Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF), which operates as a Bold, announced its financial results for the second quarter of fiscal 2022 on Monday, revealing total revenues of $ 2.3 million, representing a increase of 2,068% year-over-year and 31% sequentially.
Returned for the six months ended Sep 30, 2021, increased by 2,287% to $ 4 million compared to $ 167,602 during the comparable period of fiscal 2021.
Terry Booth, Company CEO, stated that Australis continues to “stellar growth record. “
âOur financial results are a direct result of the strength of our unique and differentiated business model, which focuses on partnering with leading cannabis brands and building our portfolio of integrated cannabis operations to strategically extend our footprint to United States and around the world, âadded Booth.
Q2 2022 financial highlights
- Gross profit was $ 1.23 million compared to a loss of gross profit of $ 116,120 in the comparable period of 2021 and increased 16% compared to gross profit of $ 1.06 million in the prior quarter.
- Gross profit for the six months was $ 2.3 million compared to a loss of gross profit of $ 60,506 in the corresponding period last year.
- The net loss totaled $ 4.32 million, or $ 0.02 per share, vs. a net loss of $ 5.82 million, or $ 0.03 per share, in the second quarter of 2021, and a net loss of $ 9.67 million, or $ 0.04 per share, in the first quarter of 2022.
- Operating expenses were $ 5.64 million, up 25.8% sequentially.
- Working capital on September 30 amounted to $ 7.40 million compared to $ 16.42 million as of March 31, 2021.
Australis believes that it will have sufficient liquidity and resources to finance its business objectives over the next twelve months, including expanding its current markets and entering new jurisdictions, such as New York State, New Jersey and others. In addition, the company also plans to strengthen its portfolio of product lines.
In the future, the company expects continued strong growth with expected third quarter revenue north of $ 3 million.
âWe remain focused on our small cap business model and follow a proven path to success by increasing our operations and rationalizing costs while entering new high growth cannabis markets,â added Booth.
Second Quarter Highlights and Beyond
- Inked installation contract with Little Leaf Farms, North America largest producer of young leaves, for an approximately 450,000 square foot facility in Pennsylvania for growing seedlings.
- Complete and paid feasibility study completed for a large investment fund in the United Arab Emirates for the establishment of a 20 hectare (50 acre) estate greenhouse which will be operated by Pure Harvest.
- Partnership with Priva to jointly market its APIS solution, ALPS’s advanced maintenance and compliance service solution in the global horticulture industry.
- Signature of a contract with Pure Harvest Smart Farms stimulate expansion in the Middle East through the development of a fully integrated high-tech facility of over one million square feet to enable the year-round cultivation of high-quality fresh fruits and vegetables in Kuwait.
- Green therapy, its wholly-owned commercial subsidiary, is rapid growth of its Provisions cannabis brand.
- Successful launch cannabinoid-infused shot drink brand LOOS across California, which is currently available in 17 retailers.
- Signing of a letter of intent to acquire a 51% interest in the planned Belle Fleur, Massachusetts manufacturing plant.
- Signature of specifications for the formation of a strategic partnership with Golden Triangle Health, a subsidiary of NR Instant Produce Public Company Limited, one of the leading food manufacturers and distributors in Southeast Asia.
- Signature of a multi-year agreement for Audacious to be the âofficial CBD for professional bull ridersâ.
- Launch of its new consumer-focused AUDACIOUS website.
AUSAF price action
Australis shares traded down 0.21% to $ 0.1497 per share at market close on Monday.
Photo: Courtesy of Australis Capital Inc.