WeedMD (TSXV: WMD) this morning reported its first quarter 2021 financial results, posting revenues of $10.3 million, along with a net loss of $7.0 million for the period, an improvement on a quarter over quarter basis.
Revenues for the period amount to $10.3 million, an improvement from the $5.1 million in revenue recorded during the fourth quarter of 2020. However, with cost of goods sold of $10.0 million, the company reported a gross profit of just $0.3 million for the period before fair value adjustments.
Expenses didn’t help the matter here for the company, with selling, general and administrative expenses amounting to $6.0 million, while financing costs came in at $2.5 million. The company posted an operating loss of $10.3 million as a result.
This operating loss was then offset slightly by other income of $3.2 million, resulting in a loss of $7.0 million for the three month period. Adjusted EBITDA meanwhile was negative at $0.4 million.
In terms of the balance sheet, the company saw its cash position decrease slightly on a quarterly basis to that of $20.5 million, which includes the completion of a recent $17.3 million financing, while total current assets improved overall to $73.4 million. With accounts payable and accrued liabilities of $12.2 million, WeedMD posted total current liabilities of $21.2 million, resulting in positive working capital of $52.2 million.
WeedMD last traded at $0.28 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. 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.
