Goodness Growth FY22 Revenue Increases 37.1% To $74.6M, Here Are The Details

Goodness Growth Holdings, Inc. GDNSF GDNS FY 2022 revenue was $74.6 million, an increase of 37.1% compared to $54.4 million in FY 2021.

FY 2022 Financial Highlights

• Gross profit was $30.9 million, an increase of 56.1% compared to $19.8 million in 2021.

• Gross profit margin was 41.4% compared to 36.4% in 2021.

• Adjusted EBITDA was $4.1 million compared to negative $9.1 million in 2021.

• As of December 31, 2022, total current assets were $46.7 million, including cash on hand of $15.1 million. Total current liabilities were $29.7 million.

Q4 2022 Financial Highlights

• Revenue was $19 million, an increase of 39.4% compared to $13.7 million in Q4 2021.

• Gross profit was $8.5 million compared to $2.2 million in Q4 2021.

• Gross profit margin was 44.7% compared to 15.8% in Q4 2021.

• Adjusted EBITDA was $2.5 million compared to negative $4.4 million in Q4 2021.

Credit Facility and Corporate Governance Updates

The company has executed a fifth amendment to its Green Ivy credit facility, in addition to several corporate governance updates. The amended credit facility reduces cash outlays through the removal of a required amortization schedule and extends the maturity date on the credit facility loans to April 30, 2024, with opportunities for performance-based extensions through January 31, 2026. The company will issue up to 15 million subordinate voting shares to the lenders in consideration for the credit facility amendments. In addition, the company is in advanced discussions with another affiliate of Chicago Atlantic REFI to finalize a $10.0 million secured convertible loan financing.

Chelsea Grayson and Amber Shimpa have resigned from the company’s board of directors. The resignations of Grayson and Shimpa result in a reduction in the current number of members of the company’s board to five.

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