Evogene 2022 Revenue Grows 80% To 1.7M

Evogene Ltd. EVGN EVGN 2022 revenue was $1.7 million, an increase of 80% compared to $930,000 in 2021.

Q4 Financial Highlights

• Revenues for the fourth quarter of 2022 were $660,000, an increase of 112% compared to $311,000 in the same period the previous year.

• Gross profit was $296,000 compared to $44,000 in the same period the previous year.

• Net loss: Net loss for the fourth quarter of 2022 was $3.8 million, in comparison to a net loss of $8.1 million in the same period in the previous year.

FY 2022 Financial Highlights

• Gross profit for the full year 2022 was $766,000 compared to $163,000 in 2021.

• Net loss for the full year 2022 was $29.8 million, in comparison to a loss of $30.4 million for 2021.

• Approximately $35 million in consolidated cash, cash equivalents and marketable securities as of December 31, 2022. This amount does not include the $10 million investment to Biomica by SHC that is expected to be closed in the coming weeks. Approximately $9.7 million of Evogene's consolidated cash is appropriated to its subsidiary, Lavie Bio.

Ofer Haviv, Evogene's president and CEO, stated, "We are very proud of the achievements made by Evogene and its subsidiaries in the past year. Throughout 2022, we made progress and have advanced the artificial-intelligence technology underlying our tech engines which are MicroBoost AI supporting the discovery and development of microbe-based products, ChemPass AI supporting small-molecule based products and GeneRator AI supporting products based on modifying genetic elements."

"Following our recent generation-2 product launch and commercialization, Canonic, our subsidiary that has developed attractive medical cannabis products, using Evogene's GeneRator AI tech-engine to select genes to provide maximal levels of THC and unique terpenes profiles, is seeing increasing sales. At the same time, we understand the global cannabis market has become increasingly competitive during the past year and we don't expect that situation to change in the near term. While we are continuing to support Canonic's growth, we have made some recent structural changes to lower expenses and we are considering various longer-term options."

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