Unrivaled Brands, Inc. UNRV Q3 2022 revenue was $10.76 million, a decrease of 46% compared to revenue of $20.05 million in the Q3 2021.
Q3 2022 Highlights
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Gross loss from continuing operations was $64,000, a decrease of 119.5% compared to a gross profit of $328,000 in Q3 2021.
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Net loss was $119.9 million compared to net loss of $5.46 million in Q3 2021.
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The merger with UMBRLA and the acquisitions of People's First Choice and SilverStreak Solutions in 2021 led to more operations with additional facilities, employees, and costs to support them. Selling, general and administrative expenses were $13.24 million, compared to $12.03 million in Q3 2021, an increase of $1.21 million or 10.0%.
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Amortization and depreciation expenses increased by $1.67 million and facilities related expenses, such as rent, utilities, repairs and maintenance, security, and insurance, increased by $2.33 million over third quarter of 2021. Those increases were partially offset by decreases in third quarter 2022 of the following items: taxes, licensing and permitting decreased by $0.51 million and stock compensation expenses decreased by $1.14 million.
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Operating loss from continuing operations was $122.80 million compared to $11.70 in Q3 2021, an increase of $111.10 million or 949.5%. This increase was primarily attributable to a $107.97 million impairment of intangible assets and goodwill related to the UMBRLA, People’s, and SilverStreak acquisitions. As part of the company’s strategic restructuring in fiscal year 2022, the company terminated its third-party distribution operations in California and its retail and delivery operations at SilverStreak Sacramento, which resulted in a loss on disposal of assets of $1.53 million during the current period.
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