Goodness Growth Q1 Revenue Up 18.2% YoY, Net Loss Also Higher, Here’s Why
Goodness Growth Holdings, Inc. GDPR GDNSF announced its financial results for its first quarter ended March 31, 2022.
First Quarter 2022 Financial Summary
Total first quarter revenue was $15.6 millionan increase of 18.2% compared to Q1 2021.
Gross profit was $2.5 millionor 15.9% of revenue, compared to gross profit of $5.6 million or 42.6% of revenue in the first quarter of last year.
Total operating expenses in the first quarter were $10.2 million, a reduction of $0.2 million from $10.4 million in the first quarter of 2021.
Total other expenses were $8.5 million in the first quarter of 2022, compared to $0.5 million in the first quarter of 2021.
Adjusted EBITDA was a loss of $2.6 million in Q1 2022, compared to a loss of $1.8 million in Q1 2021.
Net loss in Q1 2022 was $14.6 millioncompared to a loss of $6.9 million in the first quarter of 2021. The variance from the previous year was driven by write-down of Arizona inventory to realizable value, write-down of long-lived assets and increased interest expense.
“Our first quarter results reflect continued growth in all of our markets with the exception of Arizona, where we worked on the loss of biomass related to weather impacts that we previously discussed,” said the president and CEO. , Kyle KingleyMD “The recent launch of flower sales in the Minnesota medical market is going exceptionally well for our Green Goods retail stores in the state, and we also expect the recent transition to adult sales in New- Mexico is contributing to stronger sales growth throughout the remainder of this year.Our business will continue to benefit from these recent regulatory transitions in our markets, and we also believe there is potential for adult use sales to begin to New York in the second half of 2022.”
As of March 31, 2022, the company had 128.11 million equity shares issued and outstanding on an as-converted basis, and 159.69 million shares outstanding on an as-converted and fully diluted basis.
As of March 31, 2022, total current assets were $38.8 million, including cash of $8.6 million. Total current liabilities amounted to $20.5 million.
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