The Valens Company (TSXV: VLNS) reported its first quarter 2020 financials after the bell today, electing to break trend from its peers and post an improvement on quarter over quarter revenues figures with net revenues of $31.9 million. The company also announced that it will be up listing to the Toronto Stock Exchange effective April 16, 2020.
Revenues for the quarter ended February 28, 2020 improved marginally on a quarter over quarter basis, to that of $31.9 million from $30.6 million. Gross profit for the quarter came in at $18.0 million, down from $22.5 million in the previous quarter. Total expenses for Valen’s first quarter amount to $11.5 million, with the largest expenditure consisting of share based payments at $2.7 million, followed by depreciation and amortization at $2.4 million and wages and salaries at $2.2 million.
Valens reported an income of $2.5 million for the quarter.
Moving to the balance sheet, the company recorded a cash position of $35.5 million, down from $49.8 million in the fourth quarter. Trade and other receivables meanwhile grew to $50.2 million from $35.0 million, which is notable in that it exceeds the firms revenues for the quarter. Inventory also grew, from $7.1 million to $26.3 million.
In terms of liabilities, Valens saw its accounts payable grow fairly significantly, from $14.8 million to $35.7 million. Overall, liabilities grew from $21.1 million to $48.0 million. Working capital as a result shrank from $88.1 million to $80.3 million during the quarter.
The Valens Company last traded at $2.54 on the TSX Venture.
Information for this briefing was found via Sedar and The Valens Company. 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.
2 Responses
Labs and Valens both need to his some home runs on the drinks.
Valens is one of the only performing company in this dogsh*t sector.