Australis Capital Inc, which is doing business as Audacious, has reported first-quarter 2022 revenue of C$1.7 million, a 2,652% year-over-year increase and a 266% improvement sequentially, driven by a full quarter of ALPS revenues and Green Therapeutics (GT)-related management fee income.
The company also said its gross margin for the quarter climbed to C$1.1 million, or 62%, a 1,814% increase from the same period last year, led by strong consulting revenues from ALPS along with the management fee income related to GT.
“Continuing the strong performance recorded in Q4 of fiscal 2021, AUSA has transformed itself into a rapidly growing MSO in the U.S. cannabis space. With revenues soaring by over 2,600% over last year, improving gross margin and adjusted EBITDA, we are showing the power of our execution on a unique strategy,” Australis Capital CEO Terry Booth said in a statement.
READ: Australis Capital sees fiscal 4Q revenue soar by 405% and a pre-tax net income of $3M thanks to ALPS
“This is just the beginning. We are exceptionally well positioned with operations in new jurisdictions coming online, new brands launched, and a number of very interesting transactions and partnerships progressing well towards signing,” Booth added.
Australis recorded a 1Q net loss of C$9.5 million, or $0.04 per share, driven primarily by a decrease during the quarter in the price of Body and Mind (BaM) shares held by the company.
The company noted, though, that its adjusted EBITDA loss improved by 15% from the previous quarter.
ALPS, a commercial crops facility management firm in which Australis owns a 51% stake, saw its revenues grow by 90% sequentially on a pro-forma basis.
Australis Capital aims to build companies through early-stage, opportunistic, and diversified investments in the cannabis value chain in the US and abroad.
Contact Sean at sean@proactiveinvestors.com