Gage Cannabis Posts Q3 Revenues Of $27.2 Million
Gage Growth Corp (CSE: GAGE) this morning posted its third quarter 2021 financial results, reporting revenues of $27.2 million. The firm also posted a net loss of $3.4 million for the period ended September 30, 2021.
Revenues were up marginally, climbing 3.2% quarter over quarter from $26.4 million to $27.2 million. Gross profit before fair value adjustments however climbed at a quicker pace, jumping 9.9% from $9.0 million to $9.9 million.
Operating expenses meanwhile saw an increase as well, climbing by 5.6% to $15.7 million. Expenses were lead by $11.8 million in general and administrative, followed by $1.8 million in sales and marketing. Loss from operations as a result totaled out at $5.2 million.
Other expenses meanwhile included a $4.0 million gain on financial instruments, partially offset by a $1.4 million decline in the fair value of investments. Overall, the company posted a $3.4 million net loss for the three month period, as compared to a $9.4 million loss in the prior quarter.
Looking to the balance sheet, the company saw its cash position decline substantially, falling from $32.8 million to $17.7 million,. while inventory jumped from $7.9 million to $16.6 million. Total current assets improved slightly, from $50.4 million to $50.5 million.
Accounts payable however climbed from $18.3 million to $26.1 million, with total current liabilities overall jumping from $27.3 million to $33.7 million.
Gage Cannabis last traded at $2.39 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 unless otherwise mentioned. 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.
