Fire & Flower Reports Flat Revenues Of $44.1 Million For First Quarter
Fire & Flower Holdings (TSX: FAF) this morning reported its first quarter financial results. While the company classified the earnings as being a record, revenues were effectively flat on a quarter over quarter basis, with the company reporting $44.1 million in revenues along with a net loss of $61.6 million.
Revenues increased just 2.0% on a quarter over quarter basis, climbing from $43.2 million to $44.1 million for the period. Gross profits grew even less at just 0.5%, climbing to $16.5 million, up from $16.4 million in the prior quarter.
Expenses meanwhile came in at $20.0 million for the quarter, lead to by $13.7 million in general and administrative expenses and $4.3 million in depreciation and amortization. Losses were then extended as a result of other expenses, with financing costs coming in at $3.3 million, while the company recorded a loss of $54.1 million on the revaluation of a derivative liability, sending the company to a net loss of $61.6 million for the three month period.
Adjusted EBITDA meanwhile came in at $2.3 million for the quarter.
The company also reported a cash balance of $32.7 million for the period.
Fire & Flower Holdings last traded at $1.11 on the TSX.
Information for this briefing was found via Sedar and Fire and Flower Holdings. 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.
