Delta 9 Q1 Operating Revenues $11.75M Up From $5.63M YoY, EPS $0.02

Author: Benzinga Newsdesk | May 14, 2020 06:02pm

WINNIPEG, Manitoba, May 14, 2020 (GLOBE NEWSWIRE) -- DELTA 9 CANNABIS INC. (TSX:DN) (OTCQX:VRNDF) (“Delta 9” or the “Company”), is pleased to announce financial and operating results for the three-month period ending March 31, 2020.

Financial Highlights for Q1, 2020:

•	Operating revenues of $11.75 million for the three-month period ending March 31, 2020, up 109% from $5.63 million for the same quarter last year.
		•	Sequential net revenues increased 11% versus $10.59 million for the three-month period ending December 31, 2019.
•	Gross profit of $4.90 million for the three-month period ending March 31, 2020, up 170% from $1.82 million for the same quarter last year.
		•	Sequential gross profit increased 51% versus $3.23 million for the three-month period ending December 31, 2019.
		•	Gross profit margin improved to 42% for Q1, 2020.
•	Net income from operations was $2.90 million for the three-month period ending March 31, 2020 versus a loss from operations of $(946,180) for the three-month period ending March 31, 2019.
		•	Sequential net income from operations increased 503% versus $481,121 for the three-month period ending December 31, 2019.
•	Adjusted EBITDA was $1.65 million for the three-month period ending March 31, 2020 versus an adjusted EBITDA loss of $(1.98 million) for the three-month period ending March 31, 2019.
		•	Also compares with an adjusted EBITDA loss of $(91,760) for the three-month period ending December 31, 2019.
•	The Company reported an earnings per share of $0.02 for the three-month period ending March 31, 2020.
•	The Company reported a strong financial position, with working capital of $23.90 million and total assets of $72.05 million.