Fire & Flower Holdings (TSX: FAF) this morning reported its first quarter financial results. While the company classified the earnings as being a record, revenues were effectively flat on a quarter over quarter basis, with the company reporting $44.1 million in revenues along with a net loss of $61.6 million.
Revenues increased just 2.0% on a quarter over quarter basis, climbing from $43.2 million to $44.1 million for the period. Gross profits grew even less at just 0.5%, climbing to $16.5 million, up from $16.4 million in the prior quarter.
Expenses meanwhile came in at $20.0 million for the quarter, lead to by $13.7 million in general and administrative expenses and $4.3 million in depreciation and amortization. Losses were then extended as a result of other expenses, with financing costs coming in at $3.3 million, while the company recorded a loss of $54.1 million on the revaluation of a derivative liability, sending the company to a net loss of $61.6 million for the three month period.
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Adjusted EBITDA meanwhile came in at $2.3 million for the quarter.
The company also reported a cash balance of $32.7 million for the period.
Fire & Flower Holdings last traded at $1.11 on the TSX.
Information for this briefing was found via Sedar and Fire and Flower Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
