Auxly Cannabis Group Inc., a consumer packaged goods company in the cannabis products market, today released its fourth quarter and full year 2020 financial results. These filings and additional information regarding Auxly are available for review on SEDAR at www.sedar.com. All amounts are Canadian dollars except common shares (“Shares”) and per Share amounts.
2020 Highlights
- Recorded net revenues of $50.8 million in 2020, including $46.6 million in cannabis net revenues, an increase of 508% compared to 2019.
- Fourth quarter net Cannabis revenues of $18.3 million.
- Achieved the #1 LP position in Canada for Cannabis 2.0 product sales1 in 2020 with approximately 14% market share in the category.
- Expanded into the Cannabis 1.0 market with the launch of Robinsons premium dried flower and Kolab Project Growers Series collaborations with Lotus Cannabis and Safari Flower Co.
- Continued efforts to reduce SG&A which were below $10 million in the fourth quarter.
- Further strengthened the Company’s balance sheet with financing transactions.
Year End Highlights
| (000’s) | 2020 | 2019 | Change | Percentage Change |
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| Total revenues | $ | 50,796 | $ | 8,352 | $ | 42,444 | 508 | % | |||
| Net loss* | $ | (85,426 | ) | $ | (102,574 | ) | $ | 17,148 | 17 | % | |
| Adjusted EBITDA** | $ | (30,317 | ) | $ | (37,292 | ) | $ | 6,975 | 19 | % | |
| Average Shares outstanding | 631,528,750 | 596,409,703 | 35,119,047 | 6 | % |
*Attributable to shareholders of the Company
**Adjusted EBITDA is a Non‐IFRS financial measure. Refer to the Non‐IFRS Financial and Performance Measures section in the MD&A for definitions
| (000’s) | December 31, 2020 | December 31, 2019 | Change | Percentage Change |
|||||||
| Cash and equivalents | $ | 21,214 | $ | 44,134 | $ | (22,920 | ) | ‐52 | % | ||
| Total assets | $ | 378,963 | $ | 411,182 | $ | (32,219 | ) | ‐8 | % | ||
| Debt | $ | 114,825 | $ | 95,438 | $ | 19,387 | 20 | % |
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1 Headset Canadian Insights data January 9, 2021.
Hugo Alves, CEO of Auxly, commented: “Auxly saw tremendous growth in its first full year of commercial operations, with 508% growth in our net revenue year over year. As one of the first LPs to offer Cannabis 2.0 products upon legalization and one of the largest, most widely distributed 2.0 product portfolios on the market, we have successfully secured our position as one of the top cannabis companies in Canada. Going forward we will look to build off the success of our first year, developing deeper connections with our consumers through continued insights and innovation, explore growth opportunities that are consistent with our corporate strategy and maintain our efforts on improving cash flow to ensure we can execute on our vision of being a global leader in branded cannabis products.”
