Innocan Pharma FY22 Revenue Grows 1205% To $2.6M, Here Is What You Need To Know

Innocan Pharma Corporation INNPF INNO IP released its audited financial results for the year ended December 31,2022, revealing revenue of $2.6 million, an increase of 1205% from approximately $196,000 in 2021.

Financial Highlights for the year ended December 31, 2022

• Q4 2022 revenues increased to approximately $1.1 million from approximately $749,000 in Q3 2022, representing increases of +51% respectively. This increase in revenue growth is mainly due to the increased sales of Innocan's subsidiary, BI Sky Global, (Innocan & Brandzon Co. LTD's joint venture) that focuses on the development of beauty microbrands for platforms such as Amazon, and other retail marketplaces.

• Gross Profit increased to approximately $2.1 million as of December 31, 2022, compared to approximately $121,000 during the prior year,

• Cash balance stood at approximately $4.9 million as of December 31, 2022, representing an approximate 55% decrease compared to approximately $11 million at the end of the prior year.

• Net comprehensive loss was $3.9 million compared to a loss of $10 million in 2021.f

Roni Kamhi, CEO BI Sky Global & COO Innocan Pharma stated: "We, at BI Sky Global, are very pleased with the significant progress made in 2022, as we continue our journey to become a global leader in the beauty arena and a recognized brand in the US. We ended 2022 with incredible growth that will serve as a strong starting point for 2023. Our customers now include an increased number of subscribers that represent about 10% of monthly sales. As we look to the future of 2023, we expect to see continued growth in the beauty category with new product lines, alongside increased sales.

Photo by Mackenzie Marco on Unsplash

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