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Adastra Holdings Ltd. (OTCPK:XTXXF) (CSE:XTRX)(FRA:D2EP) FY 2022 net revenue increased 136% to CA$13.3 million ($9.8 million), compared to CA$5.6 million in FY 2021.
FY 2022 Financial Highlights
Gross profit of CA$6.1 million, an increase of 214% compared CA$1.9 million in FY2021.
Gross margin of 46% for fiscal 2022 compared to 35% in FY2021.
Net loss and comprehensive loss was CA$4.3 million compared to a loss of CA$2.7 million in FY2021.
Cash at the end of the year was CA$1 million.
Q4 2022 Financial Highlights
Gross revenues of CA$6.8 million in Q4 2022, an increase of 243% compared to CA$2 million in Q4 2021.
Gross profit of CA$2.6 million in Q4 2022, compared to CA$684,000 in Q4 2021 and CA$1.6 million for Q3 2022, representing a YoY increase of 274% and QoQ rise of 56%.
The company had a one-time charge for the impairment of PerceiveMD goodwill for CA$1.7 million due to the company prioritizing the manufacturing at the Langley facility for recreational products. The company is currently building a medical portal to unlock the potential of the PerceiveMD operations, by providing patients with a valuable portal for their access to PerceiveMD products that Adastra intends to formulate.
The company had a loss on the termination license agreement for CA$1.5 million to exit the exclusivity agreement for the Phyto brand. This is expected to increase sales for the company going forward as the brand has now become in-house.
"Our strong growth is a testament to the resilience and adaptability of our team, as we continue to navigate evolving market dynamics with agility and innovation. Adastra remains committed to delivering value to our shareholders, while executing on our business objectives. Together, we strive for the stars, fueled by determination, and driven by a shared vision of sustained success," stated Michael Forbes, CEO of Adastra.
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