MPX International Posts Year-Over-Year Net Revenue Increase, $3.3M Q1 Net Loss

Diversified cannabis company MPX International Corporation MPXOF MPXI released Monday first-quarter financial results Monday, with net revenue of CA$616,309 ($460,869) versus revenue of CA$256,572 in the same period in the prior year. 

Its adjusted gross profit was CA$1.42 million, with a gross margin of 226.5% versus an adjusted gross profit of CA$525,065 and a gross margin of 204.6% in the same quarter of fiscal 2019. 

For the quarter, MPX posted a net loss after tax of CA$4.46 million, higher than the CA$1.48-million loss one year ago.

MPX reported an adjusted EBITDA loss of CA$4.51 million versus an adjusted EBITDA loss of CA$949,749 for the three months ended Dec. 31, 2018.

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Among the most important business milestones in the recent period,

The company highlighted business milestones in the quarter, including forming a high-quality production center in South Africa; upgrading to the OTCQX Best Market; building its retail footprint in Europe; and attaining an exclusive royalty-free license to the Medical Cannabis Learning Network. 

“These milestones are more than a list of accomplishments; they are the actualization of our global strategy to become a premier global cannabis producer. They are also a reflection of the momentum we continue to experience as we further advance each distinct part of our operations to create a successful vertically integrated entity,” W. Scott Boyes, the chairman, president and CEO of MPX, said in a statement.

“From our domestic operations in Canada, to our other operations spanning the globe, we are executing on the initiatives that will drive our sustainable long-term success.”

The stock was trading 1.25% higher at 21 cents at the time of publication Tuesday.