\n \n \n “. concat(self. i18n. t(‘search. voice. recognition_retry’), “\n
First quarter earnings increased 30% year-over-year to $19. 7 million; Initial April profit of $7. 5 million –
First Quarter Adjusted EBITDA increased 42% year-over-year to $6. 2 million –
– Cansortium reaffirms its guidance for 2022 from $90 million to $95 million in earnings and $25 to $28 million in adjusted EBITDA –
MIAMI, May 31, 2022 /PRNewswire/ — Cansortium Inc. (CSE: TIUM. U) (OTCQX: CNTMF) (“Cansortium” or the “Company”), a vertically incorporated hashish company operating under the Fluent™ brand, today announces its unaudited interim monetary effects for the first quarter ended March 31, 2022. Unless otherwise stated, all effects are presented in U. S. dollars.
“As highlighted in our most recent quarterly report on May 2, the first quarter reflected continued expansion to record levels across our business,” said Chief Executive Officer Robert Beasley. optimize the productivity of our store. With earnings and adjusted EBITDA reaching record grades and our biomass harvest grades doubling since 2021, we are excited to build on this momentum the rest of the year as we load new stores, increasing the number of new patients, building to grow and continuing to optimize the quality of our flower. “
Financial highlights for the first quarter of 2022 (vs. the first quarter of 2021)
Revenue up 30% to $19. 7 million to $15. 1 million.
Florida rose 26. 6% to $16. 6 million from $13. 1 million.
Adjusted gross profit1 increased 19% to $11. 5 million or 58. 6% of revenue, to $9. 7 million or 64. 2% of revenue.
Adjusted EBITDA increased 42% to $6. 2 million or 31. 5% of revenue, to $4. 4 million or 29. 0% of revenue.
As of March 31, 2022, the Company had approximately $7. 7 million in money and money equivalents and total debt of $67. 5 million, with approximately 252. 3 million of notable fully diluted percentages (based on treasury inventory approach and percentage value as of May 27, 2022).
__________________
1 Adjusted gross earnings are a non-IFRS monetary measure that does not have a standardised meaning prescribed by IFRS and may not be comparable to measures submitted through other companies. The Company calculates adjusted gross margin from gross margin plus (less) fair price adjustments to biological assets, as presented in the consolidated statement of operations.
Operational Highlights
In Florida, the Company plans to open four to six new retail outlets in 2022. Four of those retail outlets are already under contract and under construction.
On April 20, Cansortium opened its third Pennsylvania dispensary in Annville.
The Company expects to record its 2021 audited annual monetary statements and its unaudited interim monetary statements for the first quarter of 2022 through June 8, 2022. Cansortium plans to hold a convention call for shareholders and potential investors within a while.
Outlook 2022
The company continues to expect earnings in 2022 to be between $90 million and $95 million, reflecting an accumulation of about 45% over 2021 at the midpoint. Cansortium also continues to expect adjusted EBITDA in 2022 to be between $25 million and $28 million, reflecting an accumulation of approximately 35% through 2021.
About Cansortium Inc.
Cansortium is a vertically incorporated hashish company with licenses and operations in Florida, Pennsylvania, Michigan and Texas. The company operates under the Fluent™ logo and is committed to being one of the quality hashish companies for the communities it serves. unwavering commitment to operational excellence in cultivation, production, distribution and retail. The company is headquartered in Miami, Florida.
Cansortium Inc. se listed on the CSE under the symbol “TIUM. U” and in OTCQX Best Market with the symbol “CNTMF”. To learn more about the company, visit www. getfluent. com.
Forward-looking information
Certain data included in this press release would possibly constitute forward-looking data within the meaning of applicable Canadian securities legislation and would also possibly involve emails that would possibly constitute “forward-looking emails” within the meaning of the safe harbor provisions of the Private Securities Litigation. from United States. Reform. Act of 1995. In some, but not necessarily all, cases, forward-looking data would possibly be known by using forward-looking terminology such as “plans,” “target,” “expects,” or “does not expect. ” “, “is expected”, “there is an opportunity”, “is positioned”, “estimates”, “intends”, “supposes”, “anticipates” or “does not foresee” or “believes”, or diversifications of those words and expressions or to state that certain actions, occasions or effects “could”, “possibly”, “will”, “could”, “will” or “will take place”, “will occur” or “will be achieved”. refers to expectations, projections or other characterizations of long-term events or cases includes forward-looking data Statements that involve forward-looking data are not past facts, but rather constitute the Company’s expectations, estimates and projections related to events, plans or objectives long-term, many of which, by their nature, are inherently uncertain and beyond the Company’s control.
Forward-looking data is necessarily based on opinions, assumptions and estimates which, although believed to be conservative throughout the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other matters that could possibly cause the actual results, point of activity, functionality or achievements differ materially from those expressed or implied by such data. looking forward, including, but not limited to, items described in the Company’s public filings found at www. sedar. com. These items are not intended to be a complete list of items that may have an effect on the Company; however, you will have to think about those points with the same care. There can be no guarantee that those estimates and assumptions will turn out to be accurate. The forward-looking statements contained in this press release are made as of the date of this press release. , and the Company expressly disclaims any legal responsibility to update or modify any statement containing forward-looking data, or the underlying points or assumptions, whether as a result of new data, long-term events or otherwise, unless required to do so. the law.
For more information: www. getfluent. com
Company Touch Information
Robert Beasley, Ceo (850) 972-8077investors. getfluent. com
Investor Relations
Sean Mansouri, CFAElevate IR(720) 330-2829 inversionistas@cansortiuminc. com
Cansortium Inc.
Operations Status
For the 3 months ended March 31, 2022 and 2021
(USD ‘000)
Three months completed
March 31, 2022
March 31, 2021
Difference
Invoicing, discounts
$19,712
$15,116
$4,596
cost of sale
8 166
5 407
2 759
Adjusted Gross Margin (1)
11 546
9 709
1 837
Adjusted Gross Margin (1)
58,6 %
64,2 %
-5,7%
Realization of fair of increments on stock sold
(6 824)
(4 593)
(2 231)
Replenishment not carried out at the biological assets fair
1 198
6 879
(5 681)
Gross profit
5 920
11 995
(6 075)
gross margin
30,0 %
79,4 %
-49,3%
Expense:
General and administrative
2 841
3 289
(448)
Stock Compensation
100
3 232
(3 132)
Sales & Marketing
4 087
3 546
541
Depreciation and amortization
1 664
1 530
134
Total Expenses
8 692
11 597
(2 905)
Source of operating income (loss)
(2 772)
398
(3 170)
Interrupted operations
2
(2)
4
Other income):
Financial expenses, net
3 657
3 130
527
Change in the fair derivative market
1 702
(408)
2 110
Loss of capital in the disposal of assets
+-
48
(48)
Other expenses
(2)
(113)
111
Total expenditure (revenue)
5 357
2 657
2 700
Income taxes (loss)
(8 131)
(2 257)
(5 874)
Income taxes
2 013
2 838
(825)
Net profit (loss)
(10 144)
(5 095)
(5 049)
View content to download media: https://www. prnewswire. com/news-releases/cansortium-reports-first-quarter-2022-financial-results-301558237. html
SOURCE Cansortium Inc
View content to download media: http://www. newswire. ca/en/releases/archive/May2022/31/c2203. html