Simply Better Brands Corp. PKANF SBBC released its unaudited financial results for the year ended December 31, 2022, revealing revenue of $65.4 million, an increase of 319% compared to to $15.6 million in 2021.
FY 2022 Financial Highlights
-
Gross profit of $44.6 million compared to $9.7 million in 2021.
-
Gross profit margin of 68% compared to 62% in 2021.
-
Net loss of $11.1 million compared to a net loss of $12.8 million for the twelve months ended December 31, 2021.
-
Adjusted EBITDA of $1.2 million, an increase of $4.5 million over the adjusted EBITDA loss for the comparable period in 2021.
Q4 2022 Financial Highlights
-
Revenue of $23.0 million, an increase of 254% compared to $6.5 million in Q4 2021.
-
Gross profit of $16.1 million compared to $4.3 million in Q4 2021.
-
Gross profit maring of 70% compared to 66% in Q4 2021.
-
Net loss of $4.2 million compared to a net loss of $4.2 million for the three months ended December 31, 2021.
-
Positive adjusted EBITDA of $600,000, an increase of $1.7 million over the adjusted EBITDA loss for the comparable period in 2021.
2023 Outlook
-
The company's expectation for consolidated net sales to exceed $80 million.
-
The company expects gross margin as a percentage of net sales to be between 58% and 60%.
-
The company expects to achieve positive adjusted EBITDA in the range of $3-4 million.
The company reported preliminary sales for the first quarter of fiscal 2023 of $24.8 million compared to $12.1 million in Q1 2022 or a 205% increase. Preliminary gross profit for the first quarter of 2023 is 55% compared to 66% in the first quarter of 2022. The lower gross margin is due to sales channel mix as a larger portion of sales to retailers compared to the prior year's predominantly online sales delivery.
Photo by Tim Foster on Unsplash
Related News
Simply Better Brands' PureKana Launches A Line Of CBD-Based Products For Dogs
Simply Better Brands To Resolve Debt, Issues Shares For Advisor Services
Simply Better Brands Preliminary 2022 Net Sales Improve ~320% YoY, Announces $5M Private Placement
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.