Harvest One Cannabis Inc has reported a 12% quarter-over-quarter revenue increase in its fiscal 1Q 2022 results off the back of its Dream Water and LivRelief sales.
The cannabis company delivered total net revenue of $2.13 million, an increase over the $1.90 million it reported in the previous quarter and a similar jump over the $1.91 million it reported in the comparable year-ago quarter.
For the period ended September 30, 2021, Harvest One also halved its net loss to $1.45 million from the $3.11 million it posted in the same period in 2020. On an adjusted EBITDA, or earnings before interest, taxes, depreciation, and amortization basis, the firm’s loss came in at $778,000 compared to $1.6 million.
READ: Harvest One Cannabis records improved year-on year net revenue and gross profit in fiscal year 2021
During the quarter, the firm expanded its marketing and distribution agreements to include the Caribbean, Central America and the travel/retail cruise channel, and signed a licensing agreement with product manufacturer The Valens Company (TSX:VLNS, OTCQX:VLNCF) to manufacture, distribute and sell infused LivRelief branded topicals in Canada. The firm also launched its Dream Water sleep gummies in the US.
"Our first quarter results for fiscal 2022 demonstrate that Harvest One continues to be relentless in our objectives to increase revenue while simultaneously reducing operating and overhead expenditures to increase our profitability," said Gord Davey, CEO of Harvest One, in a statement.
"Our strategy is working. We are executing on our existing and newly signed sales, distribution and marketing agreements, and continuing to bring new and innovative products to the market.”
Davey told investors that the firm is in the process of negotiating additional agreements that, “if and when completed, may result in many new customers, distribution partners, products and channels.”
Harvest One told shareholders that it expects sales volumes, net revenues, and adjusted EBITDA to improve throughout the next quarter due to continued infused topical sales, expanded distribution coverage, product launch initiatives, branding initiatives, improvements in gross profit, and a continued focus on reducing overhead costs.
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