Village Farms Q4 2022 Revenue Declines 5% YoY, What About Net Loss?

Village Farms International, Inc. VFF revenue in Q4 2022 was $69.5 million, a decrease of 5% compared to $72.4 million in Q4 2021.

Q4 2022 Financial Highlights

• Gross profit was $2.9 million compared to $19.7 million in Q4 2021.

• Net loss was $49.3 million, or ($0.54) per share, compared with net income of $2.1 million, or $0.03 per share;

• Adjusted EBITDA was negative $758,000 compared with positive adjusted EBITDA of $4.8 million;

• Cash and cash equivalents at the end of the period were $16.7 million.

“The fourth quarter of 2022 once again demonstrated the momentum in our Canadian cannabis business as investments in new brands and product innovations contributed to 25% year-over-year growth in retail branded sales and our 17th consecutive quarter of positive adjusted EBITDA,” stated Michael DeGiglio, CEO, Village Farms.

“We achieved a major milestone in 2022: Our Canadian cannabis business became the number two top-selling cannabis company nationally (Based on estimated retail sales from HiFyre, other third parties and provincial boards.), growing market share sequentially every quarter during 2022. We have maintained this number two position in the first two months of 2023 despite distressed sales of biomass and ongoing promotional activity in certain parts of the Canadian market. Our strong brand recognition, innovation, and low-cost, consistent cultivation are a powerful combination in a market which is expected to grow steadily over the next three to five years.”

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