Waterloo Brewing Ltd. (TSX: WBR) announced this morning its financial statements for fiscal Q3 2022 ended October 31, 2021. The results highlighted a quarterly revenue of $26.9 million, down from fiscal Q2 2022’s revenue of $34.2 million but an increase from Q3 2021’s revenue of $22.8 million.

“Despite industry-wide beer category softness, supply chain challenges, and inflationary cost pressures, we continue to deliver top line growth to the business,” relayed CEO George Croft.

The quarterly gross margin decreased to 22.2% from 32.6% last quarter but increased from 21.9% last year. The company attributes the incremental co-manufacturing to the year-on-year marginal increase.

Further down the statement, the firm recorded a net income of $0.7 million, down from last quarter’s $4.2 million and last year’s $1.0 million net income. The quarterly net income translates to $0.02 earnings per share.

Recalibrating for financial expenses, the company’s EBITDA came in at $4.3 million compared to last quarter’s $8.0 million and last year’s $4.0 million.

By the quarter’s end, the firm closed out its cash position to net-zero, same as last quarter. This leaves total current assets at $30.2 million while current liabilities ended at $40.8 million.

Waterloo Brewing last traded at $5.91 on the TSX.

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