Business
Green Rise Reports Q2 2022 Results and Details of Financing on Its Recent 16-Acre Mini-Pepper Farm Acquisition
Toronto, Ontario--(Newsfile Corp. - August 22, 2022) - Green Rise Foods Inc. (TSXV: GRF) ("Gre...
About this update from Green Rise Foods Inc
[{"type":"text","content":"Green Rise Reports Q2 2022 Results and Details of Financing on Its Recent 16-Acre Mini-Pepper Farm AcquisitionToronto, Ontario--(Newsfile Corp. - August 22, 2022) - Green Rise Foods Inc. (TSXV: GRF) (\"Green Rise\" or the \"Company\") is pleased to announce the release of its interim Q2 2022 consolidated financial results. These results including the Company's management, discussion, and analysis for the three and six-month period ended June 30, 2022, are available on SEDAR (www.sedar.com). Highlights for the Quarter Ended:Record revenue of $8.3 million compared to $7.1 million in Q2 of 2021.Adjusted EBITDA of $2.7 million versus $2.8 million generated in 2021. Results were consistent despite a 30% reduction in daily light integrals.Implementation of labor programs generated $0.5 million in labor cost savings. These programs along with the utilization of gas forward contracts, helped mitigate rising input costs.As announced on July 4, 2022, the closing of the Green Rise #3 (\"GR3\") range on June 30, 2022. The transaction is immediately accretive and further diversifies the Company's product offerings which now include mini peppers.The execution of an interest rate swap, described below, on July 20, 2022, improved the Company's pro-forma working capital ratio for the period ended June 30, 2022, by $1.4 million from the period ended March 31, 2022.\"We continue to execute our plan of product diversification, aligning our labor to increase efficiency, closely managing all input costs and generating more predictable cash flows. I am extremely pleased that our cultivation capacity has more than doubled in the last 18-months from 36 acres at the end of December 31, 2020, to 74 acres. We continue, to strategically seek accretive opportunities to increase managed acreage. I am proud of our Head Grower, Adam Suder, and his team, as they stay focussed on implementing the production plan to increase yield, lower labour costs and improve operational efficiencies,\" said Vincent Narang the Company's Chief Executive Officer. Highlights Year to Date:Record revenue of $8.5 million compared to $7.4 million for the same period ended June 30, 2021.Adjusted EBITDA of $1.5 million versus $1.7 million generated in 2021.Labor as a percent of produce sales came in at 33.0% versus 36.0% noted in the prior year period.Financing the GR3 Acquisition:The C...