Simply Better Brands Corp. (OTCQB:PKANF) (TSXV:SBBC) released its financial results for the year ended December 31, 2021.
Financial Highlights For 2021
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Revenue of $15.6 million with a gross profit of $9.7 million (62%) compared to $13.8 million with a gross profit of $9.0 million (65%) in the previous year.
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Operating costs for the twelve months ended December 31, 2021 were $19.5 million, an increase of $11.9 million (156%), compared to $7.6 million in the previous year.
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Net loss of $12.8 million compared to a net loss of $1.9 million for the twelve months ended December 31, 2020.
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The adjusted EBITDA loss of $3.5 million for the twelve months ended December 31, 2021 increased by $4.9 million over the adjusted EBITDA loss for the comparable period in 2020.
For 2022, the company's guidance was:
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Consolidated net sales to be between $40 million and $42 million
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Gross margin as a percentage of net sales to be between 58% and 60%
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Positive Adjusted EBITDA achieved in 2022
The company also reported that year to date April preliminary sales were $18.2 million and year to date April preliminary gross margin of 62%.
"Our key focus for 2021 was optimizing the growth fundamentals of the PureKana, TRUBAR, and No B.S. Skincare brands. As our strong Q1 2022 results illustrate, we are now positioned for sustainable and profitable growth in 2022 with our year-to-date results already exceeding our 2021 annual sales. Our strategic growth priorities remain to lead consumer-centric innovation and relentlessly acquire customers to these emerging brands by driving category, channel and geographic expansion. In parallel, we look forward to integrating the recent completed and/or proposed acquisitions of BRN/Seventh Sense (CBD), Hervé (Cannabis), Jones Soda (OTCQB:JSDA) (Cannabis and Beverage) and CFH (CBD seed-to-shelf manufacturing) into three growth verticals: plant-based wellness, food and beverage, and health & beauty," stated SBBC CEO, Kathy Casey.
Photo: Courtesy of Simply Better Brands Corp.
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