Business
Village Farms International Reports Fourth Quarter and Year End 2021 Financial Results: Fourth Quarter Consolidated EPS of $0.03 Per Share, Net Income of $2.1 Million and Consolidated Adjusted EBITDA(1) of $5.3 Million
Canadian Cannabis Generates 13th Consecutive Quarter of Positive Adjusted EBITDA, Pure Sunfarms Remains Top-Selling Brand of Dried Flower in Ontario, Alberta
About this update from Village Farms International, Inc.
[{"type":"text","content":"Canadian Cannabis Generates 13th Consecutive Quarter of Positive Adjusted EBITDA, Pure Sunfarms Remains Top-Selling Brand of Dried Flower in Ontario, Alberta and BC U.S. Cannabis 2 and Village Farms Fresh (Produce) Each Generate Positive Adjusted EBITDA VANCOUVER, BC, March 1, 2022 /PRNewswire/ - Village Farms International, Inc. (\"Village Farms\" or the \"Company\") (NASDAQ: VFF) today announced its financial results for the three months and year ended December 31, 2021. All figures are in U.S. dollars unless otherwise indicated. \nManagement Commentary\n\"In the fourth quarter, we once again saw strong year-over-year growth in sales and adjusted EBITDA, with positive adjusted EBITDA contributions from each of our Canadian Cannabis, US Cannabis and Village Farms Fresh (Produce) businesses for the second consecutive quarter,\" said Michael DeGiglio, CEO, Village Farms. \"Our results were driven by the continued strong performance of our Canadian cannabis operations, with Pure Sunfarms' leading market share in the dried flower category and successful new product introductions, as well as the first partial quarter contribution of Rose LifeScience in Quebec, driving a 50% year-over-year increase in net revenue and 99% increase in adjusted EBITDA. Gross margin remained at the top end of our target range at 42%. With expanded production capacity and robust product strategy, as well as the significant opportunities created by the acquisition of Quebec-based Rose and anticipated receipt of EU-GMP certification, we believe 2022 promises to take the scale and profitability of our Canadian cannabis operations to a new level.\"\n\"The performance of our Canadian cannabis operations throughout 2021 contributed to a year that saw Village Farms overall deliver growth in revenue and adjusted EBITDA of 58% and 89%, respectively, supported by the profitable contribution of Balanced Health Botanicals since its acquisition in August, and the improvement in market pricing for Village Farms Fresh in the second half of the year. 2021 was also a year in which we meaningfully moved forward our growth strategies – in high and low-THC cannabis, in North America and abroad – which we expect will position Village Farms to build on our current momentum for the next phase of profitable, outsized growth – in 2022 and beyond.\"\n1.\nAdjusted EBITDA is a non-G...