Grown Rogue Q2 2022 Revenue Grows 205% YoY, Positive Net Income

Grown Rogue International Inc. GRUSF GRIN revenue in Q2 2022 was $4.7 million compared to revenue of $1.54 million in Q2 2021.

Q2 2022 Financial Summary

• Net income was $144,734 compared to net loss of 1.44 million in Q2 2021.

• Gross profit was $2.22 million compared to $607,166 in Q2 2021.

• Ninth consecutive quarter of positive aEBITDA

• Fourth consecutive quarter of positive net income and positive operating cash flow, before changes in working capital

• Subsequent to quarter-end, completed a $700,000 debt settlement with the exchange of 2.36 million shares of PBIC, that held a value of less than $160,000 on the transaction date

"Grown Rogue had another very strong quarter, reporting positive operating cash flow, net income, and free cash flow," stated Obie Strickler, CEO of Grown Rogue. "In Q2, we estimate we had one of the lowest average indoor selling price of any public cannabis company at $872 per pound of whole flower ($1.92 per gram) while reporting 23% operating cash flow margins, before changes in working capital", continued Strickler. "We continue to evaluate opportunities for new markets where we can bring our craft quality and efficiencies to provide better access for patients and consumers. Oregon had a particularly strong quarter with revenue up 70% quarter over quarter even while the overall market was down slightly. The company launched pre-rolls in Michigan during the quarter and we are excited about the initial receptivity in this category. I could not be more proud of our team as we were north of $1 million in aEBITDA for the third consecutive quarter and have established Grown Rogue as the consistent market leader in the Oregon flower market, one of the most competitive states in the US. We are laser focused on continuing to become more efficient, while staying on trend with leading genetics and quality."

Photo by Jeff W on Unsplash

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