Grown Rogue 2022 Revenue Grows 89% To $17.8M, What About Adjusted EBITDA?

Grown Rogue International Inc. GRUSF GRIN released its audited 2022 results for the twelve months ended October 31, 2022, revealing revenue of $17.8 million compared to $9.4 million in 2021, an increase of 89%.

2022 Financial Highlights

• Gross profit was $8.1 million compared to $6.1 million in 2021.

• Net income was $419,951 compared to a net loss of $1 million in 2021.

• Subsequent to year-end, closed a $2.0 million convertible debenture financing

• Adjusted EBITDA was $5.1 million, a 126% increase compared to $2.3 million in 2021.

"I'm thrilled to report our fiscal 2022 results, which continue to show our ability to carefully and profitably scale our business, including being free cash flow positive and increasing revenue and aEBITDA by 89% and 126% respectively year-over-year," stated Obie Strickler, CEO of Grown Rogue. "Our relentless focus on delivering a high-quality craft product at the best price has led to customers responding by giving us more share in the markets we serve. I look forward to continuing this trend into our fiscal 2023, especially as Michigan's capital improvements are now complete and we continue to optimize yields and institute a rigid focus on genetics."

"Regarding our go-forward strategy and our capital allocation priorities, I want to note that many previously insulated markets are beginning to experience price normalization which we have long been familiar with in our home state of Oregon and now Michigan. But, even in markets where prices have fallen from their highs, they are still significantly above prevailing Oregon and Michigan pricing. This normalization has created distress among companies which cannot operate at prices we are comfortable with, and this distress has, in turn, lowered asset prices creating new and exciting opportunities for us. Our capital allocation is guided by our disciplined search for the most compelling ways of entering new markets where the 'Grown Rogue Way' will be successful. Our focus in 2023 on new market entry has been significantly bolstered by the $2 million investment we recently closed, strengthening our balance sheet on great terms for the company," concluded Strickler.

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