Auxly Cannabis Group Inc. (TSX ‐ XLY) (OTCQX:CBWTF) released Thursday its fourth quarter and full year 2021 financial results with quarterly net cannabis revenue of CA$29.3 million ($23.4 million), up by 20% from the previous quarter.
Q4 Financial Highlights
- Net loss amounted to CA$18.38 million, comapred to net loss of CA$26.01 million in the same period year ago;
- Adjusted EBITDA came in negative CA$6.04 million, which comapres to adjusted EBITDA loss of CA$4.63 million in the same quarter of 2020;
2021 Highlights
- Net revenue was of CA$83.8 million in 2021, up by 79% from 2020;
- Net loss for 2021 amounted to CA$33.74 million, comapred to net loss of CA$85.43 million in the prior year;
- Adjusted EBITDA loss was CA$21.67 million, versus adjusted EBITDA loss of CA$28.52 million;
At the end of the reporting period, the company's cash and equivalents amounted to CA$14.75 million;
At the end of the year, Auxly's debt reached CA$168.81 million, compared to CA$114.83 million in the same period year ago.
“2021 was an incredible year of growth for Auxly," Hugo Alves, CEO of Auxly, stated. "Through the tireless efforts of our passionate and talented people, we were able to navigate unprecedented challenges, deliver record revenues and market share growth and emerge as a Canadian market leader. Auxly exited 2021 as the 5th largest LP in Canada by share of market. Over the course of 2021 we were able to successfully extend our brands into Cannabis 1.0 formats, significantly enhance our cultivation capabilities and solidify our position within the top 10 licensed producers in both dried flower and pre-roll sales; all while maintaining our #1 overall position in the Cannabis 2.0 product segment and a dominant 23% share of market in vapes. On behalf of everyone at Auxly, I would like to thank our consumers."
Outlook
The company’s key priority in 2022 is to achieve Adjusted EBITDA profitability by continuing to grow top line revenue while enhancing gross profit margins through leveraging the increasing flower output from its Auxly Leamington facility, focused and differentiated brand and product offerings, increased depth and breadth of distribution, and cost optimization through investments in automation to increase production capabilities and efficiency and continuous improvement initiatives.
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