Newtopia Sees Revenues Decline To $2.6 Million In Q1 2021
Newtopia Inc. (TSXV: NEWU) last night released its financial results for Q1 2021. The company posted revenues of $2.6 million, as compared to $3.9 million in Q1 of last year. They further recorded a net loss of $2.27 million.
Newtopia recorded a gross profit of $1.3 million, as compared with last year’s same quarter which came in at $1.65 million, with a gross margin percentage of 50%, up from 43% in the same quarter for 2020.
The company recorded having a cash balance of $2.6 million versus Q1 for the year prior which was recorded at just under $4.7 million. Newtopia further reported approximately 1.5 million in non-cash working capital.
The company incurred $3.6 million in total operating expenses, and has outstanding liabilities amounting to approximately $3.5 million in for the quarter.
Newtopia Inc. last traded at CAD$0.45 on the TSX Venture.
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