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