Business
Green Rise Foods Announces Q3 2021 Results Highlighted by Record Tomato Revenue and Provides Update on Fiscal 2022 Crop Selection
Toronto, Ontario--(Newsfile Corp. - November 23, 2021) - Green Rise Foods Inc. (TSXV: GRF) (...
About this update from Green Rise Foods Inc
[{"type":"text","content":"Green Rise Foods Announces Q3 2021 Results Highlighted by Record Tomato Revenue and Provides Update on Fiscal 2022 Crop SelectionToronto, Ontario--(Newsfile Corp. - November 23, 2021) - Green Rise Foods Inc. (TSXV: GRF) (\"Green Rise\" or the \"Company\") is pleased to announce the release of its condensed interim consolidated financial results for the three and nine-months ended September 30, 2021.\"We generated record tomato sales of $14.5 million with Adjusted EBITDA of $4.8 million during the first nine months of 2021, across 73 managed acres of cultivation capacity, an increase of 43% over 51 acres in the same period in 2020. These increases are attributable to the Mor Gro Farms Inc. (\"GR2\") acquisition which closed on February 1, 2021, and aided in offsetting headwinds we faced,\" said Vincent Narang, Chief Executive Officer of Green Rise. \"These macro-factor headwinds included a combination of lower yields due to adverse weather conditions in the three-month period ended September 30, 2021, revenue impacts attributable to a normalization in beefsteak tomato prices through the first nine months of the year and higher labour costs resulting from the Federally mandated COVID-19 quarantine protocols for all inbound travellers to Canada.\"Third Quarter 2021 Financial ResultsAchieved record tomato sales of $7.4 million for the third quarter of 2021, a 14% increase over $6.5 million generated in the three-months ended September 30, 2020.Generated Adjusted EBITDA of $3.1 million for the three-months ended September 30, 2021, compared to $3.6 million for the same period in 2020. Realized the benefit of a full quarter of harvesting at the newly acquired GR2 facility, and as of November 11, 2021, had shipped over 5.4 million pounds of beefsteak tomatoes (3.5 million pounds for the three-months ended September 30, 2021). Year-to-Date Financial ResultsAchieved record tomato sales of $14.5 million for the nine-months ended September 30, 2021, a 19% increase over $12.2 million realized during the same period in 2020.Generated Adjusted EBITDA of $4.8 million for the first nine-months of 2021, compared to $6.0 million for the nine-months ended September 30, 2020.Continued to grow the assets and cultivation capacity of the Company following the acquisition of the net assets of Mor Gro Farms Inc. on February 1, 2021, adding a 22-acre gre...