Fire & Flower Holdings (TSX: FAF) this morning filed its fourth quarter 2020 financial results, reporting revenues of $43.2 million along with a net loss of $11.4 million. For the full fiscal year, the company posted revenues of $128.1 million and a net loss of $79.0 million.
On a quarterly basis, revenues increased 30.5% over the results posted in the third quarter of 2020. Gross profits for the quarter came in at $16.4 million, while expenses shook out to $21.3 million, lead by general and administrative expenses of $12.4 million, resulting in an overall loss from operations of $4.8 million.
After other expenses were factored in, including $4.1 million in financing costs and $0.9 million in income taxes, the company posted a net loss of $11.4 million for the quarter.
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On an annualized basis, the company saw a gross profit of $45.4 million on revenues of $128.1 million, which saw total expenses come in at $63.0 million. Expenses were lead by general and administrative at $39.4 million, which was nearly equal to gross profit, as well as $12.3 million in depreciation and amortization, resulting in a loss from operations of $17.6 million.
After a $53.2 million loss on debt extinguishment, $25.1 million in financing costs and a gain on the revaluation of derivative liabilities of $18.6 million are factored in among other expenses, the company posted a net loss of $79.0 million for the year.
The company reported an adjusted EBITDA figure of $1.5 million for the quarter ended January 30, 2021, and a figure of $0.02 million for the full fiscal year.
Fire & Flower Holdings last traded at $1.03 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.
