Red White & Bloom Brands Inc. RWBYF RWB Q2 2022 revenue increased 225% to CA$27.4 million ($20.9 milllion), compared to CA$12.2 million in Q2 2021.
Q2 2022 Financial Highlights
Gross profit was CA$3.4 million, an unfavorable decrease of 50% compared to CA$6.8 million in Q2 2021.
Net loss was CA$17.6 million compared to net loss of CA$11.4 million.
Adjusted EBITDA loss of CA$7.1 million was CA$11.6 million higher than the prior year due to the lower gross profit associated with expansion of the platinum vape business, startup of operations in Florida and SKU rationalization in Michigan combined with higher general and administration costs.
Brad Rogers, CEO and chairman stated, “Q2 saw another significant improvement over 2021 in revenue and marked our first full quarter with operational control in Michigan of the newly acquired retail assets. This quarter we began to rationalize SKU management at our 8 operating dispensaries in Michigan, discounted and discontinued non-performing SKUs to optimize sales velocity and revenue per square foot.”
Rogers continued, “On the finance front, Q2 includes the financial reporting of the elimination of over CA$50 million of our credit facility. We continue to streamline the operation to reduce our overall operational costs. With the first half of 2022 now behind us, we are committed to driving profitable growth throughout the organization through disciplined execution as we set our eyes to achieving positive EBITDA by the end of this fiscal year.”
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