Australis Capital Inc, which is doing business as Audacious, has reported second-quarter 2022 revenue of $2.3 million, a 2,068% year-over-year increase and a 31% improvement sequentially, driven by revenue from its ALPS subsidiary and Green Therapeutics (GT)-related management fee income.
The company also said gross profit for the fiscal second quarter was $1.23 million compared to a gross profit loss of $116,120 in the comparable period of 2021. It was also 16% higher than 1Q gross profit of $1,064,539.
It attributed the increase to its high-margin ALPS business and the management fees from Green Therapeutics, which was offset by slightly lower utilization rates on projects.
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"Our financial results are a direct result of the strength of our unique and differentiated business model, which centers on partnering with leading cannabis brands and building our portfolio of integrated cannabis operations to strategically expand our US and global footprint,” CEO Terry Booth said in a statement.
“Our ability to form synergies across cannabis operations under the leadership of an experience C-suite, supported by a team of seasoned cannabis and CPG executives, crop consultants, engineers and genetics experts, continues to drive our success and we are well-positioned to explore opportunities that will further our position as a leading multi-state operator.”
Audacious said it expects continued strong growth with anticipated 3Q revenues north of $3 million. In the months ahead, it said it will continue to execute on its strategy with further growth in its current markets and anticipates entering into new jurisdictions, including New York State, New Jersey and others, as well as further expansion of its product line portfolio. Additionally, it said it will be pursuing multiple initiatives to increase production volume, further driving growth.
“We remain focused on our capital-light business model and following a proven path to success by scaling our operations and streamlining costs while entering new high-growth cannabis markets."
Contact the author at stephen.gunnion@proactiveinvestors.com