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Halo Collective Inc. (OTC:HCANF) (NEO:HALO) (FSE: A9K0) released its financial results for the fourth quarter of 2022 and first quarter of 2023, revealing revenues for the year ended December 31, 2022, totaled $24.5 million, a 32.0% decrease from the $36.2 million reported for the year ended December 31, 2021.
FY 2022 Financial Highlights
Gross profit was $5.2 million compared to $4.5 million in FY 2021.
Gross margin was 21.1%, a significant improvement from the gross margin of 12.3% in FY 2021.
Net loss was $84.7 million compared to $96.9 million in FY 2021.
As of December 31, 2022, Halo reported no unrestricted cash available.
Q4 2022 Financial Highlights
Revenues of $4.6 million, down from $8.4 million in the three months ended December 31, 2021. The decrease was primarily attributed to pricing challenges in the cannabis markets of both Oregon and California. These regions have witnessed an oversupply of cannabis flower, leading to downward pricing pressure on the company's products.
Gross profit of $45,236 for the three months ended December 31, 2022, a significant improvement from the gross loss of $1.3 million in the same period of 2021.
Gross margin for this period was 1.0%, compared to a gross margin of -16.1% for the three months ended December 31, 2021.
Adjusted EBITDA was negative $12.3 million compared to negative $7.7 million for the same period in 2021.
Q1 2023 Financial Highlights
Revenue of $4.6 million, a 38.9% decrease compared to the same period last year.
Gross profit of $1.7 million, a 36.0% increase compared to the same period last year.
Gross margin was 36.7% for the quarter, a significant improvement from the previous year's gross margin of 16.5%.
Net loss was $6.2 million compared to a loss of $13.8 million in Q1 2022.
Adjusted EBITDA was $204,351, demonstrating a notable improvement from a loss of $3.9 million in the same period in 2022.
"We recognize the challenges posed by evolving market dynamics and supply-demand imbalances in both the Oregon and California cannabis markets," stated Katie Field, executive chairman and CEO.
"Despite these challenges, I am pleased to report that our efforts to optimize our operations and product mix have yielded positive results. We've achieved a substantial improvement in gross profit and margins from the previous year, and Halo's commitment to cost reduction initiatives has been instrumental in our performance. While the recent financial results showcase short-term challenges, we're proactively managing our resources and expenses to drive long-term growth."
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