Canada House Wellness Reports First Quarter Fiscal 2022 Revenue of $ 4.0 Million and Net Loss of $ 2.6 Million
Canada House Wellness Group Inc. (CSE: CHV) shared its financial results for the fiscal 2022 first quarter ending July 31, 2021 on Tuesday evening, highlighting revenue of $ 4.0 million. This is an increase from fourth quarter 2021 revenue of $ 2.9 million and first quarter 2021 revenue of $ 2.5 million.
Breaking down revenue from revenue, referral revenue was $ 1.4 million, product revenue increased $ 3.2 million, while licensing and other revenue increased added $ 0.1 million.
Gross profit at the end of the quarter was 27.9%, up from 82.5% last year. Lower, total annual expenses reached $ 2.8 million, leading the company to record an operating loss of $ 1.6 million.
As a corollary, the company recorded a quarterly net loss of $ 2.6 million, down from $ 6.2 million in the previous quarter and $ 0.6 million the year before.
The company’s cash flow was $ 0.7 million on a starting balance of $ 1.8 million. Current assets at the end of the quarter carry a balance of $ 8.3 million while current liabilities stand at $ 13.1 million.
The cannabis company previously reported annual revenue of $ 10.6 million and a net loss of $ 11.4 million for fiscal 2021.
Canada House Wellness last traded at $ 0.035 on the CSE.
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