Rubicon Organics Q1 Revenue Grows 25% YoY, Confirms Guidance On Positive Adjusted EBITDA

Rubicon Organics Inc. released its financial results for the first quarter ended March 31, 2022, revealing net revenue of CA$5.2 million, a 25% increase over Q1 2021.

Q1 2022 Financial Highlights:

• Adjusted EBITDA loss was CA$1.52 million compared to loss of CA$3.37 million in Q 2021.

• Gross profit was a CA$2.49 million compared to CA$73,637 in Q1 2021.

• Loss from operations was CA$1.3 million compared to a loss of CA$3.35 million in Q1 2021.

• Cash and cash equivalents were CA$8.75 million compared to CA$11.58 million in Q1 2021.

“Rubicon Organics is at a turning point in 2022, with higher yields and increased quality coming from our Delta Facility, whilst remaining cost-conscious we are driving to being profitable in 2022. Furthermore, with our IMC-G.A.P. certification in hand, I am excited to introduce our premium brands and products to international medical cannabis markets. I am also pleased to reiterate our guidance of achieving positive Adjusted EBITDA and operating cashflow in the second half of 2022,” stated Jesse McConnell, CEO.

Appointment of New Chair of the Board of Directors

The company has accepted the resignation of Bryan Disher as chair of the board of directors and has appointed Julie Lassonde as the new chair, until the close of the company's next annual general meeting. Disher will continue in his role as director and chair of the company’s audit committee.

Conference Call

The company will be hosting a conference call to discuss the Q1 2022 results on May 24, 2022, at 10:00 A.M. ET.

Photo: Courtesy of Mackenzie Marco on Unsplash

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