Federally Licensed Company To Grow Cannabis For Research Reveals Its Quarterly Earnings

Bright Green Corporation BGXX released its financial results for the quarter ended March 31, 2023.

Q1 2023 Financial Highlights

• The company recorded no revenues for the quarter, as it continues to build facilities to grow, research and distribute cannabis, pending DEA inspection, registration, and quota approvals.

• Total operating expenses of $2.6 million, up from $700,000 in the same quarter of 2022, in line with expectations and resulting mainly from payments to support the continued scaling of Bright Green’s operations, salaries and ramp-up expenses incurred towards commercialization. Of the $2.6 million in operating expenses, $800,000 corresponds to equity-based compensation to officers, contractors, and professional services providers.

• Net loss of $2.6 million, in line with expectations.

• Basic and diluted loss per share of $0.02 for the quarter.

“This quarter, Bright Green was focused on several key operational and strategic milestones which have validated our plans and, ultimately, rewarded our patience. The commencement of the EB-5 program in February, combined with the DEA site assessment in March, positions the company to now move at pace to establish its operations and secure its position as one of the largest medical cannabis growers, manufacturers and suppliers in America who are federally authorized,” stated Bright Green CEO, Seamus McAuley.

Balance Sheet and Capital Allocation

• As of March 31, 2023, the company had cash of $422,502 million, consistent with it’s cash position of $414,574 at December 31, 2022.

• Total liquidity of $11.9 million, including the remaining balance on the credit facility of approximately $11.5 million.

• During the first quarter of 2023, Bright Green received cash proceeds of $1.3 million mainly from the sales of common stock of $12.19 million. This increase was partly offset by the use of funds for the construction in progress, equipment, and professional service fees.

Photo by Richard T on Unsplash

Related News

Bright Green To Secure Up To $3.5M Via Private Placement

Bright Green Launches Its EB-5 Website And Program