Goodness Growth Holdings, Inc. (OTCQX:GDNSF) (CSE:GDNS) (OTCQX:GDNSF) Q2 2022 total revenue was $21.1 million, an increase of 48.2% as compared to Q2 2021, and 34.9% as compared to Q1 2022.
Q2 2022 Financial Highlights
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Gross profit was $10.4 million, or 49.2 percent of revenue, as compared to gross profit of $6.9 million or 48.6 percent of revenue in Q2 last year.
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Net loss in Q2 2022 was $6.2 million, as compared a loss of $7.0 million in Q2 2021.
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Adjusted EBITDA was $2.3 million in Q2 2022, as compared to a loss of $1.0 million in Q2 2021.
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Excluding contributions from the company's former Arizona operations, total revenue increased 62.7 percent year-over-year and reflected strong growth in the company's Maryland, Minnesota, and New Mexico markets.
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As of June 30, 2022, total current assets were $46.4 million. The company had cash on hand of $17.0 million, which included net proceeds received from an increase on its delayed draw loan of $13.5 million during the second quarter. Total current liabilities were $18.5 million.
"Our second quarter results reflect improved margin performance driven by continued growth in our Minnesota, New Mexico, and Maryland markets, as well as benefits from the recent wind down of operations in Arizona which we discussed last quarter," stated chairman and CEO, Kyle Kingsley, M.D. "GAAP gross margin performance includes activities related to our Arizona operations, which were wound down prior to the end of the second quarter. Excluding Arizona operations, we estimate that second quarter pro forma gross margins would have been approximately 55.0 percent."
Kingsley continued, "Strong sales growth catalysts resulting from the recent regulatory changes in Minnesota and New Mexico are expected to persist into next year, and we're also looking forward to contributions from the launch of edibles products which occurred in Minnesota earlier this month. Finally, our expansion project in New York is progressing ahead of the launch of adult-use sales in that important market, and we continue to expect our pending transaction to be acquired by Verano Holdings Corp (OTCQX:VRNOF). will close sometime during the fourth quarter of this year."
Photo by CRYSTALWEED cannabis on Unsplash
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