Business
Choom Announces Q1 2021 Financial Results - Reporting Record Revenue of $6.1 million
Choom Announces Q1 2021 Financial Results - Reporting Record Revenue of $6.1 million.
About this update from Choom Hldgs Inc.
[{"type":"text","content":"\n VANCOUVER, British Columbia, Dec. 01, 2020 (GLOBE NEWSWIRE) -- Choom Holdings Inc. (“Choom” or the “Company”) (CSE: CHOO; OTCQB: CHOOF), a fast-expanding retail cannabis company that has established one of the largest store networks in Canada, is pleased to report its financial and operating results for the first quarter of fiscal 2021 ending September 30, 2020. First Quarter Financial Highlights: Q1 2021 revenue of $6.1M     • Increase of $2M and 50% over Q4 2020 revenue of $4.1MQ1 2021 Gross Margin of 36.33%     • Increase of 3.06% over Q4 2020 gross margin of 33.26%Q1 2021 G&A of $1M or 15.74% of revenue     • Versus $1.2M or 28.68% of revenue Q4 2020Q1 2021 Salary and Wages of $1.1M or 18.24% of revenue     • Versus $0.8M or 20.17% of revenue Q4 2020 First Quarter Divisional Highlights: Finance:Choom continues to make strides in our strategic path to profitability, increasing sales while right sizing expenditures, improving margins, and inventory efficiency through our centralized product team resulting in positive adjusted EBITDA 1 for the quarter of $35K. Operations:As we move forward with our new store growth strategy, ground has broken in Yaletown, Vancouver, with an opening set for January 2021. Additionally, a 4th development permit was secured in Vancouver, further creating defensibility amongst other national competitors. During the quarter, we re-opened the Westlock store location that had been previously closed due to COVID-19. Additionally, in Q2 we re-opened Camrose 48th, another location that was previously closed, bringing our open and operating store count to 14. Brand: Choom’s marketing vision receives industry recognition, with nominations for three prestigious awards by ADCANN this November: Storefront Brand of the Year, Marketer of the Year and Best Social Media of the year. Our digital development also continues as we enhance our industry-leading technology on Choom’s 2.0 digital platform, further positioning ourselves as a technology enabled Cannabis retailer, supporting our strategic pillar of creating a true omni-channel experience. Culture: The further centralization of our business model continues to attract top talent both at our store support center as well as at ...