CubicFarm Systems Corp. Announces Filing of Annual Financial Statements and Provides Update on Cease Trade Order
CubicFarm Systems Corp. (TSXV: CUB) has filed its annual audited financial statements for the fiscal year ended December 31, 2023. Revenue for Q4 2023 was $0.5 million, up from $0.2 million in the prior year. Full-year revenue increased to $4.3 million from $3.6 million. Corporate overhead for Q4 2023 decreased by 73% to $2.3 million, while full-year overhead reduced by 65% to $11.2 million.
The company recorded non-cash impairment charges of $3.5 million for Q4 and $3.4 million for the full year. Net loss for Q4 2023 was $5.5 million, down from $12.9 million in the prior year. Full-year net loss decreased to $16.4 million from $61.2 million. CubicFarms is focusing on disciplined growth and exploring options, particularly with its HydroGreen division serving the dairy and cattle industries.
The company is under a failure-to-file cease trade order (FFCTO) issued by the British Columbia Securities Commission. CubicFarms plans to file interim financial statements for Q1 and Q2 2024 by October 11 and October 24, 2024, respectively, and will then apply for FFCTO revocation.
CubicFarm Systems Corp. (TSXV: CUB) ha presentato i suoi bilanci finanziari annuali certificati per l'anno fiscale chiuso al 31 dicembre 2023. Il fatturato per il quarto trimestre del 2023 è stato di 0,5 milioni di dollari, in aumento rispetto ai 0,2 milioni dell'anno precedente. Il fatturato annuale è aumentato a 4,3 milioni di dollari rispetto ai 3,6 milioni precedenti. Le spese generali aziendali per il quarto trimestre del 2023 sono diminuite del 73%, raggiungendo 2,3 milioni di dollari, mentre le spese generali annuali sono state ridotte del 65% a 11,2 milioni di dollari.
L'azienda ha registrato svalutazioni non monetarie di 3,5 milioni di dollari per il quarto trimestre e 3,4 milioni per l'intero anno. La perdita netta per il quarto trimestre del 2023 è stata pari a 5,5 milioni di dollari, in calo rispetto ai 12,9 milioni dell'anno precedente. La perdita netta annuale è diminuita a 16,4 milioni di dollari rispetto ai 61,2 milioni. CubicFarms sta puntando a una crescita disciplinata ed esplorando opzioni, in particolare con la sua divisione HydroGreen che serve le industrie del latte e del bestiame.
L'azienda è sotto un ordine di sospensione dal commercio per inadempienza di deposito (FFCTO) emesso dalla British Columbia Securities Commission. CubicFarms prevede di presentare i bilanci finanziari intermedi per il primo e il secondo trimestre del 2024 entro l'11 ottobre e il 24 ottobre 2024, rispettivamente, e poi richiederà la revoca del FFCTO.
CubicFarm Systems Corp. (TSXV: CUB) ha presentado sus estados financieros anuales auditados para el año fiscal que terminó el 31 de diciembre de 2023. Los ingresos del cuarto trimestre de 2023 fueron de 0,5 millones de dólares, en comparación con 0,2 millones del año anterior. Los ingresos anuales aumentaron a 4,3 millones de dólares desde 3,6 millones. Los gastos generales corporativos del cuarto trimestre de 2023 disminuyeron un 73% a 2,3 millones de dólares, mientras que los gastos generales anuales se redujeron un 65% a 11,2 millones de dólares.
La empresa registró cargos por deterioro no monetarios de 3,5 millones de dólares para el cuarto trimestre y 3,4 millones para el año completo. La pérdida neta del cuarto trimestre de 2023 fue de 5,5 millones de dólares, en comparación con 12,9 millones del año anterior. La pérdida neta anual se redujo a 16,4 millones de dólares desde 61,2 millones. CubicFarms se está enfocando en un crecimiento disciplinado y explorando opciones, particularmente con su división HydroGreen que atiende a las industrias lácteas y de ganado.
La empresa se encuentra bajo una orden de cese de comercio por incumplimiento de presentación (FFCTO) emitida por la Comisión de Valores de Columbia Británica. CubicFarms planea presentar estados financieros interinos para el primer y segundo trimestre de 2024 antes del 11 de octubre y el 24 de octubre de 2024, respectivamente, y luego solicitar la revocación del FFCTO.
CubicFarm Systems Corp. (TSXV: CUB)는 2023년 12월 31일 종료된 회계 연도의 연간 감사 재무제표를 제출했습니다. 2023년 4분기 수익은 50만 달러로, 전년도 20만 달러에서 증가했습니다. 연간 수익은 360만 달러에서 430만 달러로 증가했습니다. 2023년 4분기 기업 운영비용은 230만 달러로 73% 감소했으며, 연간 운영비용은 1120만 달러로 65% 줄어들었습니다.
회사는 4분기에 대해 350만 달러의 비현금 손상 차감을 기록했으며, 전체 연도에 대해서는 340만 달러의 차감을 기록했습니다. 2023년 4분기 순손실은 550만 달러로, 전년도 1290만 달러에서 감소했습니다. 전체 연도의 순손실은 6120만 달러에서 1640만 달러로 감소했습니다. CubicFarms는 규범적 성장에 집중하고 있으며, 특히 유제품 및 가축 산업에 서비스하는 HydroGreen 부서를 통해 다양한 옵션을 탐색하고 있습니다.
회사는 브리티시컬럼비아 주 증권 위원회에서 발행한 제출 실패에 따른 거래 중단 명령 (FFCTO) 하에 있습니다. CubicFarms는 2024년 1분기 및 2분기 중간 재무제표를 각각 10월 11일과 10월 24일까지 제출 할 계획이며, 그 후 FFCTO 해제를 신청할 것입니다.
CubicFarm Systems Corp. (TSXV: CUB) a déposé ses états financiers annuels audités pour l'exercice clos le 31 décembre 2023. Le chiffre d'affaires pour le 4e trimestre 2023 s'élevait à 0,5 million de dollars, en hausse par rapport à 0,2 million de dollars l'année précédente. Le chiffre d'affaires annuel est passé de 3,6 millions de dollars à 4,3 millions de dollars. Les frais généraux de l'entreprise pour le 4e trimestre 2023 ont diminué de 73 % pour atteindre 2,3 millions de dollars, tandis que les frais généraux annuels ont été réduits de 65 % à 11,2 millions de dollars.
L'entreprise a enregistré des charges d'amortissement non monétaires s'élevant à 3,5 millions de dollars pour le 4e trimestre et 3,4 millions de dollars pour l'ensemble de l'année. La perte nette pour le 4e trimestre 2023 a été de 5,5 millions de dollars, contre 12,9 millions de dollars l'année précédente. La perte nette annuelle a diminué pour atteindre 16,4 millions de dollars contre 61,2 millions de dollars. CubicFarms se concentre sur une croissance disciplinée et explore des options, notamment avec sa division HydroGreen qui sert les industries laitières et de bétail.
L'entreprise est sous un ordre de suspension de commerce pour défaut de dépôt (FFCTO) émis par la Commission des valeurs mobilières de la Colombie-Britannique. CubicFarms prévoit de déposer des états financiers intermédiaires pour le 1er et le 2e trimestre 2024 d'ici le 11 octobre et le 24 octobre 2024, respectivement, puis demandera la révocation du FFCTO.
CubicFarm Systems Corp. (TSXV: CUB) hat ihre jährlichen geprüften Finanzberichte für das zum 31. Dezember 2023 endende Geschäftsjahr eingereicht. Der Umsatz für das vierte Quartal 2023 betrug 0,5 Millionen Dollar, im Vergleich zu 0,2 Millionen im Vorjahr. Der Umsatz für das Gesamtjahr stieg auf 4,3 Millionen Dollar von 3,6 Millionen Dollar. Die Unternehmensgemeinkosten für das vierte Quartal 2023 sanken um 73% auf 2,3 Millionen Dollar, während die gesamten Gemeinkosten des Jahres um 65% auf 11,2 Millionen Dollar reduziert wurden.
Das Unternehmen verzeichnete nicht zahlungswirksame Wertminderung von 3,5 Millionen Dollar für das vierte Quartal und 3,4 Millionen Dollar für das gesamte Jahr. Der Nettoverlust für das vierte Quartal 2023 betrug 5,5 Millionen Dollar, im Vergleich zu 12,9 Millionen Dollar im Vorjahr. Der jährliche Nettoverlust wurde auf 16,4 Millionen Dollar verringert, gegenüber 61,2 Millionen Dollar. CubicFarms konzentriert sich auf diszipliniertes Wachstum und erkundet Optionen, insbesondere mit seiner HydroGreen-Sparte, die die Milch- und Viehwirtschaft bedient.
Das Unternehmen steht unter einer Handelsaussetzung wegen einer verspäteten Einreichung (FFCTO), die von der British Columbia Securities Commission erlassen wurde. CubicFarms plant, bis zum 11. Oktober und 24. Oktober 2024 Zwischenfinanzberichte für das 1. und 2. Quartal 2024 einzureichen und wird dann die Aufhebung des FFCTO beantragen.
- Revenue increased to $4.3 million in FY2023 from $3.6 million in the previous year
- Corporate overhead reduced by 65% to $11.2 million for FY2023
- Net loss decreased to $16.4 million in FY2023 from $61.2 million in the prior year
- Q4 2023 revenue increased to $0.5 million from $0.2 million in the prior year
- Non-cash impairment charges of $3.4 million recorded for FY2023
- Company under a failure-to-file cease trade order (FFCTO)
- Delayed filing of Q1 and Q2 2024 financial statements
- Net loss of $5.5 million in Q4 2023, despite improvement from previous year
Vancouver, British Columbia--(Newsfile Corp. - October 2, 2024) - CubicFarm® Systems Corp. (TSXV: CUB) ("CubicFarms" or the "Company"), a leading local chain agricultural technology company, announces that, further to its previous press releases of April 15, 2024, May 15, 2024, May 29, 2024, June 12, 2024, June 26, 2024 and July 15, 2024, the Company is pleased to announce that is has filed its annual audited financial statements for the fiscal year ended December 31, 2023, the related management's discussion and analysis and annual information form for the fiscal year ended December 31, 2023 and related filings (collectively, the "Required Annual Filings"). The Required Annual Filings can be accessed under the Company's profile at www.sedarplus.ca and will be available on the same day on CubicFarms' website at https://cubicfarms.com/investors/.
Fourth Quarter and Fiscal Year End Financial Results
Revenue for the three months ended December 31, 2023, was
$0.5 million , compared to$0.2 million in the prior year. Revenue for the year ended December 31, 2023 was$4.3 million , compared to$3.6 million in the prior year. The increase was due to higher machine sales.Corporate overhead, which included general and administrative, selling, and research and development expenses was
$2.3 million for the three months ended December 31, 2023, reduced by$6.1 million or73% compared to$8.5 million in the prior year due to the Company's cost reduction plan that was implemented in the second half of 2022 and has continued through the year 2023. For the year ended December 31, 2023, corporate overhead was$11.2 million , compared to$31.6 million in the prior year, signifying a65% reduction in overhead costs.The Company recorded non-cash impairment charges of
$3.5 million for the three months and$3.4 million for the year ended December 31, 2023 relating to its Fresh and Feed divisions, as a result of the Company's assessment of the carrying amount of its net assets in excess of the recoverable amount.Net loss for the three months ended December 31, 2023 was
$5.5 million , compared to$12.9 million in the prior year. The lower net loss in Q4 2023 was primarily due to the lower operating expenses as mentioned above. Net loss for the year ended December 31, 2023 was$16.4 million , compared to$61.2 million in the prior year.
"As we move forward, CubicFarms is committed to continue operating as a lean, efficient business focused on disciplined growth," said Interim CEO of CubicFarms and President of HydroGreen, John de Jonge. "We continue to explore all options and remain optimistic about future prospects. With HydroGreen, we are well-positioned to serve the dairy and cattle industries, which have a strong demand for our technology and feed solution. The world continues to face challenges such as climate change, drought, and land scarcity, and so we remain dedicated to providing innovative indoor growing solutions that conserve agricultural resources and provide superior nutritious feed to benefit dairy and beef animals."
The Company anticipates filing the interim financial statements for the three-month period ended March 31, 2024, the related management's discussion and analysis for the three-month period ended March 31, 2024 and related filings in respect of the period ended March 31, 2024 by October 11, 2024, and interim financial statements for the three-month period ended June 30, 2024, the related management's discussion and analysis for the three-month period ended June 30, 2024, and related filings in respect of the period ended June 30, 2024 by October 24, 2024.
The British Columbia Securities Commission (the "BCSC") as the principal regulator of the Company issued a failure-to-file cease trade order (the "FFCTO") against the Company on July 15, 2024, under Multilateral Instrument 11-103 - Failure-To-File Cease Trade Orders In Multiple Jurisdictions, prohibiting the trading in or the purchasing of any securities of the Company by any person or company in Canada, including trades in the Company's common shares made through the TSX Venture Exchange, except in accordance with the following conditions for so long as the FFCTO order remains in effect: a beneficial securityholder of the Company who is not, and was not at the date of the FFCTO an insider or control person of the Company, may sell securities of the Company acquired before the date of July 15, 2024 if both of the following apply: (a) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization; and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. A copy of the FFCTO has been posted to the BCSC website.
Following the filing of the Required Interim Filings, the Company will file a revocation application to revoke the FFCTO. The Company will provide further updates as they become available.
About HydroGreen
HydroGreen's Automated Vertical Pastures™ technology utilizes a unique process to sprout grains, such as barley and wheat, in a controlled environment with minimal use of land, labour and water. HydroGreen's fully automated indoor growing technology performs all growing functions including seeding, watering, lighting, harvesting, and re-seeding-all with the push of a button-to deliver nutritious fresh forage for livestock without the typical investment in fertilizer, chemicals, fuel, field equipment, and transportation. Automated Vertical Pastures™ not only provide superior nutritious feed to benefit the animal but also enable significant environmental benefits to the farm.
About CubicFarms
CubicFarms is a leading local chain agricultural technology company developing and deploying technology to feed a changing world. Its proprietary ag-tech solutions enable growers to produce high quality, predictable produce and fresh livestock feed with HydroGreen Nutrition Technology, a division of CubicFarm Systems Corp. The CubicFarms™ system contains patented technology for growing leafy greens and other crops onsite, indoors, all year round. CubicFarms provides an efficient, localized food supply solution that benefits our people, planet, and economy.
For more information, please visit https://cubicfarms.com.
Contact info@cubicfarms.com for media or investors@cubicfarms.com for investor inquiries.
Forward looking and other cautionary statements
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including, without limitation, statements with respect to: statements regarding the timing, review, completion and filing of the Interim Required Filings, the revocation of the FFCTO and future prospects. Such statements involve known and unknown risks, uncertainties, and other factors and assumptions which may cause the actual results, performance, or achievements of CubicFarm Systems Corp., or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information including, without limitation, the risk of the Company not obtaining the Management CTO or file the Required Filing on time and the other factors disclosed under "Risk Factors" in the Company's annual information form for the year ended December 31, 2022, and those risks described in other documents incorporated or deemed to be incorporated by reference in the prospectus. Such statements can be identified by the use of words such as "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict", and other similar terminology, or state that certain actions, events, or results "may", "can", "could", "would", "might", or "will" be taken, occur, or be achieved.
These statements reflect the Company's current expectations regarding future events, performance, and results and speak only as of the date of this news release. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except as required by securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if the Company's expectations regarding future events, performance, or results change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225382
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