Lifeist Q2 2022 Revenue Decreases 15% YoY, Here Are The Details

Lifeist Wellness Inc.’s NXTTF LFST M net revenue decreased 15% to CA$4.1 million ($3.19 million) in Q2 2022 compared to CA$4.9 million in Q2 2021.

Q2 2022 Financial Highlights

Gross margin was CA$700,000 (16% of net revenue) in Q2 2022 compared to CA$400,000 (7%) in Q2 2021. The increase in gross profit in Q2 2022 represents the company’s fourth highest quarterly gross profit, despite the loss of two months of sales by Australian Vaporizers.
Adjusted EBITDA loss was CA$4.5 million in Q2 2022 compared to a loss of CA$5.4 million in Q2 2021.
Net loss was CA$3.9 million in Q2 2022 compared to CA$6.4 million in Q2 2021, due to improved gross margins, lower operating expenses, and a gain on sale of CA$900,000 in the quarter from the disposition of the company’s subsidiary Findify AB on May 25, 2022.

“The Australian floods dampened what was otherwise a solid quarter for Lifeist,” stated Meni Morim, CEO of Lifeist. “While it’s been a difficult period for the broader cannabis industry, we’re generating measurable success and establishing a path to profitability for our recreational cannabis distribution platform. Meanwhile, while encountering industry-wide supply chain disruption challenges, our nutraceuticals business was still able to achieve the correct acquisition and retention metrics to enable profitable growth and I expect this execution in the coming quarters. As for Australian Vaporizers, following the effects of the devastating flood, the business re-opened its doors in May and generated sales operating metrics consistent with pre-shutdown levels, and that normally positive performance has continued into fiscal Q3 2022.”

Cash and cash equivalents were CA$6.6 million as of May 31, 2022, compared to CA$12.6 million as of November 30, 2021.

Photo by Mackenzie Marco on Unsplash

Lifeist Wellness Reduces Net Los By 37.83% To CA$3.6M In Q1 2022

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