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Red White & Blooms Brands, Inc. (CSE:RWB) (OTCQX:RWBYF) reported Tuesday its third-quarter financial results with revenue of CA$25.5 million ($18.8 million) up by 128% from CA$11.2 million in the same period of 2021, and down 7% from CA$27.4 million in the previous quarter.
“In Q3, we were able to continue to drive significant revenue, SG&A, and balance sheet improvements over 2021,” Colby De Zen, president, and director, stated. ”We continue to proactively rationalize SG&A spend while remaining focused on driving growth through the expansion of product offerings and geographic footprint utilizing our asset-light strategy and profitability by selectively expanding branded offerings in higher margin product categories. The third quarter also saw the company complete the largest debt restructuring in our history resulting in a marked improvement in near-term liquidity through the extension of loan maturities and new financing.”
Net loss amounted to CA$8,455,562.
Gross profit before fair value adjustments for biological assets was CA$9,672,086, a 65% increase from CA$5,339,460 in the same quarter of 2021 and a 102% increase from Gross profit before fair value adjustments for biological assets recorded in 2022-Q2.
Gross profit after fair value adjustments for biological assets was CA$8,208,447, a 20% increase when compared to CA$6,863,943 in gross profits for the same quarter in 2021 and a 140% increase from Gross profit after fair value adjustments for biological assets recorded in 2022-Q2.
Operating expenses totaled CA$9,964,922, a 56% decrease when compared to Operating expenses of CA$22,864,397 for the same period in 2021.
General and Administrative Expenses totaled CA$3,188,625 versus CA$11,920,136, a CA$8,731,511 or 73% decrease compared to the same period in 2021 and a 108% decrease from General and Administrative Expenses recorded in 2022-Q2.
Adjusted EBITDA for the quarter was positive CA$3,311,531.
Price Action
Red White & Bloom shares were trading flat at $0.049 per share at the time of writing Tuesday morning.
