PR Newswire
– Q3 Revenue up 42% YoY to
$22.1 Million
–
– Q3 Adjusted EBITDA up 15% QoQ and More Than 2x YoY to a Record
$11.7 Million
, with
$5.4 Million
of Cash from Operations –
MIAMI
,
Nov. 29, 2022
/PRNewswire/ –
Cansortium Inc.
(CSE: TIUM.U) (OTCQX: CNTMF) (“Cansortium” or the “Company”), a vertically-integrated cannabis company operating under the Fluent™ brand, today announced financial and operating results for the third quarter ended
September 30, 2022
. Unless otherwise indicated, all results are presented in U.S. dollars.
“We continued to execute on our profitability objectives during the third quarter, leading to another period of gross margin expansion and a record bottom line with strong cash flow generation,” said CEO
Robert Beasley
. “Had it not been for Hurricane Ian driving store closures in late September, we would have generated our 11
th
consecutive quarter of revenue growth, so I am very pleased with our team’s consistent effort to deliver on our goals.”
“As we exit the year and look to 2023, we expect to continue opening new stores in
Florida
while driving organic growth in our three
Pennsylvania
dispensaries. We also have plans to begin building out our footprint in
Texas
and look forward to growing our presence in the state in 2023.”
Q3 2022 Financial Highlights (vs. Q3 2021)
-
Revenue increased 42% to
$22.1 million
compared to
$15.6 million
. -
Florida
revenue increased 39% to
$18.2 million
compared to
$13.1 million
. -
Adjusted gross profit[1] increased 71% to
$16.7 million
or 75.5% of revenue, compared to
$9.8 million
or 62.7% of revenue. -
Adjusted EBITDA increased 140% to a record
$11.7 million
or 53.1% of revenue, compared to
$4.9 million
or 31.3% of revenue. -
Cash from operations increased significantly to
$5.4 million
compared to cash used of
$(4.2) million
. -
At
September 30, 2022
, the Company had approximately
$9.1 million
of cash and cash equivalents and
$69.4 million
of total debt, with approximately 252.3 million fully diluted shares outstanding (based on treasury stock method and share price on
September 30, 2022
).
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Operational Highlights
-
In
Florida
, the Company anticipates opening one new store by the end of 2022 and an additional three stores in the first half of 2023. All of these locations are currently under contract and going through construction. -
During the third quarter, Cansortium temporarily closed twelve of its dispensaries in
Florida
during Hurricane Ian. All of the Company’s stores reopened in
October 2022
. -
In
Pennsylvania
, the Company’s newest dispensary in
Annville
is ramping and achieved a record month of sales in
October 2022
.
2022 Outlook
The Company has continued to make progress on its targeted initiatives focused on growth and long-term shareholder value creation and is revising its previously issued revenue projection for 2022. Cansortium now expects revenue for 2022 to range between
$85
–
$90 million
(previously expected
$90
–
$95 million
). The Company also expects to close the year with Adjusted EBITDA exceeding its previously issued guidance of
$25
–
$28 million
for 2022.
Conference Call
The Company will host a conference call and live audio webcast today at
4:30 p.m. Eastern time
to discuss its financial and operational results, followed by a question-and-answer period.
Date:
Tuesday, November 29, 2022
Time:
4:30 p.m. Eastern time
Toll-free
dial-in number: (800) 319-4610
International dial-in number: (604) 638-5340
Conference ID: 10020760
Link:
Cansortium Conference Call
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Elevate IR at (720) 330-2829.
The conference call will also be available for replay via the News & Events section of the Company’s investor relations website at
https://investors.getfluent.com/
.
About Cansortium Inc.
Cansortium is a vertically-integrated cannabis company with licenses and operations in
Florida
,
Pennsylvania
and
Texas
. The Company operates under the Fluent™ brand and is dedicated to being one of the highest quality cannabis companies for the communities it serves. This is driven by Cansortium’s unrelenting commitment to operational excellence in cultivation, production, distribution and retail. The Company is headquartered in
Miami, Florida
.
Cansortium Inc.’s common shares trade on the CSE under the symbol “TIUM.U” and on the OTCQX Best Market under the symbol “CNTMF”. For more information about the Company, please visit
www.getfluent.com
.
Forward-Looking Information
Certain information in this news release may constitute forward-looking information within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent the Company’s expectations, estimates, and projections regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control.
Forward-looking information is necessarily based on many opinions, assumptions, and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in the public documents of the Company available at
www.sedar.com
. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
For further information:
www.getfluent.com
.
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View original content to download multimedia:
https://www.prnewswire.com/news-releases/cansortium-reports-third-quarter-2022-financial-results-301689408.html
SOURCE Cansortium Inc
