Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 335

Halo Collective Inc. Reports Record First Quarter Results

Posted by fidest press agency su mercoledì, 19 Maggio 2021

TORONTO Halo Collective Inc. (“Halo” or the “Company”) (NEO: HALO), (OTCQX: HCANF), (Germany: A9KN) today announced its financial and operational results for three months ending March 31, 2021 (“Q1 2021”). The Company reported record revenues of $9.9 million for Q1 2021, a 123% increase compared to the previous year. This included the sale of over 5.2 million grams of cannabis products principally to dispensaries in Oregon and California, a 253% year over year increase. Organic revenue growth was 62%, the highest organic growth recorded in the Company’s history. The Company also reported a gross profit of $2.0 million, an increase from $(172.2k) for the three months ended March 31, 2020 (“Q1 2020”). The adjusted gross profit was $2.2 million (compared to $117.4k in Q1 2020). The reported gross margin in Q1 2021 was 19.7% in comparison with -3.9% in Q1 2020. Complete results are reported in the Company’s consolidated financial statements for the three months ended March 31, 2021 (the “Consolidated Financial Statements”) and associated management’s discussion and analysis (the “Q1 2021 MD&A”). In response to the Company’s record results, CEO and Co-Founder Kiran Sidhu commented, “Now, in 2021, we will begin to reap the rewards that we initiated with the change in our product range in 2020. We exceeded our own sales forecast by almost $1.0 million, and we believe a further increase in sales is possible. With the positioned start-up of Bar-X Farms, the first major sales by Bophelo, the start-up business with FlowerShop* which recently sold out its initial launch of 1,200 units in a few hours, the expected sales by Canmart, and the three planned dispensaries in the Hollywood area, we remain on target to achieve our overall revenue target of $75.0 million.” Philip van den Berg, CFO and Co-Founder continued, “The Q1 results demonstrate we are on target to the 2021 guidance previously communicated. When we released our financial statements for the year ended December 31, 2020, we provided guidance of annual revenues of $75 million for the fiscal year ended 2021 and positive EBITDA by the fourth quarter of 2021. Our first quarter showed that the core business is growing fast, and margins are improving across all operations. With the exception of Oregon cultivation and potentially California dispensary assets, the Company will be slowing down our acquisitions which should significantly reduce our corporate costs, in turn leading the Company to profitability.”


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