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Stem Holdings Posts Record Quarter With $10.5 Million In Net Revenues

Stem Holdings (CSE: STEM) this morning reported its first quarter financial results. The company posted strong earnings, with revenues increasing to a record gross $12.4 million for the three month period. On a net basis, revenues came in at $10.5 million.

Revenues were up significantly on a year over year basis, with net revenues last year amounting to $2.3 million. Revenues were up 92.8% on a quarter over quarter basis, compared to $5.5 million in net revenues reported for the period ended December 31, 2020.

Gross profit for the quarter meanwhile improved to $2.7 million, while expenses for the quarter totaled out at $5.8 million. General and administrative expenses made up the majority of expenses, at $3.4 million. The company posted an operating loss of $3.0 million for the three month period.

Other expenses for the quarter came in at $5.6 million, the majority of which was attributable to a $6.3 million change in fair values of warrant liabilities, which was offset partially by $1.2 million in other income. The company as a result posted a net loss of $8.6 million for the period.

Looking to the balance sheet, the company saw its cash position improve marginally, climbing to $4.6 million from $3.8 million. Total current assets as a whole climbed from $7.7 million to $11.4 million. Total current liabilities meanwhile declined from $33.5 million to $28.7 million.

Stem Holdings last traded at $0.53 on the CSE.


FULL DISCLOSURE: Driven By Stem is a client of Canacom Group, the parent company of The Deep Dive. The company has been compensated to cover Driven By Stem 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.

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