StateHouse FY22 Revenue Grows 79.4%, What About Net Loss?

StateHouse Holdings Inc. STHZF STHZ achieved net revenue of $108.2 million in FY 2022, an increase of 79.4% compared with $60.3 million in FY 2021.

FY 2022 Financial Highlights

• Gross profit before adjustments for biological assets for FY 2022, increased 61.3% to $42.1 million compared to $26.1 million in gross profit for FY 2021.

• Gros profit was $42.6 million compared to $22.3 million in FY 2021.

• Consolidated gross margins were 39.3% of revenues for FY 2022 and 37.1% of revenues in FY 2021

• Net loss was $241 million compared to a loss of $26.4 million in FY 2021.

• Cash and restricted cash, at the end of the year $3.4 million.

Q4 2022 Financial Highlights

• Total net revenues for Q4 2022 increased 68.8% to $25.5 million, compared with $15.1 million in Q4 2021.

• Gross profit before adjustments for biological assets for Q4 2022, increased 124% to $10.8 million, compared with $4.8 million in Q4 2021.

• Consolidated gross margins were 42.4%, compared to 32.1% for Q4 2021.

“2022 was a foundational year for StateHouse, as we came together to realize our full combined potential as a unified business and a leading California-focused cannabis company,” stated Ed Schmults, CEO of StateHouse. “The substantial integration work we have completed in this past year has strongly positioned us to execute on the considerable opportunities ahead in California. This market presents unique challenges that we are successfully navigating, thanks to our fully integrated supply chain and ability to leverage our industry leading scale to accelerate our growth initiatives.”

Photo: Benzinga edit with photo by Kindel Media on Pexels

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