Body and Mind Reports Record Year End Financial Results Year over Year Revenue Increase of 332% FY2021 Q3 to FY2021 Q4 Revenue Increase of 14 % and Profitable FY2021 Q4 Conference Call Scheduled for 11:00 AM Eastern
LAS VEGAS and VANCOUVER, BC, Nov. 19, 2021 /PRNewswire/ – Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the “Company” or “BaM”), a multi-state operator, is pleased to announce financial results for the fiscal year ended July 31, 2021 and is providing shareholders with an operational update and select financial results.
FY2021 Financial Summary (results expressed in $USD unless otherwise indicated):
For the fiscal year ended July 31, 2021, achieved record annual consolidated revenue of $26.90 million, a 332% increase over FY2020 of $6.23 million Gross profit totalled $11.99 million for FY2021, an increase of 695% over FY2020 of $1.51 million Gross profit margin of 45%, an improvement of 87% over FY2020 gross margin of 24% Basic and Diluted loss per share of $(0.02) for FY2021; Net Loss of $1.98 million, an improvement of $2.62 million from FY2020 Net Loss of $4.60 million Adjusted EBITDA of $3.96 million*, an improvement of $6.43 million over FY2020 Adjusted EBITDA of $(2.47 million)* At July 31, 2021, BaM had $7.37 million in cash; Total Current Assets were $14.31 million, Total Assets were $48.13 million, Total Current Liabilities were $6.45 million and Total Liabilities were $13.78 million at July 31, 2021; and 109,077,778 common shares were outstanding as at July 31, 2021.
FY 2021 Q4 Summary (results expressed in $USD unless otherwise indicated):
Q4 consolidated revenue of $8.14 million, a 14% gain over Q3 consolidated revenue of $7.16 million; Gross profit totalled $3.17 million, yielding a gross profit margin of 39%; Basic and Diluted earnings per share $(0.00) for Q4; Adjusted EBITDA of $1.53 million* for Q4; Cashflows from operations of $0.32 million for Q4; and Net income of $0.20 million for Q4.
Operational Milestones for FY2021 and to Date:
Completed license transfer of the ShowGrow Long