Kiaro Holdings Corp. (TSXV: KO) announced this morning its third quarter 2021 financial reports, highlighting $7.5 million in revenue. This is an increase from Q3 2020’s revenue of $5.2 million.
The quarterly report follows the company’s recent move to diversify its revenue streams across three primary channels: retail, wholesale, and ecommerce.
The quarterly gross margin ended at 29.3% compared to last year’s 30.1%. While retail margins remained unchanged at 38%, according to the firm, the total gross margin was a result of revenue contributions from the ecommerce and wholesale segments.
But with $3.3 million in operating expenses, the company still ended the quarter with a net loss of $1.1 million compared to the net loss of $2.9 million for the same three-month period in 2020. The quarterly loss came to $0.01 per share.
The quarter also ended with a cash and cash equivalents balance of $5.3 million which puts the current assets balance at $9.2 million. Current liabilities ended at $6.1 million.
During Q3, the firm closed the acquisition of Hemisphere Cannabis, which included 7 operational retail stores and over 60 employees.
Kiaro Holdings last traded at $0.075 on the TSX Venture.
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