Red White & Bloom Q1 Revenue Declines 4% YoY, Here Are The Details

Red White & Bloom Brands Inc. RWBYF RWB released its financial results for the first quarter ended March 31, 2023, revealing revenue of $27 million, a decrease of 4% compared to 28% million in Q1 2022.

Q1 2023 Financial Highlights

• Gross profit was $8.4 million, compared to $9.2 million in Q1 2022.

• Gross profit margin was 31% compared to 33% in Q1 2022.

• Adjusted EBITDA was $95,391 compared to $1.2 million in Q1 2022.

• Loss for the quarter was $9.4 million compared to loss of $11.8 million in Q1 2022.

Q1 2023 Other Highlights

• On March 10, 2023, the company entered into a debenture amending agreement with a lender to document US dollar advances made by said lender to the company (the “USD Grid Note”). The USD Grid Note agreement initially provides for an amendment to an existing $5.85 million note for a change in principal with all other terms and conditions remaining the same.

• On March 16, 2023, the company appointed Edoardo Mattei as its new CFO.

• On March 27, 2023, the company entered into a secured debenture agreement with a lender to document Canadian dollar advances made by said lender to the company (the “CAD Grid Note”), maturing on September 12, 2024; secured by a first priority security interest in, and pledge of the equity ownership interest of the company’s subsidiary; RWB Michigan, LLC. The CAD Grid Note will bear interest at an aggregate rate of 12% per annum, with interest payments on the last day of each month.

Photo by Esteban López on Unsplash

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