Gage Cannabis Reports 2020 Revenues Of $39.9 Million, Net Loss Of $29.8 Million

Gage Growth Corp (CSE: GAGE) this morning reported its financial results for the period ended December 31, 2020. The company reported revenues of $39.9 million for the full fiscal year, along with a net loss of $29.8 million.

Full financial results are yet to be filed by the company as of the time of writing. What is known however is that the fiscal year saw gross profits of $12.3 million on revenues of $39.9 million for the fiscal year, resulting in gross margins of 30.8%. Operating expenses however amounted to $34.8 million, resulting in the loss of $29.8 million.

With respect to the fourth quarter, the company reported revenues of $10.5 million for the period, however no further color has yet been provided by the company. The company reportedly had a cash position of $45.5 million as of December 31.

Looking forward, the company provided guidance for both the first and second quarters of 2021. For the first quarter, Gage is expecting revenues between $17.0 and $18.0 million, at a “flower gross margin” of 40% to 45%. The second quarter is expected to see strong revenue growth, with total revenues between $26.0 and $31.0 million with “flower gross margins” between 45% and 50%.

Gage Growth Corp last traded at $2.45 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. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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