TGOD Reports Q1 Revenue Of $7.7 Million, Net Income Of $12.5 Million

The Green Organic Dutchman (TSX: TGOD) last night reported its first quarter financial results, with revenue amounting to $7.7 million for the quarter, a decline of 17% on a quarter over quarter basis. Notably, the company reported gross revenue within the related news release rather than net basis like its peers. The company also reported a net income of $12.46 million.

TGOD's Logo

Revenue for the quarter was largely comprised of cannabis products in Canada, which amounted to $6.67 million for the three month period. Also included in the sales figures is hemp sales of $2.31 million. Cannabis sales were down 22% on a quarter over quarter basis while hemp sales were down just 2.5%.

With net revenues of just $7.7 million, the company reported a cost of sales of $6.4 million, resulting in a gross profit before biological adjustments of $1.3 million. Operating expenses meanwhile amounted to $9.0 million for the quarter, the largest expense of which is general and administrative, which came in at $4.5 million. The company posted an operating loss of $5.9 million as a result.

However, the company managed to post a positive net income for the quarter as a result of a $21.8 million reversal of impairment related to its Quebec facility now classified as being held for sale. The company as a result managed to post a net income of $12.5 million.

Looking to the balance sheet, the company reported a cash position of $16.5 million, and improvement from the $11.2 million figure reported in the prior quarter. Current assets jumped from $44.4 million to $91.6 million, much of which is attributable to assets held for sale climbing from nil to $43.2 million.

Current liabilities meanwhile fell from $66.4 million to $59.5 million, with the company seeing its accounts payable fall from $24.5 million to $16.1 million, while current portion of loans grew to $42.3 million.

TGOD last traded at $0.345 on the TSX.


Information for this briefing was found via Sedar and The Green Organic Dutchman. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

TGOD Announces $30 Million Secured Revolver Facility, Amendment to Accordion Facility

The Green Organic Dutchman (TSX: TGOD) has secured additional sources of funding this morning, announcing...

Wednesday, April 1, 2020, 08:46:17 AM

BMO Struggling to Sell Aurora Cannabis’ TGOD Shares

Last night the Globe and Mail reported that a group of Investment Banks led by...

Friday, September 6, 2019, 12:24:09 AM

TGOD Ends Medical Cannabis Program, Transitions To Wholesale Model

The Green Organic Dutchman (TSX: TGOD) this morning announced that it is giving up the...

Monday, February 1, 2021, 07:55:40 AM

The Green Organic Dutchman Gets Conditional Approval To List On CSE, Applies To Delist From TSX

In a move to accelerate its entry into the US market, The Green Organic Dutchman...

Thursday, August 26, 2021, 10:41:00 AM

TGOD Walks Away from US$30 Million Financing, Announces C$22 Million Bought Deal Financing

The Green Organic Dutchman (TSX: TGOD) announced this morning that the firm will be conducting...

Tuesday, November 26, 2019, 08:50:13 AM