Cannabis retailer Fire & Flower Holdings Corp. FAF FFLWF reported Tuesday it has generated CA$128.1 million (CA$103.2 million) in revenue at a gross profit of 35.5% in fiscal 2020. This represents 150% year-over-year growth.
Adjusted EBITDA came in positive, at CA$20,000 for the same period, compared to a CA$16.3 million loss in the fiscal year ended February 1, 2020.
The company also disclosed that total revenue for the last three months of fiscal 2020 amounted to CA$43.2 million at a gross profit of 38%, compared to the CA$16.8 million at a gross profit of 36.6% that Fire & Flower generated over the same period in the prior year.
Adjusted EBITDA in the fourth quarter was CA$1.5 million, compared to CA$1.2 million in positive Adjusted EBITDA in the prior period, and a CA$5.26 million loss in the same quarter of 2019.
“While 2020 was a challenging year due to the pandemic, it was also a transformative year for Fire & Flower as our strong fiscal 2020 financial and operational results demonstrate our ability to successfully execute on our aggressive growth strategy,” the company's CEO Trevor Fencott said.
Full-Year Financial Highlights
- Total expenses amounted to roughly CA$63 million, up by 16% year-over-year.
- The net comprehensive loss was approximately CA$79 million, versus CA$32.6 million in 2019.
- The cash balance was CA$30.6 million, as compared to CA$22.9 million for 2019.
- The Hifyre Digital Retail and Analytics Platform generated CA$6.3 million of revenue for the year, representing 110.4% in sequential growth.
Fourth Quarter Financial Highlights
- Total expenses were CA$21.3 million, down by 14% year-over-year.
- The net comprehensive loss amounted to CA$11.4 million, compared to CA$22.3 million in the corresponding quarter of fiscal 2019.
Recent Moves
In February, the company teamed up with American Acres Managers to expand across California, Arizona, and Nevada on the heels of its expansion in Ontario via the acquisition of Friendly Stranger Holdings Corp.
“From an operating standpoint, we continued to make significant progress as we grew from 21 stores at the beginning of 2019 to 80 stores today,” Fencott added.
Fire & Flower's shares were trading 7.6% higher at CA$0.89 per share a the time of writing.
Más contenido sobre cannabis en Español en El Planteo.
Photo by Kimzy Nanney on Unsplash
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