Rubicon Organics FY22 Revenue Grows 57% To $26.4M, What About Adjusted EBITDA?

Rubicon Organics Inc. ROMJF ROMJ achieved a record net revenue in FY 2022 of CA$35.5 million ($26.4 million), a 57% increase compared to CA$22.6 million in 2021. Revenue growth in 2022 versus the prior year was primarily driven by the expansion of 1964 Supply Co, having a full year of sales in all key markets, continued range expansion, and a new hero strain with Comatose.

Q4 2022 Financial Highlights

• Net revenue of CA$11.0 million was an increase of 61% from the same period in 2021

• Achieved adjusted EBITDA of CA$1.3 million compared to negative CA$570,480 in 2021.

• Net loss during the fourth quarter of 2022 was CA$3.1 million, compared to net profit in the third quarter of 2022 of CA$2.0 million.

2022 Financial Highlights

• Adjusted EBITDA was a profit of CA$1.9 million, compared to a loss of CA$8.0 million in the twelve months ended December 31, 2021.

• Gross profit was CA$13.8 million compared to gross profit of CA$1.5 million in 2021.

• Net loss was CA$3.9 million compared to net loss of CA$14.5 million in 2021.

• Cash and cash equivalents at the end of the year were CA$8.3 million.

“Rubicon Organics has achieved significant financial milestones in a fiercely competitive environment, delivering adjusted EBITDA profitability and positive cash flow from operating activities for the 2022 year. These results are a testament to the unwavering commitment of our team to quality, which is now being acknowledged by our customers. Rubicon is at an inflection point, poised for continued growth and anticipating further financial strength in 2023 as we seek to meet the market's demand for our products. Despite negative investor sentiment in the cannabis sector, I believe that the winners of the Canadian cannabis sector will emerge in 2023, and Rubicon is well-positioned to be among them," stated Margaret Brodie, interim CEO and CFO.

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