BZAM FY22 Revenue Grows 63%, What About Profit?

BZAM Ltd. BZAMF BZAM FY 2022 net revenue was CA$49.4 million ($36.4 million), an increase of 63% compared to CA$30.2 million in FY 2021.

FY 2022 Financial Highlights

• Gross profit was CA$6.8 million, a decrease of 42% compared to CA$11.7 million in FY 2021.

• Adjusted EBITDA was negative CA$18 million, compared to negative CA$22.6 million in FY 2021.

• Net loss from operations was CA$36.8 million, compared to CA$42.3 million in FY 2021.

• Cash and cash equivalents at the end of the period, were CA$4. million.

Q4 FY 2022 Financial Highlights

• Achieved record quarterly net revenues of CA$17.2 million including CA$11.5 million from TGOD brands (CA$9.5 million in Q4 2021) and CA$5.7 million from the addition of BZAM brands and products since November 3, for a total 82% increase.

• Gross loss of CA$7.2 million compared to gross profit of CA$4.9 million in Q4 FY 2021.

• Adjusted EBITDA was negative CA$6.8 million, compared to negative CA$3.6 million in Q4 FY 2021.

"In November 2022, the company completed a transformational merger and established BZAM as a top player in Canada. This enhanced scale gives us a solid platform for sustained growth on the revenue side, both in Canada and abroad, while allowing us to take advantage of synergies and eliminate duplicative costs across the newly combined entity" stated Matt Milich, CEO. "The integration has been going smoothly and with approximately CA$24 million in net revenue booked in the first quarter of 2023, representing quarterly growth of nearly 40%, we continue to pursue our goals of positive adjusted EBITDA and free cashflow in 2023."

Photo: Benzinga edit with photo by Kindel Media on Pexels

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