Intelligent Leaves Holdings Inc. (NASDAQ:CLVRW), a number one multinational operator and licensed producer of pharmaceutical-grade cannabinoids reported late Thursday its monetary and working outcomes for the fourth quarter and full-year ended December 31, 2021.
Full-Yr 2021 Monetary Outcomes
Income in 2021 elevated 27% to $15.4 million in comparison with $12.1 million in 2020.
Value per gram of dry flower in 2021 was $0.22 per gram in comparison with $0.14 per gram in 2020.
Gross revenue, together with a $3.0 million stock write-down, was $6.8 million in comparison with $7.4 million in 2020, with a gross margin of 44.3% in comparison with 61.2% in 2020.
Adjusted gross revenue, which excludes such stock write-down, elevated 25% to $9.8 million in comparison with $7.8 million in 2020, reflecting a 63.7% adjusted gross margin in comparison with 64.5% in 2020.
Working bills in 2021 had been $45.5 million, which excludes the influence of an $18.5 million non-cash goodwill impairment cost associated to the Firm’s acquisition of its Colombia operations in November 2019.
Web loss in 2021 was $45.7 million in comparison with a web lack of $25.9 million in 2020.
Adjusted EBITDA in 2021 was $(24.9) million in comparison with $(23.3) million in 2020.
Highlights Of The Fourth Quarter 2021
- Income elevated 25% in 2021, to $4.2 million.
- Cannabinoid income elevated 11% to $1.1 million.
- Non-cannabinoid income elevated 31% to $3.1 million.
- Web loss was $24.0 million.
- “We now have made progress within the fourth quarter by strengthening our operational basis and advancing our industrial momentum to higher place us for 2022,” stated Andres Fajardo, president and incoming CEO of Intelligent Leaves. “We delivered year-over-year income progress of 26% and 29% throughout our non-cannabinoid and cannabinoid companies, respectively. We additionally maintained our prudent method to price administration as we drove continued manufacturing efficiencies. We imagine the incremental milestones we achieved all through our first yr as a public firm will allow us to leverage our low-cost manufacturing benefits and advance our world distribution efforts in 2022.”
Fourth Quarter 2021 Monetary Outcomes
Income within the fourth quarter of 2021 elevated 25% to $4.2 million in comparison with $3.3 million for a similar interval in 2020, pushed by sustained efficiency power inside the non-cannabinoid section, in addition to the cannabinoid section.
All-in price per gram of dry flower within the fourth quarter of 2021 was $0.47 per gram in comparison with $0.15 per gram for a similar interval in 2020. The rise was primarily attributable to continued manufacturing prices related to ramping early-stage operations in Portugal, partially offset by sustained price efficiencies within the Firm’s Colombian manufacturing operations.
Gross revenue, together with a $3.0 million stock write-down, was $(0.3) million in comparison with $2.3 million for a similar interval of 2020, with a gross margin of (6.9)% in comparison with 67.9% for a similar interval of 2020.
Adjusted gross revenue, which excludes such write-down, was flat at $2.7 million in comparison with $2.7 million for a similar interval of 2020, with an adjusted gross margin of 64.1% in comparison with 79.8% for a similar interval of 2020.
Working bills within the fourth quarter of 2021 had been $11.4 million, excluding the influence of an $18.5 million non-cash goodwill impairment cost associated to the Firm’s acquisition of its Colombia operations in November 2019, in comparison with $9.6 million for a similar interval in 2020. .
Web loss within the fourth quarter of 2021 was $24.0 million in comparison with a web lack of $0.9 million for a similar interval in 2020.
Adjusted EBITDA within the fourth quarter of 2021 was $(7.8) million in comparison with $(6.3) million for a similar interval in 2020. This was primarily pushed by increased public firm bills. Money, money equivalents, and restricted money had been $37.7 million on December 31, 2021, in comparison with $79.5 million on December 31, 2020.
After finishing a cultivation enlargement in Portugal, within the third quarter, Intelligent obtained a license from the Portuguese regulatory well being authority, INFARMED, I.P. The agency plans to ramp up its Portuguese flower operations. In the meantime, in Colombia, Intelligent continued to organize its operations to assist dried flower exports.
Intelligent launched its CBD model, JoySol, within the U.S. and is leveraging its strong distribution and manufacturing networks to develop total market alternatives.
In 2022, Intelligent introduced two new provide agreements in Australia and three agreements in Germany, comprising each new partnerships and expanded agreements with present companions. “We’re making related industrial strides inside Israel, together with our just lately introduced world strategic partnership with InterCure (NASDAQ:INCR),” Fajardo defined.
Following on the operational and industrial progress Intelligent Leaves has made all through 2021, the Firm continues to anticipate full-year 2022 income to vary between $20 million and $25 million, with an adjusted gross margin between 50% and 55%. Intelligent Leaves additionally expects adjusted EBITDA to vary between $(23) million and $(20) million. The Firm expects roughly $2 million to $3 million of annual capital expenditures, representing an estimated 70% discount in comparison with 2021.
Picture by Damir Spanic on Unsplash.