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Rubicon Organics Inc. (OTCQX:ROMJF) (TSXV:ROMJ), reported its financial results for the fourth quarter ended December 31, 2021.
Q4 2021 Highlights:
Net revenue of CA$6.8 million ($5.4 million)was an increase of 43% from the same period in the prior year
Adjusted EBITDA improved by CA$2.4 million with a loss of CA$0.6 million in Q4 2021, as compared to a loss of CA$3.0 million for Q4 2020.
Loss from continuing operations in Q4 2021 was CA$1.6 million as compared to CA$4.8 million in Q4 2020.
The company achieved its first-ever quarter of positive operating cash flows of CA$0.5 million
Maintained position as #1 brand in the premium flower and pre-roll category in Canada with Simply Bare Organic (According to Hifyre)
In the fourth quarter of 2021, Rubicon Organics defined a three-pillar strategy for 2022:
The company’s first focus is to optimize production processes at the Delta Facility. Rubicon Organics installed new climate control systems, most critical being the dehumidification units, and refined its cultivation system. The company expects this will enable it to achieve an annual run rate of 11,000 kg’s of cannabis by the end of 2022.
The second pillar is to implement commercial strategies within the Canadian domestic market to maximize the gross profit for each unit produced from the Delta Facility which, coupled with delivering increased quality of flower and higher THC, is expected to drive more volume into Simply Bare Organic and 1964 Supply Co brands.
The third pillar is to open the routes to market for its products internationally by obtaining key certifications and agreements to launch into Israel and Europe, with its first exports expected to occur in the second half of 2022.
The company announced the departure of Tim Roberts, formerly president.
Rubicon Organics will be hosting a conference call to discuss the Q4 2021 results on April 19, 2022. at 10:00 AM ET.
Photo: Courtesy of Alexander Schimmeck on Unsplash
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