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Altius Reports Q1 2019 Royalty Revenue of $21.8M and Adjusted EBITDA of $17.4M
ST. JOHN’S, Newfoundland and Labrador–(BUSINESS WIRE)–Altius Minerals Corporation (“Altius” or the “Corporation”) reports
attributable royalty revenue(Note 1) of $21.8 million ($0.51
per share) for the quarter ended March 31, 2019, a quarterly record
which is up 38% compared to Q1 2018 royalty revenue of $15.8 million and
up 24% compared to Q4 2018 revenues of $17.6 million. Total Q1 2019
revenue of $21.9 million includes a small contribution from our Project
Generation division.
Adjusted EBITDA(Note 1) of $17.4 million ($0.41 per share)
for the three months is also a record, and compares to $12.7 million
($0.29 per share) in Q1 2018 and $13.4 million ($0.31 per share) in Q4
2018. General and administrative expenses in the first quarter were $2.8
million compared to $1.9 million in the comparable quarter last year,
with most of the increase relating to the new renewable energy royalty
subsidiary. Excluding corporate development and one-time structuring
expenditures, ongoing G&A expenditures for the new division are expected
to be roughly US$1 million annually. Q1 2019 net earnings per share were
$0.15 compared to $0.06 in Q1 2018 and a loss of $0.29 per share in Q4
2018, which included non-cash impairment charges of $0.28 per share. Q1
2019 earnings include a foreign exchange loss of $629,000 and a $345,000
loss on revaluation of derivatives (share purchase warrants), along with
$1.2 million from the equity accounting for Altius’s share of losses in
Adventus Zinc Corporation (“Adventus”) and Alderon Iron Ore Corp.
Royalty revenue highlights are as follows:
-
Base metal revenue of $7.6 million in Q1 2019 was up 6% from Q1 2018
revenue of $7.2 million, but with the proportions from Chapada and 777
differing significantly, as Chapada revenue was $5.4 million in the
quarter. Despite lower prices year over year, Chapada sales volume
more than offset the price decrease, with Chapada’s strong Q4 2018
production impacting royalty revenue in the first quarter this year.
While 777 copper volumes were up year over year, lower prices and
continuing lower zinc production resulted in lower overall revenues.
Voisey’s Bay revenue of $297,000 in Q1 2019 is relatively consistent
with the quarterly revenue recorded in Q3 and Q4 last year. -
Potash royalty revenue of $4.8 million is up 105% from Q1 2018,
although the comparison partly reflects a higher ownership level
following an acquisition that closed in late March 2018. Q1 2019
revenue is up 29% from Q4 2018 revenue of $3.7 million, with
improvements in both price and attributable royalty production volume. -
Indirect iron ore royalty revenue from an approximate 6.3% ownership
of Labradaor Iron Ore Royalty Corporation (“LIORC”) was $4.2 million,
compared to $1.1 million in the comparable period of 2018
(strike-impacted) and $2.1 million in Q4 2018. The ownership position
in Q1 increased by approximately 540,000 shares over Q4 2018, but the
main factor driving the increase was a return to the historical
passive corporate mandate and practice of paying a higher percentage
of free cash flow as dividends. -
Met coal royalty revenue of $1.2 million was up 93% year over year,
reflecting significantly higher production volumes.
The following tables summarize the financial results for the quarter
ended March 31, 2019.
IN THOUSANDS OF CANADIAN DOLLARS (except per share amounts) |
|||||||
Three months ended | |||||||
March 31, 2019 | March 31, 2018 | ||||||
Revenue | |||||||
Attributable royalty |
$ |
21,844 |
$ |
15,805 |
|||
Project generation |
9 | 292 | |||||
Attributable revenue (1) | 21,853 | 16,097 | |||||
Adjust: joint venture revenue | (4,780) | (6,702) | |||||
IFRS revenue per consolidated financial statements | 17,073 | 9,395 | |||||
Net earnings (loss) |
$ |
6,616 |
$ |
2,527 |
|||
Net earnings (loss) per share, basic and diluted | 0.15 | 0.06 | |||||
Total assets | 613,108 | 583,770 | |||||
Total liabilities | 198,842 | 189,682 | |||||
Cash dividends declared & paid to sharesholders (2) | 1,714 | 3,456 | |||||
(1) See non-IFRS measures section for definition and reconciliation |
|||||||
(2) The Corporation declared and paid dividends of |
|||||||
|
IN THOUSANDS OF CANADIAN DOLLARS |
|||
Summary of attributable royalty revenue | Three months ended | ||
March 31, 2019 | December 31, 2018 | March 31, 2018 | |
Revenue | |||
Base metals | |||
777 Mine | $ 1,893 | $ 2,855 | $ 3,285 |
Chapada | 5,432 | 3,942 | 3,904 |
Voisey’s Bay | 297 | 622 | – |
Metallurgical Coal | |||
Cheviot | 1,215 | 859 | 757 |
Thermal (Electrical) Coal | |||
Genesee | 1,252 | 1,171 | 1,657 |
Paintearth | 144 | 61 | 105 |
Sheerness | 1,535 | 1,292 | 2,103 |
Highvale | 337 | 540 | 234 |
Potash | |||
Cory | 324 | 253 | 108 |
Rocanville | 2,895 | 1,946 | 1,484 |
Allan | 241 | 166 | 90 |
Patience Lake | 245 | 135 | 87 |
Esterhazy | 1,083 | 1,161 | 544 |
Vanscoy | 34 | 71 | 33 |
Lanigan | 5 | 5 | 1 |
Iron ore (1) | 4,233 | 2,097 | 1,103 |
Other | |||
Renewables | 153 | – | – |
Coal bed methane | 160 | 240 | 211 |
Interest and investment | 366 | 199 | 100 |
Attributable royalty revenue | $ 21,844 | $ 17,615 | $ 15,805 |
See non-IFRS measures section of this MD&A for definition and reconciliation of attributable revenue |
|||
(1)LIORC dividends received | |||
Note
-
Attributable revenue and adjusted EBITDA are intended to provide
additional information only and do not have any standardized meaning
prescribed under IFRS and should not be considered in isolation or as
a substitute for measures of performance prepared in accordance with
IFRS. Other companies may calculate these measures differently. The
attributable revenue and adjusted EBITDA per share metrics divide the
respective values by the weighted average number of shares outstanding
during the period. For a reconciliation of these measures to various
IFRS measures, please see the Corporation’s MD&A which is available at http:/altiusminerals.com/financial-statements.
Additional information on the Corporation’s results of operations and
developments in its Project Generation division are included in the
Corporation’s MD&A and Financial Statements which were filed on SEDAR
today and are also available on the Corporation’s website at www.altiusminerals.com.
Outlook, Liquidity and Dividend Declaration
Cash at March 31, 2019 was $21.3 million. During the quarter, the
Corporation drew down $25.2 million on its revolving credit facility,
which was mainly used for investing purposes. The Corporation repaid $5
million in accordance with the quarterly amortization schedule of its
term debt, ending the quarter with total debt of $135 million.
Subsequent to quarter end, the Corpration repaid an additional $11
million on its revolving credit facility. Sales of equities net of
reinvestment from the Project Generation junior equities portfolio in
the first quarter generated an additional $7.5 million.
Altius used $23.7 million to acquire investments, with $12.7 million
going to the LIORC position increase and approximately $991,000 for
additional lithium royalty investments. In January 2019, Altius
announced the acquisition from Resouce Capital Fund of a 2% net smelter
return royalty on the Curipamba copper-gold-zinc project, the flagship
project of Adventus in Ecuador. The purchase consideration was US$10
million, paid in cash. Adventus released an overview of a preliminary
economic assessment for the El Domo deposit, which is part of the
Curipamba project, that indicated robust results. It has also announced
an equity financing, which is being led by Nobis Group, an Ecuador based
conglomerate, that includes participation by several other of Adventus’s
strategic shareholders (see Adventus press releases dated May 2 and May
6, 2019).
In February 2019, Altius announced the acquisition of Great Bay
Renewables for $6,153,000 (US$5 million net of cash assumed), a U.S.
based company focussed on the acquisition and management of renewable
energy royalties. We also announced the subsequent investment of
$9,840,000 (US$7.5 million) into the first renewable energy royalty
transaction with Tri Global Energy LLC (“TGE”), a leading wind developer
based in Texas. In exchange for its investment in TGE, which could total
up to US$30 million, Altius will be entitled to 3% gross revenue
royalties on a portfolio of renewable wind energy projects under
development by TGE. This represents the first step in a planned
strategic transition to renewable energy royalty revenue as thermal coal
royalty revenue is phased out over the next 10 years.
As announced April 17, 2019, Altius now expects full year royalty
revenue of $77-$81 million, compared to the $67-$72 million original
guidance. This compares with full year revenue in 2018 of $67 milion.
This revision considered the strong first quarter results, increased
ownership of LIORC and an improved dividend ratio payout outlook, as
well as increased base metal and iron ore prices relative to the
beginning of the year.
The Corporation also advises that its board of directors has elected to
increase its regular quarterly cash dividend to five cents per common
share payable to all shareholders of record at the close of business on
June 6, 2019. The dividend is expected to be paid on or about June 20,
2019. The declaration, timing and payment of future dividends will
largely depend on the Corporation’s financial results as well as other
factors. Dividends paid by Altius on its common shares are eligible
dividends for Canadian income tax purposes unless otherwise stated.
Ben Lewis, Altius CFO commented, “We are experiencing strong growth
across our royalty portfolio. This growth is coming increasingly from
organic drivers as commodity prices that have improved from the 2016
cyclical bottom are directly translating into higher unit revenues,
while also motivating several of our royalty counterparties to increase
production volumes and invest in new mines, expansions and extensions.
This shift is allowing us to make a cyclical adjustment to our capital
allocation prioritization towards more aggressive debt repayment as well
as the increased regular dividend that the Altius board approved today
in recognition of the underlying strength of our diversified portfolio
of long-life royalties.”
Q1 2019 Financial Results Conference Call and Webcast Information:
A conference call will be held on Wednesday, May 8, 2019, starting at
9:00 a.m. ET to further discuss the quarter and guidance for 2018. To
participate in the conference call, use the following dial-in numbers,
or join the webcast on-line as detailed below.
Time: | 9:00 a.m. ET on Wednesday, May 8, 2019 | ||
Dial-In Numbers: | +1(647) 427-2311 local or +1-866-521-4909 toll-free | ||
Pass code: | None required, but provide title of call | ||
Conference Title: | Altius Q1 2019 quarterly results | ||
Webcast URL: |
The call will be webcast and archived on the Corporation’s website for a
limited time.
About Altius
Altius directly and indirectly holds diversified royalties and
streams which generate revenue from 15 operating mines. These producing
royalties are located in Canada and Brazil and provide exposure to
copper, zinc, nickel, cobalt, iron ore, potash, thermal (electrical) and
metallurgical coal. The portfolio also includes development stage
royalties in copper and renewable energy and numerous predevelopment
stage royalties covering a wide spectrum of mineral commodities and
jurisdictions. Altius also holds a portfolio of junior equities that
were generated from vending exploration projects to industry partners in
exchange for minority equity interests and new royalties. Altius has
42,861,796 common shares issued and outstanding that are listed on
Canada’s Toronto Stock Exchange. It is a member of both the S&P/TSX
Small Cap and S&P/TSX Global Mining Indices.
Contacts
For further information, please contact Ben Lewis or Flora Wood at
1.877.576.2209 or [email protected].
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Cannabis
Medical Cannabis Market Report 2024-2030: Asia-Pacific Set to Witness Robust Growth, Driven by R&D Discovery Initiatives
Cannabis
Rubicon Organics Reports Q1 2024 Financial Results
SCHWAZZE
Schwazze Announces First Quarter 2024 Financial Results
Schwazze Management to Host Conference Call Today at 5:00 p.m. Eastern Time
DENVER, May 15, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (Cboe CA: SHWZ) (“Schwazze” or the “Company”), today announced financial and operational results for the first quarter ended March 31, 2024.
“We delivered another period of revenue growth in Q1 as we further refined our retail strategy while contending with the prolonged competitive challenges in Colorado and New Mexico,” said Forrest Hoffmaster, Interim CEO of Schwazze. “Throughout the quarter, we continued to sharpen our pricing and promotional efforts while enhancing the in-store experience, widening assortment, improving in-stock position, and advancing our loyalty program to attract and retain new customers. We also strengthened our wholesale business with quarter-over-quarter growth, while surpassing 30% total door penetration across both states.”
“The Colorado market remains highly competitive with more than 680 active recreational licenses, underscoring the importance of delivering an exceptional customer experience and fully integrated retail support program. Although retail pricing has recently stabilized, Colorado sales in Q1 were down 10% year-over-year due to lower volumes. Nonetheless, we significantly outpaced the market as our sales were up 9%, demonstrating the effectiveness of our operating playbook to compete in challenging environments. We expect to continue driving improvements in customer acquisition, retention, and loyalty as we further increase market share in the state.”
“In New Mexico, the proliferation of new licenses continued to outpace state cannabis sales as store count in Q1 increased 31% year-over-year while the market grew only 13%. In addition to pricing and promotional efforts, we’ve focused on driving traffic into our stores by expanding assortment with high quality flower and delivering an elevated customer experience. The New Mexico regulatory body has also increased its license enforcement efforts in recent months, contributing to more than 70 store closures and a 33% sequential decrease in net new store openings in the first quarter. We will continue to support the New Mexico Cannabis Control Division as it develops its regulatory framework.”
“Over the past four years we have rapidly scaled our footprint through 13 acquisitions, building a leading retail presence in both Colorado and New Mexico. We are beginning to see positive momentum from our pricing and promotional strategy and will remain focused on driving operating efficiencies while further optimizing our assets as we consolidate cultivation facilities and eliminate underperforming stores that do not meet our high-margin thresholds. We believe these initiatives, coupled with our operating playbook and strict cost controls, will enable us to return to stronger levels of profitability moving forward.”
First Quarter 2024 Financial Summary
$ in Thousands USD |
Q1 2024 |
Q4 2023 |
Q1 2023 |
Total Revenue |
$41,601 |
$43,325 |
$40,001 |
Gross Profit |
$17,934 |
$7,034[1] |
$21,849 |
Operating Expenses |
$20,643 |
$23,276 |
$16,199 |
Income (Loss) from Operations |
$(2,709) |
$(16,242) |
$5,650 |
Adjusted EBITDA[2] |
$7,341 |
$10,953 |
$14,525 |
Operating Cash Flow |
$(3,700) |
$3,452 |
$(880) |
Recent Highlights
- Announced the grand opening of a medical and recreational dispensary in March under the Everest Apothecary banner in Las Cruces, New Mexico, increasing the Company’s retail footprint to 34 stores across the state.
- Increased wholesale penetration in the first quarter to more than 30% of total doors in Colorado and New Mexico.
- Lowell Herb Co. pre-roll sales increased more than 3x quarter-over-quarter in Colorado, where it continues to be the #1 pre-roll in the state.
- Wana gummy sales up more than 2x quarter-over-quarter in New Mexico.
First Quarter 2024 Financial Results
Total revenue in the first quarter of 2024 increased 4% to $41.6 million compared to $40.0 million for the same quarter last year. The increase was primarily due to growth from new stores compared to the prior year period, partially offset by continued pricing pressure and the proliferation of new licenses in New Mexico.
Gross profit for the first quarter of 2024 was $17.9 million or 43.1% of total revenue, compared to $21.8 million or 54.6% of total revenue for the same quarter last year. The decrease in gross margin was primarily driven by the aforementioned pricing pressure in New Mexico, as well as higher medical sales mix in Colorado.
____________________________ |
1 Q4 2023 Gross Profit includes one-time, non-cash inventory adjustments of approximately $13.1 million comprised of $3.1 million of product consolidation, obsolescence, and shrinkage expenses, $4.3 million of net realizable value adjustments, and $5.8 million of fair value adjustments on acquired inventory in New Mexico in 2023. |
Operating expenses for the first quarter of 2024 were $20.6 million compared to $16.2 million for the same quarter last year. The year-ago period benefitted from a payroll tax credit of $3.9M. The remaining increase was primarily driven by personnel expenses and four-wall SG&A costs associated with 21 additional stores in Colorado and New Mexico that are still ramping.
Loss from operations for the first quarter of 2024 was $2.7 million compared to income from operations of $5.6 million in the same quarter last year. Net loss was $16.1 million for the first quarter of 2024 compared to net income of $1.7 million for the same quarter last year.
Adjusted EBITDA for the first quarter of 2024 was $7.3 million compared to $14.5 million for the same quarter last year. The decrease in Adjusted EBITDA was primarily driven by lower gross margin and higher operating expenses associated with the 21 additional stores that are still ramping.
As of March 31, 2024, cash and cash equivalents were $13.2 million compared to $19.2 million on December 31, 2023. Total debt as of March 31, 2024, was $159.7 million compared to $156.8 million on December 31, 2023.
Conference Call
The Company will conduct a conference call today, May 15, 2024, at 5:00 p.m. Eastern time to discuss its results for the first quarter ended March 31, 2024.
Schwazze management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing [email protected].
Date: Wednesday, May 15, 2024
Time: 5:00 p.m. Eastern time
Toll-free dial-in: (888) 664-6383
International dial-in: (416) 764-8650
Conference ID: 84167910
Webcast: SHWZ Q1 2024 Earnings Call
The conference call will also be broadcast live and available for replay on the investor relations section of the Company’s website at https://ir.schwazze.com.
Toll-free replay number: (888) 390-0541
International replay number: (416) 764-8677
Replay ID: 167910
If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.
About Schwazze
Schwazze (OTCQX: SHWZ) (Cboe CA: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to explore taking its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.
Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.
Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. To learn more about Schwazze, visit https://schwazze.com/.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include financial outlooks; any projections of net sales, earnings, or other financial items; any statements of the strategies, plans and objectives of our management team for future operations; expectations in connection with the Company’s previously announced business plans; any statements regarding future economic conditions or performance; and statements regarding the intent, belief or current expectations of our management team. Such statements may be preceded by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other words of similar meaning in connection with a discussion of future events or future operating or financial performance, although the absence of these words does not necessarily mean that a statement is not forward-looking. We have based our forward-looking statements on management’s current expectations and assumptions about future events and trends affecting our business and industry. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Therefore, forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services and the uncertainty in the application of federal, state, and local laws to our business, and any changes in such laws; (ii) our ability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (iii) our ability to identify, consummate, and integrate anticipated acquisitions; (iv) general industry and economic conditions; (v) our ability to access adequate capital upon terms and conditions that are acceptable to us; (vi) our ability to pay interest and principal on outstanding debt when due; (vii) volatility in credit and market conditions; (viii) the loss of one or more key executives or other key employees; and (ix) other risks and uncertainties related to the cannabis market and our business strategy. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
[email protected]
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
For the Periods Ended March 31, 2024 and December 31, 2023
Expressed in U.S. Dollars
March 31, |
December 31, |
||||
2024 |
2023 |
||||
ASSETS
|
|||||
Current Assets |
|||||
Cash & Cash Equivalents |
$ |
13,151,317 |
$ |
19,248,932 |
|
Accounts Receivable, net of Allowance for Doubtful Accounts |
3,356,032 |
4,261,159 |
|||
Inventory |
26,382,184 |
25,787,793 |
|||
Marketable Securities, net of Unrealized Loss of $347,516 and Loss of $1,816, respectively |
108,583 |
456,099 |
|||
Prepaid Expenses & Other Current Assets |
3,502,310 |
3,914,064 |
|||
Total Current Assets |
46,500,426 |
53,668,047 |
|||
Non-Current Assets |
|||||
Fixed Assets, net Accumulated Depreciation of $10,061,700 and $8,741,782, respectively |
31,326,000 |
31,113,630 |
|||
Investments |
2,000,000 |
2,000,000 |
|||
Investments Held for Sale |
– |
202,111 |
|||
Goodwill |
67,492,705 |
67,499,199 |
|||
Intangible Assets, net Accumulated Amortization of $36,483,160 and $32,706,765, respectively |
162,391,482 |
166,167,877 |
|||
Other Non-Current Assets |
1,328,187 |
1,263,837 |
|||
Operating Lease Right of Use Assets |
34,575,832 |
34,233,142 |
|||
Deferred Tax Assets, net |
992,144 |
1,996,489 |
|||
Total Non-Current Assets |
300,106,350 |
304,476,285 |
|||
Total Assets |
$ |
346,606,776 |
$ |
358,144,332 |
|
LIABILITIES & STOCKHOLDERS’ EQUITY
|
|||||
Current Liabilities |
|||||
Accounts Payable |
$ |
9,443,233 |
$ |
13,341,561 |
|
Accrued Expenses |
8,106,618 |
7,774,691 |
|||
Derivative Liabilities |
1,319,845 |
638,020 |
|||
Lease Liabilities – Current |
5,186,316 |
4,922,724 |
|||
Current Portion of Long Term Debt |
29,579,713 |
3,547,011 |
|||
Income Taxes Payable |
28,235,039 |
25,232,782 |
|||
Total Current Liabilities |
81,870,764 |
55,456,789 |
|||
Non-Current Liabilities |
|||||
Long Term Debt, net of Debt Discount & Issuance Costs |
130,120,753 |
153,262,203 |
|||
Lease Liabilities – Non-Current |
30,735,072 |
30,133,452 |
|||
Total Non-Current Liabilities |
160,855,825 |
183,395,655 |
|||
Total Liabilities |
$ |
242,726,589 |
$ |
238,852,444 |
|
Stockholders’ Equity |
|||||
Preferred Stock, $0.001 Par Value. 10,000,000 Shares Authorized; 82,185 Shares Issued and |
|||||
82,185 Outstanding as of March 31, 2024 and 85,534 Shares Issued and 85,534 Outstanding as of |
|||||
December 31, 2023. |
82 |
86 |
|||
Common Stock, $0.001 Par Value. 250,000,000 Shares Authorized; 79,168,539 Shares Issued |
|||||
and 78,248,389 Shares Outstanding as of March 31, 2024 and 74,888,392 Shares Issued |
|||||
and 73,968,242 Shares Outstanding as of December 31, 2023. |
79,169 |
74,888 |
|||
Additional Paid-In Capital |
202,677,665 |
202,040,968 |
|||
Accumulated Deficit |
(96,843,602) |
(80,790,927) |
|||
Common Stock Held in Treasury, at Cost, 920,150 Shares Held as of March 31, 2024 and |
|||||
920,150 Shares Held as of December 31, 2023. |
(2,033,127) |
(2,033,127) |
|||
Total Stockholders’ Equity |
103,880,187 |
119,291,888 |
|||
Total Liabilities & Stockholders’ Equity |
$ |
346,606,776 |
$ |
358,144,332 |
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME AND (LOSS)
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
(Unaudited) |
(Unaudited) |
||||
Operating Revenues |
|||||
Retail |
$ |
37,633,252 |
$ |
35,820,111 |
|
Wholesale |
3,898,320 |
4,058,925 |
|||
Other |
69,421 |
121,900 |
|||
Total Revenue |
41,600,993 |
40,000,936 |
|||
Total Cost of Goods & Services |
23,667,319 |
18,152,163 |
|||
Gross Profit |
17,933,674 |
21,848,773 |
|||
Operating Expenses |
|||||
Selling, General and Administrative Expenses |
11,835,818 |
10,100,934 |
|||
Professional Services |
1,671,881 |
1,187,364 |
|||
Salaries |
6,880,988 |
4,695,971 |
|||
Stock Based Compensation |
253,916 |
214,544 |
|||
Total Operating Expenses |
20,642,603 |
16,198,813 |
|||
Income from Operations |
(2,708,929) |
5,649,960 |
|||
Other Income (Expense) |
|||||
Interest Expense, net |
(8,307,369) |
(7,745,854) |
|||
Unrealized Gain (Loss) on Derivative Liabilities |
(681,825) |
8,501,685 |
|||
Other Loss |
10,500 |
– |
|||
Loss on Investment |
(33,382) |
– |
|||
Unrealized Gain on Investment |
(347,516) |
1,816 |
|||
Total Other Income (Expense) |
(9,359,592) |
757,647 |
|||
Pre-Tax Net Income (Loss) |
(12,068,521) |
6,407,607 |
|||
Provision for Income Taxes |
3,984,154 |
4,662,178 |
|||
Net Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Less: Accumulated Preferred Stock Dividends for the Period |
(2,155,259) |
(2,029,394) |
|||
Net Income (Loss) Attributable to Common Stockholders |
$ |
(18,207,934) |
$ |
(283,965) |
|
Earnings (Loss) per Share Attributable to Common Stockholders |
|||||
Basic Earnings (Loss) per Share |
$ |
(0.24) |
$ |
(0.01) |
|
Diluted Earnings (Loss) per Share |
$ |
(0.24) |
$ |
(0.06) |
|
Weighted Average Number of Shares Outstanding – Basic |
76,006,932 |
55,835,501 |
|||
Weighted Average Number of Shares Outstanding – Diluted |
76,006,932 |
101,608,278 |
|||
Comprehensive Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
(Unaudited) |
(Unaudited) |
||||
Cash Flows from Operating Activities: |
|||||
Net Income (Loss) for the Period |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Adjustments to Reconcile Net Income (Loss) to Cash for Operating Activities |
|||||
Depreciation & Amortization |
5,096,314 |
6,151,395 |
|||
Non-Cash Interest Expense |
1,031,431 |
991,184 |
|||
Non-Cash Lease Expense |
2,871,226 |
2,251,459 |
|||
Deferred Taxes |
1,004,345 |
(637,225) |
|||
Loss on Investment |
202,111 |
– |
|||
Change in Derivative Liabilities |
681,825 |
(8,501,685) |
|||
Amortization of Debt Issuance Costs |
421,512 |
421,513 |
|||
Amortization of Debt Discount |
2,303,246 |
1,999,933 |
|||
(Gain) Loss on Investments, net |
347,516 |
(1,816) |
|||
Stock Based Compensation |
640,974 |
214,544 |
|||
Changes in Operating Assets & Liabilities (net of Acquired Amounts): |
|||||
Accounts Receivable |
905,127 |
(118,181) |
|||
Inventory |
(587,900) |
(3,023,251) |
|||
Prepaid Expenses & Other Current Assets |
411,754 |
(3,036,801) |
|||
Other Assets |
(64,350) |
360,674 |
|||
Change in Operating Lease Liabilities |
(2,348,703) |
(1,531,765) |
|||
Accounts Payable & Other Liabilities |
(3,566,401) |
(3,464,671) |
|||
Income Taxes Payable |
3,002,257 |
5,299,403 |
|||
Net Cash Provided by (Used in) Operating Activities |
(3,700,390) |
(879,861) |
|||
Cash Flows from Investing Activities: |
|||||
Collection of Notes Receivable |
– |
10,631 |
|||
Purchase of Fixed Assets |
(1,532,287) |
(2,913,394) |
|||
Net Cash Provided by (Used in) Investing Activities |
(1,532,287) |
(2,902,763) |
|||
Cash Flows from Financing Activities: |
|||||
Payment on Notes Payable |
(864,938) |
– |
|||
Net Cash Provided by (Used in) Financing Activities |
(864,938) |
– |
|||
Net (Decrease) in Cash & Cash Equivalents |
(6,097,615) |
(3,782,624) |
|||
Cash & Cash Equivalents at Beginning of Period |
19,248,932 |
38,949,253 |
|||
Cash & Cash Equivalents at End of Period |
$ |
13,151,317 |
$ |
35,166,628 |
|
Supplemental Disclosure of Cash Flow Information: |
|||||
Cash Paid for Interest |
$ |
4,515,205 |
$ |
6,540,748 |
MEDICINE MAN TECHNOLOGIES, INC.
ADJUSTED EBITDA RECONCILIATION (NON-GAAP)
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
Net Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Interest Expense, net |
8,307,369 |
7,745,854 |
|||
Provision for Income Taxes |
3,984,154 |
4,662,178 |
|||
Other (Income) Expense, net of Interest Expense |
1,052,223 |
(8,503,501) |
|||
Depreciation & Amortization |
5,618,834 |
6,612,814 |
|||
Earnings Before Interest, Taxes, Depreciation and |
|||||
Amortization (EBITDA) (non-GAAP) |
$ |
2,909,905 |
$ |
12,262,774 |
|
Non-Cash Stock Compensation |
253,916 |
214,544 |
|||
Deal Related Expenses |
637,761 |
1,195,802 |
|||
Capital Raise Related Expenses |
20,760 |
35,068 |
|||
Severance |
484,561 |
118,436 |
|||
Retention Program Expenses |
807,500 |
280,632 |
|||
Pre-Operating & Dark Carry Expenses |
1,053,837 |
391,917 |
|||
One-Time Legal Settlements |
417,653 |
– |
|||
Other Non-Recurring Items |
754,751 |
25,707 |
|||
Adjusted EBITDA (non-GAAP) |
$ |
7,340,644 |
$ |
14,524,880 |
|
Revenue |
41,600,993 |
40,000,936 |
|||
Adjusted EBITDA Percent |
17.6 % |
36.3 % |
View original content:https://www.prnewswire.co.uk/news-releases/schwazze-announces-first-quarter-2024-financial-results-302146858.html
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