Wednesday, October 8, 2025

Latest

Harborside Reports 2020 Revenues Of $63.4 Million, Net Loss Of $11.9 Million

Harborside Inc (CSE: HBOR) this morning reported its fourth quarter and full year financial results for 2020, reporting gross revenues of $13.1 million and a net loss of $5.4 million for the quarter. For the full fiscal year, the company reported gross revenues of $63.4 million and a net loss of $11.9 million.

On a net basis, the company reported net revenues of $60.0 million for the full fiscal year, while quarterly data shook out to $12.6 million in net revenues. The quarter over quarter decline was a result of wholesale sales coming in lower than in the third quarter due to the cyclical nature of cannabis production.

For the full fiscal year, the company saw its net revenue of $60.0 million offset by total cost of goods sold of $31.9 million, resulting in a gross profit before biological adjustments of $28.0 million. Operating expenses for the year amounted to $33.3 million, primarily consisting of general and administrative expenses of $18.2 milliont and professional fees of $8.9 million, resulting in an operating loss of $3.7 million.

Operating losses were pushed higher by interest expenses of $4.7 million, which was offset by a foreign exchange gain of $1.0 million, culminating in a net loss of $11.9 million after income taxes of $6.1 million.

The company this morning also reiterated its previously issued guidance for fiscal 2021, with the company expecting gross revenues between $68.0 million to $72.0 million. Adjusted EBITDA meanwhile is expected to be between 15% to 17% of net revenues for the year.

Harborside Inc last traded at $2.19 on the CSE.


FULL DISCLOSURE: Harborside Inc is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Harborside Inc on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Related News

Harborside Expands Capacity At Salinas Facility By 50%

Harborside Inc (CSE: HBOR) this morning announced that it has completed substantial upgrades at its...

Wednesday, June 30, 2021, 08:36:46 AM

Carrying The Torch In The Fight Against 280e – Spotlight Series feat Harborside

Today for the Daily Dive, we reach back into our video library for a video...

Tuesday, November 17, 2020, 01:00:00 PM

Harborside Announces US$12.0 Million Revolving Bank Loan

Harborside Inc (CSE: HBOR) has managed to secure a loan financing from a commercial federally...

Tuesday, March 23, 2021, 07:05:35 AM

Harborside To Acquire Urbn Leaf, Loudpack, Rebrand As StateHouse Holdings

Harborside Inc (CSE: HBOR) this morning had a number of notable developments, starting with the...

Tuesday, November 30, 2021, 07:34:53 AM

Harborside: Beacon Initiates Coverage With $4.00 Price Target

Beacon Securities has initiated coverage on Harborside Inc (CSE: HBOR) with a C$4 price target...

Sunday, February 21, 2021, 02:33:00 PM