Business
Avant Brands Reports Fiscal 2022 Audited Results
Q4 2022 record gross revenues of $8.9 million (+219% vs. Q4 2021) Q4 2022 record Adjusted EB...
About this update from Avant Brands Inc
[{"type":"text","content":"Avant Brands Reports Fiscal 2022 Audited ResultsQ4 2022 record gross revenues of $8.9 million (+219% vs. Q4 2021)Q4 2022 record Adjusted EBITDA1 of $1.6 million (+208% vs. Q4 2021)Q4 2022 record Cash Flow from Operations2 of $1.9 million (+192% vs. Q4 2021)Q4 2022 record Adjusted Net Loss5 of $0.4 million (+95% vs. Q4 2021)Fiscal 2022 record gross revenues of $22.6 million (+105% vs. FY 2021)Second consecutive quarter of positive Adjusted EBITDA1 and positive Cash Flow from Operations2Achieved the strongest year-over-year growth amongst all publicly traded LPs in Canada10KELOWNA, BC / ACCESSWIRE / February 27, 2023 / Avant Brands Inc (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) (\"Avant\" or the \"Company\"), a leading producer of innovative and award-winning cannabis products, today announced its audited financial results for the fourth quarter and fiscal year ended November 30, 2022 (\"Q4 2022\" and \"Fiscal 2022\" respectively).\"The results from Q4 and Fiscal 2022 illustrate a robust growth profile for Avant Brands, along with record Adjusted EBITDA and Cash Flow from Operations. This was a result of our ongoing dedication to consistently producing high quality cannabis flower,\" said Norton Singhavon, Founder and CEO of Avant. \"The strong sales momentum that we have established during Fiscal 2022, augmented by the recent acquisition of the Flowr Okanagan, will allow Avant to continue pursuing its mission to become a global leader for premium cannabis products.\"Fourth Quarter 2022 Financial HighlightsGross Revenue was a record of $8.9 million (+219% vs. Q4 2021 | +88% vs. Q3 2022)Net Revenue was a record of $7.9 million (+238% vs. Q4 2021 | +100% vs. Q3 2022)Recreational Net Revenue was a record of $5.1 million (+145% vs. Q4 2021 | +37% vs. Q3 2022)Export Revenue was a record of $2.7 million (+5,064% vs. Q4 2021 | +22% vs. Q3 2022)Overall gross margin3 of 38% (+4% vs. Q4 2021 | +1% vs. Q3 2022)Recreational gross margin of 49% (+15% vs. Q4 2021 | +11% vs. Q3 2022)Export gross margin of 47% (+11% vs. Q4 2021 | +19% vs. Q3 2022)Total of 1,439kg of cannabis sold (+92% vs. Q4 2021 | +122% vs. Q3 2022)Cash Flow from Operations was a record of $1.9 million (+192% vs. Q4 2021 | +127% vs. Q3 2022)Adjusted EBITDA1 was a record of $1.6 million (+208% vs. Q4 2021 | +124% vs. Q3 2022)Adjusted EBITDA Margin1 (% of Net Revenue) of 20% (+83% vs. Q4 ...