The Company perseveres through COVID, while new leadership brings renewed focus on execution
VANCOUVER, BC, June 29, 2020 /PRNewswire/ – 1933 Industries Inc. (the “Company” or “1933 Industries”) (CSE: TGIF) (OTCQX: TGIFF), a vertically integrated cannabis consumer packaged goods company, announces its third quarter 2020 (“Q3 2020”) financial results for the three months ended April 30th, 2020. Financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). Detailed information regarding the Company’s financial results as well as management’s discussion and analysis can be found at https://sedar.com/ and https://1933industries.com/.
Financial Summary of Q3 2020 (February 1, 2020 to April 30, 2020)
All amounts expressed are in Canadian dollars.
Revenue of $2.6 million (a 17% decrease from the previous quarter, which was $3.1 million) Gross margin of $0.9 million (an improvement of 186% from the previous quarter, which was a loss of $0.8 million) Operating expenses were $5.6 million Net loss of $4.7 million, or $0.02 per share (a 27% decrease from the previous quarter, which was a loss of $6.4 million, or $0.02 per share) Adjusted EBITDA loss of $3 million (an improvement of 45% from the previous quarter, which was a loss of $4.8 million)
Cash of $4.9 million (a 46% decrease from the end of the previous quarter, which was $9.1 million) Total assets were $54.6 million (a slight decrease from $55.3 million at the end of the previous quarter) Total liabilities were $27.8 million (a slight increase from $26 million at the end of the previous quarter) Total equity of $26.8 million
Scaled up operations in the cultivation facility in Las Vegas, with all 15 grow rooms populated and continuous harvests occurring every 14 days Since the start of the fiscal year, the Company has reduced overall SG&A by 46%, decreased public company expenses