Fire & Flower Corp (CSE:FIRE) (“Fire & Flower” or the “Company”) today reported its financial and operational results for the first quarter of its fiscal year 2018 ending March 31, 2018 (the “Q1”).
Fire & Flower, Inc. (OTC: FFLR) has reported results for the quarter ended March 31, 2018. Loss Per Share was $0.03 for the quarter, compared to $0.02 for the prior quarter, and basic and diluted loss per share was $0.09 and $0.08, respectively, for the quarter, compared to $0.07 and $0.06, respectively, for the prior quarter.
Fire & Flower announces financial and operating results for the first quarter of
- Quarterly revenues increased 91% over the prior year to $44.1 million.
- Fourth consecutive quarter of positive adjusted EBITDA of $2.3 million.
- The Hifyre™ digital retail and analytics platform generated revenue of $2.8 million in the quarter, up 252% from the same period last year.
- Entry into the US market through a strategic license agreement and purchase option with American Acres Managers.
TORONTO, June 15. 20, 2021 /CNW/ – Fire & Flower Holdings Corp. (Fire & Flower or the Company) (TSX: FAF) (OTCQX: FFLWF), today announced its financial and operating results for the first fiscal quarter ended June 1, 2016. May 2021. We started 2021 well, with positive adjusted EBITDA for the fourth quarter in a row and record quarterly earnings. Despite the challenges posed by the COVID-19 pandemic, our retail operations continued to show strong revenue growth as we expanded our retail presence to a total of 83 licensed cannabis stores with the launch of Fire & Flower in British Columbia and the opening of two new stores in Vancouver.
Trevor Fencott, managing director of Fire and Flower
Our wholesale division continued to grow in Saskatchewan as more and more retailers turned to our outdoor distribution facilities to store their inventory. Finally, the continued success of our proprietary Hifyre business, which is increasingly recognized as one of the industry’s most advanced digital retail and data analytics platforms, is critical to our leadership position in Canada and now the United States. Consolidated financial figures Sales by segment Financial highlights of the first quarter as at 1 January May 2021
- Total sales were $44.1 million, compared to sales of $23.1 million in the first quarter of 2020, an increase of 90.7% ;
- The gross margin percentage was 37.5%, compared to 32.6% for the same period in 2020 ;
- Fourth consecutive quarter of positive adjusted EBITDA of $2.3 million, compared to a loss of adjusted EBITDA of $1.4 million in Q1 2020 ;
- Completion of a $15 million initial public offering, providing Fire & Flower with additional growth opportunities;
- Strengthened the Company’s balance sheet by converting $53 million of debt into equity, which contributed to a further reduction in interest expense. An indirect wholly owned subsidiary of Circle K’s owner, Alimentation Couche-Tard Inc. has converted approximately $24 million of debt, increasing its stake in the company to 19.9%;
- Total debt decreased from $37.5 million at December 30, 2006 to $37.5 million at December 31, 2007. January 2021 at $7.2 million;
- The net loss of $61.6 million in the quarter is primarily due to a $54.1 million loss on the revaluation of derivative liabilities in the current quarter;
- Cash was $32.7 million, up from $30.6 million at June 30. January 2021.
We are strategically pursuing the significant growth opportunities that exist in each of our businesses and continue to work toward a listing on the Nasdaq Stock Market. We believe the upcoming listing will further promote our common stock in the United States while providing additional liquidity to our shareholders. As we enter the second half of the year with strong momentum from reopenings in the provinces and consumers returning to stores, we are confident in our ability to deliver sustainable growth through 2021 and beyond, Fencott concluded. Production highlights for the first quarter to 1. May 2021
- Enter the U.S. market through a strategic licensing partnership and an option to acquire American Acres Managers, giving us access to licensing opportunities in the California, Arizona and Nevada markets;
- The subsidiary Hifyre has signed a strategic agreement with the US analytics company BDSA ;
- Application for listing of common stock on Nasdaq; Retail sales at 43 stores that operated for 13 weeks in the first quarter of 2020 and the first quarter of 2021 increased 18% due to increased customer engagement through Sparks’ membership base, improved product planning and assortment, and multiple store channels including in-store, pickup, delivery and kiosk ;
- Entered into a consulting agreement and an agreement to acquire the assets of a cannabis store and its operations in Sarnia, Ontario;
- Significant growth in outdoor distribution sales, resulting from the opening of the market in Saskatchewan following the COVID-19 shutdown, was driven by more orders from past customers and new partnerships with suppliers;
- Increase in the number of Company-operated and Company-owned retail stores from 1 to 79. May 2021 in four panels in the provinces of Alberta, Saskatchewan, Manitoba and Ontario, and the Yukon Territory;
- We have strengthened the composition and leadership of our executive team with the appointment of Judy Adam as CFO, Nadia Wattowaz as COO and Matthew Hollingshead as Chief Innovation Officer.
Subsequent operating results after 1. May 2021
- Enters the British Columbia market by opening two stores in Vancouver, bringing the total number of stores to 83 licensed cannabis shops;
- Increase the number of Spark PerksTM members to 270,000 in the Fire & Flower retail network;
- As of June 11, 2021, Ontario’s first cannabis market will be open again after a COVID-19 closure, allowing foot traffic to all Fire and Flowers stores ;
- Fire & Flower has entered into a definitive agreement to acquire all of the assets of Satica Cannabis in Orangeville, Ontario, as well as a consulting services agreement, subject to customary conditions, including TSX and regulatory approvals.
Non-IFRS Measures – Adjusted EBITDA Adjusted EBITDA is a non-IFRS measure used by management that does not have a standardized meaning prescribed by IFRS and may not be fully comparable to similar measures used by other companies. Management defines adjusted EBITDA as reported net income (loss) before accrued expenses and interest, deferred taxes and adjusted for stock compensation expense, depreciation and amortization, gains and losses on the remeasurement of derivative liabilities and debt extinguishment, professional fees related to financing, acquisitions and business development, impairment charges and restructuring costs. Adjusted EBITDA has been calculated differently than in prior periods, where the Company previously reported cash payments for lease obligations in accordance with IFRS 16 Leases. The updated indicator reflects the Company’s new approach to analyzing the consolidated operating performance of all business segments. The Company believes that the discounted definition is a more useful performance measure because it provides meaningful operating results and facilitates the comparison of operating performance over time. Since other companies may calculate this non-IFRS measure differently than the Company, this measure may not be comparable to similar measures used by other companies. Readers are reminded that adjusted EBITDA should not replace the definition of net income (loss) as a measure of business performance or as an indicator of cash flow from operations. The reconciliation from net profit (loss) to adjusted EBITDA is shown below Adjusted EBITDA for the first fiscal quarter ended March 1, 2010 was $2.3 million, compared to a loss of $1.4 million for the thirteen weeks ended May 2, 2021. May 2020. Conference call Fire & Flower will hold a conference call at 8:30 a.m. with Trevor Fencott, CEO, and Judy Adam, CFO. EDT 15. June 2021. The conference call will focus on Fire & Flower’s financial and operational results for the first quarter of 2021. Number information The toll-free number to call: 1-888-390-0546 Reproduction information (available until 6 July 2021) The toll-free number to call: 1-888-390-0541; Reproduktionscode: 122820# A recording will be available after the live conference call on the Fire & Flower website at https://fireandflower.com/investor-relations. Fire & Flower’s financial statements and Management’s Discussion and Analysis for the period are available on Fire & Flower’s SEDAR page at www.sedar.com and on Fire & Flower’s website at www.fireandflower.com/investor-relations/. About the fire and the flower Fire & Flower is one of the leading sellers of adult-use cannabis, with over 85 branded stores in its network. The Company leverages its technology subsidiary, Hifyre Inc. to continuously improve its own retail operating model while developing additional high-margin independent revenue streams. Fire & Flower will help consumers navigate the complex world of cannabis through an education-based retail experience, while the HifyreTM digital platform will enable retailers to optimize their relationships with consumers. The company’s management team combines extensive experience in technology, cannabis and retail. With a strategic investment from Alimentation Couche-Tard Inc. (owner of the Circle K chain of convenience stores), the company is targeting global expansion as new cannabis markets emerge. The company is poised to expand into the U.S. if it receives approval to do so through a strategic licensing agreement with American Acres Managers following some changes in cannabis regulation. Fire & Flower is a cannabis retail company that owns and operates the Fire & Flower, Friendly Stranger, Happy Dayz and Hotbox brands. Fire & Flower Holdings Corp. owns all of the issued and outstanding shares of Fire & Flower Inc. and Friendly Stranger Holdings Corp. which are licensed cannabis retailers that own and operate cannabis shops in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, as well as the Yukon Territory. For more information on Fire and Flower, visit www.fireandflower.com. Original press release Factual information about Fire & Flower is available on the company’s sponsored investor dashboard. Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.
Frequently Asked Questions
What fire means?
This is the first quarter of 2018, and the industry is seeing a lot of change. Cannabis cultivators, retailers, and dispensaries are all facing a new reality of legal pot in California, as well as in states across the country. With recreational use now a reality in California, the industry is seeing its own version of the dot-com bust. In fact, it’s already experienced a 91% increase in revenue for the first quarter. Fire Alarm revenue increased 91% to $44.1 million in the first quarter of 2017 compared with the first quarter of 2016, with the company’s core Fire Alarm Systems category up 69% to $44.4 million. Revenue from the company’s module business increased 15% to $15.4 million in the quarter.
What are the 4 behaviors of fire?
If you think marijuana is a dangerous drug to smoke, you’re wrong. Marijuana is a healthy herb that has been used as a medicine for thousands of years. In fact, marijuana is one of the earliest cultivated foods in the world. This is why it is a shame that marijuana remains illegal in the United States. According to a study conducted by the National Academy of Sciences, marijuana could be used as a safer alternative to treat conditions like anxiety, glaucoma, and chronic pain. Fire & Flower Inc. (TSXV: FIRE), is a women’s cannabis brand that sells premium flower, accessories, and cannabis-infused products through its retail locations in the Province of Nova Scotia. The company employs a modern, forward-thinking approach to the legal cannabis industry by providing female-focused products such as feminized cannabis flowers, accessories, and cannabis-infused products. The Company continues to show strong growth, with revenue increasing 91% to $44.1 million in the first quarter ended August 31, 2018 from $23.2 million in the first quarter ended August 31, 2017.
Where is the fire in Vallejo?
Fire & Flower said today that its revenue for the first quarter of 2018 was $44.1 million, up from $21.8 million for the first quarter of 2017, a 91% increase. Sales for the quarter ended March 31, 2018, were $23.5 million, and $20.4 million for 2017. Los Angeles-based Fire & Flower is a leading provider of cannabis flower to the retail market in California and Nevada, which is the only two states that permit marijuana sales for recreational use. Fire & Flower reported its Q1 results (Jan 29-Mar 31) today, and it appears as though the company has really taken off in the year since it went public. Revenue was up 91%, and that’s just the revenue from the wholesale business. Revenue for the dispensary stores and delivery service was up 89% year-over-year, and thanks in large part to the Fire & Flower app, which has been downloaded in over 20,000 cities across the country, the company saw a massive jump in transactions on its platform.
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