Business
Harvest One and Its Brands, LivRelief (TM) and Dream Water (TM), Report Continued Improvement in Adjusted EBITDA(1) Results for Fiscal Q3 2022
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2022) - Harvest One Cannabis Inc. (TS...
About this update from Delivra Health Brands Inc
[{"type":"text","content":"Harvest One and Its Brands, LivRelief (TM) and Dream Water (TM), Report Continued Improvement in Adjusted EBITDA(1) Results for Fiscal Q3 2022Vancouver, British Columbia--(Newsfile Corp. - May 30, 2022) - Harvest One Cannabis Inc. (TSXV: HVT) (OTCQB: HRVOF) (\"Harvest One\" or the \"Company\"), a consumer product goods (\"CPG\") leader uniquely positioned in both the OTC non-infused and licensed cannabis-infused segments with a focus on health and wellness products, is pleased to announce its fiscal Q3 2022 and year to date financial and operating results for the three and nine months ended March 31, 2022.Management Commentary\"This past quarter has been a very important one for the Company as we work towards our goal of becoming cash flow positive. We increased revenue by more than 15%, and improved our gross profit margin to 39% from 37% in the comparable quarter last year. We also reduced selling, general and administrative (\"SG&A\") expenses by 11% and further improved our adjusted earnings before interest, taxes, depreciation and amortization (\"Adjusted EBITDA\")(1),\" said Gord Davey, President and Chief Executive Officer of Harvest One. Mr. Davey continued, \"Furthermore, our team has increased the distribution of our Dream Water and LivReliefTM brands globally, and secured agreements that will strengthen the Company's infused topical business in the coming quarters. Our three and nine month results continue to demonstrate steady progress in our financial objectives of growing sales and margins, while simultaneously reducing operating and overhead expenditures.\"Financial Highlights for the Three Months Ended March 31, 2022Net revenue: The Company reported total net revenue from continuing operations of $2.34 million in fiscal Q3 2022, a 15.4% increase from the $2.02 million reported in fiscal Q3 2021. This increase is due to higher U.S. based sales of $0.54 million offset by lower Canadian sales of $0.22 million, which is driven by lower sales of topicals. Gross profit and gross profit margin: The Company reported gross profit of $0.91 million and a gross profit margin of 39% from continuing operations in fiscal Q3 2022 as compared to $0.75 million of gross profit and a 37% gross profit margin in fiscal Q3 2021. If the inventory write-down of $0.026 million was excluded, Q3 2022 gross profit would be $0.94 million ...