300% record revenue growth Q2 2021 compared to Q2 2020 reflects strong execution
Management to host earnings call March 22, after markets
VANCOUVER, BC, March 18, 2021 /PRNewswire/ – Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the “Company” or “BaM”), a multi-state operator, is pleased to report its financial results for the second fiscal quarter ended January 31, 2021. Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and all currency is in U.S. dollars.
Q2 FY2021 Financial Summary:
Reported Q2 FY2021 revenue of $6.31 million, a 19 % increase over Q1 FY2021 ($5.29 million), and a 300% increase over Q2 FY2020 ($1.57 million);Q2 FY2021 Gross profit of $2.74 million, an increase in excess of 400% over Q2 FY2020 ($0.53 million);Q2 FY2021 Net Operating Income of $0.19 million;Q2 FY2021 Net Loss of $1.15 million;Positive Adjusted EBITDA of $0.66 million*;Inventory of $2.22 million as of January 31, 2021;At January 31, 2021, BaM had $1.17 million in cash and a working capital surplus of $1.13 million;Total Assets were $41.44 million and Total Liabilities were $8.93 million at January 31, 2021;108,377,778 common shares were issued and outstanding as of January 31, 2021 (108,827,778 as of March 16, 2021).
Operational Milestones for Q2 FY2021 and to Date:
ShowGrow Long Beach dispensary ownership transferred to 100% owned Body and Mind subsidiary to allow consolidation of revenues effective August 28, 2020;ShowGrow Long Beach dispensary commenced curbside pickup and online ordering purchase options;ShowGrow San Diego dispensary has commenced delivery service in addition to curbside pickup and other on-line ordering purchase options.
Body and Mind branded products sold through almost all dispensaries throughout Las Vegas and Nevada;Received approval to expand cultivation canopy. The Company has completed expansion of new cultivation space and new flower rooms are in use providing an increase in cultivation output by approximately 20%;Received cannabis distribution