Rapid Dose Therapeutics FY 2022 Revenue Grows 232%, First Three Quarters Of FY 2023 Don't Look As Good

Rapid Dose Therapeutics Corp. RDTCF DOSE, filed its financial results for the fiscal year ended February 28, 2022, and for the first three quarters of the 2023 fiscal year.

The company is in the process of submitting the required documentation to the Ontario Securities Commission for a revocation of the failure to file cease trade order that was previously issued against the company on August 26, 2022.

As a result of the annual impairment testing of goodwill and other intangible assets, the company recorded a non-cash goodwill and other intangible assets impairment charge in the fourth quarter ended February 28, 2022. The company does not expect the impairment charge to have any impact on future operations, or to affect its liquidity or cash flows from operating activities.

FY 2022 Financial Highlights

• Revenue of CA$1.75 million ($1.31 million), a 232% increase compared to CA$755,201 in FY 2021.

• Gross profit of CA$1.34 million, compared to CA$699,850 in FY 2021.

• Net comprehensive loss of CA$8.5 million, an unfavorable increase of 485% compared to a loss of CA$1.75 million in FY 2021.

Q1 2023 Financial Highlights

• Revenue of CA$61,766, an unfavorable decrease of 93% compared to CA$823,748 in Q1 2022.

• Gross Profit of CA$31,393, compared to CA$777,421 in Q1 2022.

• Net comprehensive loss of CA$1 million, an unfavorable increase of 1265% compared to a loss of CA$73,865 in Q1 2022.

Q2 2023 Financial Highlights

• Revenue of CA$133,554, an unfavorable decrease of 59% compared to CA$324,640 in Q2 2022.

• Gross Profit of CA$84,874, compared to CA$291,942 in Q2 2022.

• Net comprehensive loss of CA$914,446, an unfavorable increase of 32% compared to a loss of CA$694,249 in Q2 2022.

Q3 2023 Financial Highlights

• Revenue of CA$305,629, an unfavorable decrease of 33% compared to CA$457,724 in Q3 2022.

• Gross Profit of CA$227,485, compared to CA$359,173 in Q3 2022.

• Net comprehensive loss of CA$583,333, an unfavorable increase of 26% compared to a loss of CA$789,746 in Q3 2022.

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