Can B Corp. Reports First Quarter Revenue Growth of 606% to $1.9 Million, the Highest Quarterly Revenue in Company History
Can B Corp. reported strong financial results for Q1 2022, with revenue soaring by 606% to $1.9 million and gross profit increasing by 291% to $0.7 million. The company achieved a substantial improvement in its balance sheet, boasting total assets of $17.0 million and stockholders' equity of $6.2 million. Operating expenses rose to $3.9 million, leading to an operating loss of $3.2 million. However, adjusted EBITDA loss fell by 30% to $0.9 million, indicating effective cash burn management.
- Revenue increased 606% to $1.9 million.
- Gross profit increased 291% to $0.7 million.
- Adjusted EBITDA loss decreased 30% to $0.9 million.
- Total assets rose to $17.0 million.
- Stockholders' equity increased to $6.2 million.
- Operating loss increased to $3.2 million from $1.8 million.
- Total operating expenses rose to $3.9 million, a 91% increase.
- Net loss increased by 60% to $3.5 million.
Strengthened Balance Sheet with Increases to
HICKSVILLE, NY, May 18, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Can B Corp. (OTCQB: CANB) (“Can B'' or the “Company”), a health and wellness company specializing in developing, producing, and selling hemp-derived cannabinoid products, today announced the Company's financial results for the first quarter ended March 31, 2022.
Key Financial Highlights for Q1 2022
- Revenue increased
606% to$1.9 million - Gross profit increased
291% to$0.7 million - Adjusted EBITDA loss decreased
30% to$0.9 million - Total assets increased to
$17.0 million - Total stockholders’ equity increased to
$6.2 million
Key Business Highlights for Q1 2022
- Solidified and integrated vertical processing capabilities from recent acquisitions
- Advanced build-out of first CBD lounge in Miami, Florida
- Continuing path for potential NASDAQ up-listing
Management Commentary
Marco Alfonsi, Can B’s Chief Executive Officer, stated, “We are extremely pleased with our tremendous quarterly results, having achieved the highest quarterly revenue in our company history. We generated the
Alfonsi concluded, “Can B is now a full-service hemp-derived cannabinoid company that can facilitate servicing the large box types as well as the boutique vape and smoke store. Our dramatic revenue improvements, coupled with our acquisitions and asset base increases, position us solidly to continue our application process for a NASDA up listing.”
Vertical Processing Capabilities
Secured hemp biomass and winterized crude to create over 13,000 Liters (1 Liter = 1.05 Quarts) of isomers, including Delta-8, with a potential wholesale value exceeding
- 300,000 Square Foot Facility in McMinnville, Tennessee
- Acquisition of Assets from TWS Pharma included leases on a total of 15,000 square foot of facilities located in Mead and Ft. Morgan Colorado.
- Acquisition of Assets from Music City Botanicals added additional volume in extraction, isomer lab production, and R&D into the evolving isomer market with such products as Delta-10, CBG, CBN, and CBDA.
Financial Results for the Three Months Ended March 31, 2022:
- Revenue: For the three months ended March 31, 2022, revenue was
$1.9 million , an increase of$1.6 million , or606% , compared with$0.3 million for the same period last year. The increase is due to the wind-down of restrictions related to the Covid-19 Pandemic surrounding elective surgeries, enabling an increase in the usage of the Company’s Duramed product lines and ultrasound device associated with patient recovery. Additionally, due to asset acquisitions in 2021, the Company’s Music City Botanical and Botanical Biotech brands related to an increase in sales compared to 2021 of$0.6 million . - Gross Profit: For the three months ended March 31, 2022, gross profit was
$0.7 million , an increase of$0.4 million , or291% , compared with$0.2 million for the same period last year. The resulting gross margin was36.0% , compared with75.0% for the same period last year. - Total Operating Expenses: For the three months ended March 31, 2022, total operating expenses were
$3.9 million , an increase of$1.8 million , or91% , compared with$2.0 million for the same period last year, as a direct result of professional fees and other accounting and legal fees related to the Company’s registration statement S-1 filing efforts.
Of note,
- Operating Loss: For the three months ended March 31, 2022, operating loss was
$3.2 million , an increase of$1.4 million , compared with an operating loss of$1.8 million for the same period last year. - Adjusted EBITDA Loss: For the three months ended March 31, 2022, Adjusted EBITDA loss was
$0.9 million , a decrease of$0.4 million , or30% , compared with an Adjusted EBITDA loss of$1.3 million for the same period last year, after deducting non-cash and one-time expenses. - Net Loss: For the three months ended March 31, 2022, net loss was
$3.5 million , an increase of$1.3 million , or60% , compared with$2.2 million for the same period last year. The EPS loss per share for the three months ended March 31, 2022, was ($1.10) , compared to ($3.58) for the same period last year.
About Can B Corp.
Can B Corp. (OTCQB: CANB) is a health & wellness company providing the highest quality hemp-derived cannabinoid products, including under its own brands of Canbiola, Seven Chakras, NuWellness, Pure Leaf Oil, and Duramed. Can B utilizes multi-channel distribution to reach consumers, including medical facilities, doctor offices, retailers, online and direct. Can B Corp. operates R&D and production facilities in Lacey, WA, and Florida. To learn more about Can B Corp. and our comprehensive line of high-quality products, please visit: Canbiola.com and www.CanBCorp.com, follow Can B Corp on Instagram and Facebook or visit one of the 1,000+ retail outlets that carry Can B Corp. products.
For more information about Can B Corp., please visit: CanBCorp.com
Forward-Looking Statements
Forward-looking statements and risks and uncertainties discussed in this release contain forward-looking statements. The words "anticipate," "believe," "estimate," "may," "intend," "expect," and similar expressions identify such forward-looking statements. Expected, actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. Forward-looking statements are subject to a number of risks and uncertainties, including but not limited to, risks and uncertainties associated with, among other things, the impact of economic, competitive, and other factors affecting our operations, markets, products, and performance. The matters discussed herein should not be construed in any way, shape, or manner of our future financial condition or stock price. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of latest information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Investors and Media:
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