Auxly Cannabis Group Inc., a leading consumer packaged goods company in the cannabis products market, today released its fourth quarter and full year 2021 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.
2021 Highlights
- Recorded net revenues of $83.8 million in 2021, an increase of 79% compared to 2020;
- Fourth quarter net Cannabis revenues of $29.3 million, a 20% increase QoQ;
- Maintained the #1 LP position in Canada for Cannabis 2.0 product sales1 in 2021, increasing its market share to approximately 15% (up from 14% in 2020);
- Continued to dominate national vapour sales with its award-winning portfolio, achieving 23% market share for the year (up from 19% in 2020), and securing the #1 LP position;
- Exiting 2021 as the 5th largest LP in Canada by share of market based on total dollar sales, securing 7.4% in the fourth quarter;
- Successfully expanded its branded product offering into dried flower and pre-roll categories with the launch of new and exciting product formats that include the award-winning Back Forty 40s2, as its dried flower portfolio led the growth in the category at OCS, growing 189% and securing the #7 LP position in national sales in Q4;
- Enhanced the Company’s cultivation capabilities and vertical integration with the acquisition of its joint venture project, Auxly Leamington Inc. (formerly Sunens);
- Strengthened its Board of Directors with the appointment of Murray McGowan, strategic partner Imperial Brands’ Chief Strategy and Development Officer;
- Strengthened the Company’s financial position with the sale of two non-core assets and extension of Imperial Brands $123 million convertible debenture;
- SG&A remained relatively flat year-over-year while the Company continued to enhance and expand its product portfolio, increasing sales by almost 80%;
- Successfully grew national brand awareness across all four in-house proprietary brands3 as the Company continued to build deeper connections with its targeted consumers, delivering differentiated and innovative products that meet their growing needs and demands.
Year End Highlights
| (000’s) For the years ended December 31: |
2021 |
2020 |
Change |
Change |
||||
| Total revenues | 83,829 | 46,719 | 37,110 | 79% | ||||
| Net income/(loss)* | (33,739) | (85,426) | 51,687 | 61% | ||||
| Net income/(loss) from continuing operations* | (45,895) | (83,889) | 37,994 | 45% | ||||
| Adjusted EBITDA** | (21,672) | (28,523) | 6,852 | 24% | ||||
| Weighted average Shares outstanding | 783,379,798 | 631,528,750 | 151,851,048 | 24% | ||||
*Attributable to shareholders of the Company
**Adjusted EBITDA is a Non‐IFRS financial measure. Refer to the Financial Measures section in this press release for definitions
| (000’s) | December 31, 2021 | December 31, 2020 | Change | Change | |||||
| Cash and equivalents | $ | 14,754 | $ | 20,657 | $ | (5,903) | ‐29% | ||
| Total assets | $ | 450,422 | $ | 378,963 | $ | 71,459 | 19% | ||
| Debt | $ | 168,809 | $ | 114,825 | $ | 53,984 | 47% | ||
Hugo Alves, CEO of Auxly, commented: “2021 was an incredible year of growth for Auxly. Through the tireless efforts of our passionate and talented people, we were able to navigate unprecedented challenges, deliver record revenues and market share growth and emerge as a Canadian market leader. Auxly exited 2021 as the 5th largest LP in Canada by share of market. Over the course of 2021 we were able to successfully extend our brands into Cannabis 1.0 formats, significantly enhance our cultivation capabilities and solidify our position within the top 10 licensed producers in both dried flower and pre-roll sales; all while maintaining our #1 overall position in the Cannabis 2.0 product segment and a dominant 23% share of market in vapes. On behalf of everyone at Auxly, I would like to thank our consumers. Our mission is to help you live a happier life and we are grateful for the trust you place in us every time you purchase one of our award-winning Back Forty, Kolab Project, Foray or Dosecann branded products. In order to serve you better, we successfully launched 51 exciting new SKUs over the course of 2021, including 10 first-to-market innovations, and we will continue to work relentlessly to keep you smiling in 2022 with 60 new product innovations planned for release over the course of the year. I am proud of the dedication that our team has shown – at every site and every facility – in pulling together as one organization and achieving these results and I am excited to carry the momentum that we’ve earned over the course of 2021 into the new year and continue to win with our customers and consumers.”
For the full recount please click here: https://www.globenewswire.com/news-release/2022/03/31/2413738/0/en/Auxly-Reports-Fourth-Quarter-and-Full-Year-2021-Financial-Results-and-Provides-Outlook-for-2022.html
