Unrivaled Brands, Inc. (OTCQX:UNRV) reported its financial results for the quarter and fiscal year ended December 31, 2021.
Key Financial Highlights
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Gross profit for the year ended December 31, 2021 was approximately $11.97 million, compared to a gross profit of approximately, $2.64 million for the year ended December 31, 2020, an increase of $9.32 million.
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Gross margin for the year ended December 31, 2021 was 25.1% compared with the gross margin of 42.9% for the year ended December 31, 2020.
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Selling, general and administrative expenses for the year ended December 31, 2021 were approximately $48.26 million, compared to approximately $19.32 million for the year ended December 31, 2020, an increase of $30.12 million.
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The company reported revenue of $47.7 million for full year 2021 compared to $6.2 million for full 2020. (NuLeaf was "held for sale" so the $12.9 million in revenue for that operation in 2021 was excluded)
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In the fourth quarter of 2021, revenue was $22.7 million compared to $2.5 million for fourth quarter 2020.
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The company’s previously communicated $70 million revenue target for 2021 revenue included NuLeaf and was presented as "combined" or "pro forma" with total UMBRLA revenue for the year. Because the merger with UMBRLA occurred on July 1, 2021, the company’s reported financial results only include approximately a half year of UMBRLA revenue.
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Management Commentary
Tiffany Davis, CEO of Unrivaled Brands stated, “Our strategy throughout 2021 was focused on building scale. As a result, we were able to leverage numerous sector opportunities, successfully positioning Unrivaled as a dominant West Coast MSO.”
“While the board and I are pleased that these efforts resulted in 2021 fiscal year revenue growth of approximately 674%, market conditions continue to shift and it’s important we pivot to capitalize on these changes. As a result, I will be shifting our focus from acquisitions to integration to ensure more profitable and sustainable growth over the long term.
“We continue to work diligently to strengthen our collective future. We are incredibly grateful to our team members who remain hard at work, fully focused on our day-to-day business and delivering on our commitments to customers, partners and shareholders. Relatedly and as anticipated, we successfully closed the sale of NuLeaf last week resulting in the receipt of $6.5 million.
Photo: Courtesy of Unrivaled Brands, Inc.
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