Freshlocal Solutions Inc. (TSX: LOCL) announced on Tuesday night its financial results for the first quarter of fiscal 2022 ended January 1, 2022. The firm recorded quarterly revenue of $29.0 million, marginally up from Q4 2021’s $28.8 million but down from Q1 2021’s $31.9 million.
“The Company’s quarterly results in Q1 FY2022 were impacted by COVID-related supply chain and capacity challenges, significant regional flooding in Alberta and British Columbia, and non-recurring revenue related to our now-retired third-party logistics efforts in the comparable quarter,” explained CEO Simon Cairns.
The company had a gross profit margin of 33.9%, down from 36.0% last quarter and 36.7% last year. With total expenses of $37.0 million–higher than its revenue–the firm ended with an operating loss of $8.0 million compared to a loss of $3.8 million in the year-ago period.
This led the firm to record a net loss of $8.2 million compared to the losses of both $15.9 million in Q4 2021 and Q1 2021. This translates to a $0.19 loss per share.
Adjusted EBITDA for the quarter came in at a loss of $6.6 million, up from a loss of $7.6 million in the previous quarter but down from a loss of $2.4 million in the previous year.
The company ended the quarter with $1.8 million in cash and cash equivalents, putting the balance of the current assets at $12.2 million. Current liabilities ended at $27.9 million.
The e-grocery platform previously announced that it has entered into an $8.8 million credit facility agreement with Export Development Canada.
Freshlocal Solutions last traded at $0.71 on the TSX.
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