PharmaCielo Ltd. (OTCQX:PCLOF) (TSXV:PCLO) Q2 2022 revenue was CA$2.1 million, a 375% increase compared to CA$446,000 in Q2 2021.
Q2 2022 Financial Highlights
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Net loss was CA$3.5 million compared to net loss of CA$7.2 million in Q2 2021.
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Adjusted EBITDA was a loss of CA$2.1 million compared to a loss of CA$4.5 million in Q2 2021.
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Cash equivalents of CA$1 million at June 30, 2022, compared to CA$5.3 million at December 31, 2021.
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Gross profit was CA$834,814 compared to a loss of CA$807,700 in Q2 2021.
Bill Petron, chairman and CEO of PharmaCielo stated, "The team has made substantial progress in the first six months of the year. We continue to build the revenue line, while steadily expanding the sales pipeline. Recent developments, including the receipt of ICANN G.A.P and GACP certifications, which enable commercial access to the Israeli market, continued progress in Brazil, and our inaugural shipment to the company's joint venture in Mexico, are further evidence that our sales strategy is working. Our previously announced private placement of debenture units is oversubscribed for a total of CA$15.1 million, with CA$7.1 million from management and directors of the company. This capital will enable us to continue executing our plan and represents a strong vote of confidence both from investors and management and directors that the company is positioned to generate growth and profitability for shareholders."
Petron continued, "For the remainder of the year and into 2023, we plan to continue on our current path, with a dual focus on optimizing our operations and building the sales pipeline. While we have effectively transitioned PharmaCielo into a strategic and efficient organization with a robust sales function, we are still in the early days of what we expect to achieve. As we move toward EU-GMP certification for our extracted products later this year, and work to obtain EU-GMP certification for dried flower, we expect to be even better positioned to win business against higher cost products currently coming into the EU, Israel and Australia from high-cost jurisdictions."
Corporate Update
The company settled CA$1 million of debt owed to a former officer of the company, through the issuance of an aggregate amount of 2.2 million common shares of the company at a deemed price of CA$0.46 per payment share.
The board approved and granted 1,6 million stock options and 2.7 million restricted share units to directors and officers of the company.
From the company's announcement of its non-brokered private placement of debenture units, through June 30, 2022, the company had issued 7,600 debenture units for aggregate proceeds of CA$7.6 million. In July 2022, the company issued 1,500 debenture units for aggregate proceeds of CA$1.5 million. The company announced that it has signed subscription agreements for an additional 6,000 debenture units, representing an additional CA$6 million in committed funds, for a total of CA$15.1 million raised or committed.
Photo by Giorgio Trovato on Unsplash
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