Cannabis retailer and distributor Kiaro Holdings Corp. (TSXV:KO) reported record revenues of CA$17.1 million in 2021, representing a year-over-year increase of 230%.
Same-store sales spiked 58% over the same period.
Daniel Petrov, CEO of the Vancouver-based company, called 2021 “a transformational year for Kiaro.”
“Our significant revenue growth for the fiscal year 2021 reflects the rapid scale of our business segments and the execution capabilities of the entire Kiaro team,” Petrov said Tuesday.
Fiscal Year 2021 Financial Highlights
- The gross margin was 38.1% for retail operations, compared to 35% in 2020.
- General and administrative expenses dropped to 12% of revenue from 61% in the year before.
- Operating expenses amounted to CA$8.85 million, representing a 9% year-over-year decrease.
- Loss from operations was CA$3.7 million, compared to roughly $CA8.4 million in 2020.
- Adjusted EBITDA, a non-GAAP financial measure, came in negative at CA$726,162, versus approximately CA$6 million loss in the prior year.
- Total HQ salaries declined to 10% of revenue compared to 46% in 2020.
Fourth Quarter Financial Highlights
- Revenue amounted to CA$5.2 million.
- Gross profit was roughly CA$1.6 million versus CA$1.56 million in the same quarter of 2020.
- Operating expenses increased by 8% to CA$2.51 million.
- Loss from operations was CA$913,433 compared to CA$757,067 in the corresponding period of the prior year.
- Net loss decreased by 59% year-over-year to approximately CA$1.19 million.
- Adjusted EBITDA, a non-GAAP financial measure, came in negative at CA$106,156, versus CA$29,561 in the fourth quarter of 2020.
Kiaro managed to secure some CA$4 million in financing in fiscal 2021 and finalize qualifying transactions by reverse-take-over of DC Acquisition Corp, as well as became listed on TSX Venture under the symbol ‘KO.’
Last month Kiaro tapped finance and fintech expert Colin Davis to its board of directors.
Photo Source: CNW Group/Kiaro Holdings Corp.
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