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.

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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.