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.

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