Flower One Holdings Inc. (OTCQX:FLOOF) (CSE:FONE) (FSE:F11) revenue in 2021 was $58.4 million, representing a 70% increase from the prior year.
2021 Financial and Operating Highlights:
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Gross profit for the year-ended December 31, 2021 was $21.4 million, as compared to a gross loss of $40.3 million in 2021, an increase of 153% year-over-year, representing a 37% margin. The changes in gross profit are directly attributable to the operational restructuring, leading to dramatic quality improvements, resulting in increases in revenue, cost of sales and biological asset transformation.
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The company recorded a net loss of $24.4 million for the year ended December 31, 2021, compared to a net loss of $117.5 million for in 2020.
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Cost of sales for the year-ended December 31, 2021 was $33.5 million compared to $25 million from 2020, an increase of 34%. This was primarily due to increased sales and associated selling costs.
“We are proud of the year end results and our ability to maintain a leading position in Nevada amidst challenging market conditions. The improvements we have made year over year are significant and represent the tremendous effort given from our entire team and all of our partners. At Flower One, our mission is to deliver quality product at scale and given our unique position we continue to do this on a daily basis. With that said we recognize the hard work that lies ahead and are laser focused on finishing the critical upgrades to our facilities and delivering consistent and dependable quality products, both imperative to our primary objective of achieving positive cash flow. We are confident that these facility enhancements will set us up for long term success as we are able to execute on our growth strategy while driving shareholder value,” stated Kellen O’Keefe, Flower One’s president & CEO.
As of December 31, 2021, the company had cash and cash equivalents of $900,000 compared with $1.1M as of December 31, 2020.
Photo by Tim Foster on Unsplash
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