Waterloo Brewing Ltd. (TSX: WBR) released this morning its financial statements for fiscal Q2 2022 ending August 1, 2021. The results highlighted a quarterly revenue of $34.2 million, an increase from both fiscal Q1 2022 and Q2 2021’s revenue of $22.5 million and $24.6 million, respectively.
The quarterly gross margin followed the trend as it jumps to 32.6% from 22.2% last quarter and 30.9% for the same comparable period last year. The company attributes the improvement to the new canning line now operational, which eliminates outsourced related service and costs, and the increase in co-manufacturing.
Further down the statement, the firm recorded a net income of $4.2 million, up from last quarter’s $0.1 million net loss and last year’s $2.2 million net income. The quarterly net income translates to $0.11 earnings per share.
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Recalibrating for financial expenses, the company’s EBITDA came in at $8.0 million compared to last year’s $5.8 million.
By the quarter’s end, the firm closed out its cash position to net-zero, same as last quarter. This leaves total current assets at $38.1 million while current liabilities ended at $45.9 million.
The Canadian brewery relayed that the total sales volume decreased 3.3% during the quarter but still slightly lower than the industry’s 4.9% decline. “The results of our second quarter are a testament to our team’s hard work,” said its CEO George Croft.
Waterloo Brewing last traded at $6.48 on the TSX.
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