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Design Automation Conference 2019 Exhibitor Profiles
LAS VEGAS–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/56DAC?src=hash” target=”_blank”gt;#56DAClt;/agt;–The 56th Design Automation Conference runs June 2 – 6, 2019
at the Las Vegas Convention Center.
Business Wire is the official
news distribution partner for DAC 2019. Exhibitor profiles from
the conference are listed below.
***
Company: | Achronix Semiconductor Corporation |
Booth: | 861 |
Web: | https://www.achronix.com |
Achronix Semiconductor Corporation is a privately held, fabless semiconductor corporation based in Santa Clara, California and offers high-performance FPGA and embedded FPGA (eFPGA) solutions. Achronix’s history is one of pushing the boundaries in the high-performance FPGA market. Achronix offerings include programmable FPGA fabrics, discrete high-performance and high-density FPGAs with hardwired system-level blocks, datacenter and HPC hardware accelerator boards, and best-in-class EDA software supporting all Achronix products. |
|
Company: | AMIQ EDA srl. |
Booth: | 854 |
Web: | www.dvteclipse.com |
AMIQ EDA provides tools – DVT Eclipse IDE, DVT Debugger Add-On, Verissimo Linter, and Specador Documentation Generator – that enable design and verification engineers increase the speed and quality of new code development, simplify legacy code maintenance, accelerate language and methodology learning, and improve source code reliability. Working with 100+ companies in 30+ countries, AMIQ EDA is recognized for its high quality products and customer service responsiveness. |
|
Company: | AnaGlobe Technology, Inc. |
Booth: | 934 |
Web: | http://www.anaglobe.com |
AnaGlobe is a Taiwanese EDA company, has 2 major layout platforms, THUNDER & GOLF. THUNDER is a versatile layout integration platform to support heavy layout handling efforts from post P&R, IP merge automation & management, physical ECO verification (LVL, connectivity, etc.), DRC/LVS debugging interface, and even (in-line inspection) defect-to-layout mapping, failure analysis and chip-package integration (fanout, interposer and substrate routing, pins connectivity, etc.). |
|
GOLF is a custom layout platform with a simple yet GUI-mode powerful PCell Designer for diversified applications. PCells are easily created, previewed and debugged by PCell Designer. |
|
AnaGlobe differentiates product to satisfy specific and individual user requests. |
|
Company: | Breker Verification Systems |
Booth: | 611 |
Web: | https://brekersystems.com/ |
Breker Verification Systems will demonstrate at DAC its portfolio of Portable Stimulus solutions, a standard means to specify verification intent and behaviors reusable across target platforms. Demos will highlight how a graph-based verification and the synthesis approach enables development of powerful test sets from abstract scenario models. Its Trek Portable Stimulus Portfolio is Graph-based to make complex scenarios comprehensible, Portable, eliminating test redundancy across the verification process, and Shareable to foster team communication and reuse. Intelligent Testbench tools and apps allows synthesis of high-coverage, powerful test cases for deployment into a variety of UVM to SoC verification environments. |
|
DAC attendees can schedule demonstrations at https://brekersystems.com/dac/. |
|
Company: | Cadence Design Systems, Inc. |
Booth: | 915 |
Ticker Symbol & Exchange: | NASDAQ: CDNS |
Web: | www.cadence.com |
Cadence enables electronic systems and semiconductor companies to create the innovative end products that are transforming the way people live, work and play. Cadence software, hardware and semiconductor IP are used by customers to deliver products to market faster. The company’s System Design Enablement strategy helps customers develop differentiated products—from chips to boards to systems—in mobile, consumer, cloud datacenter, automotive, aerospace, IoT, industrial and other market segments. Cadence is listed as one of Fortune Magazine’s 100 Best Companies to Work For. Learn more at cadence.com. |
|
Company: | Coventor, A Lam Research Company |
Booth: | 835 |
Web: | www.coventor.com |
Coventor® is the market leader in automated solutions for developing semiconductor process technology, as well as micro-electromechanical systems (MEMS). Coventor serves a worldwide customer base of integrated device manufacturers, memory suppliers, fabless design houses, independent foundries, and R&D organizations. Its SEMulator3D modeling and analysis platform is used for fast and accurate ‘virtual fabrication’ of advanced manufacturing processes, allowing engineers to understand manufacturing effects early in the development process and reduce time-consuming and costly silicon learning cycles. Its CoventorMP MEMS design platform is used to develop MEMS-based products for automotive, aerospace, industrial, defense, and consumer electronics applications. The company is headquartered in Cary, North Carolina, with development and sales offices worldwide. |
|
Company: | Defacto Technologies |
Booth: | 667 |
Web: | www.defactotech.com |
After a first success on moving traditional DFT checks to RTL, Defacto shifted its focus, 10 years ago, on providing SoC design solutions to help reaching aggressive PPA requirements cost-effectively. Defacto has proven the effectiveness of STAR as a design platform for large SoCs. |
|
By adopting Defacto’s STAR design solutions, major semiconductor companies are continuously moving from traditional and painful SoC design tasks to the Defacto’s joint “Build & Signoff” design methodology. The related ROI has been proven for hundreds of projects. |
|
Company: | Design And Reuse |
Booth: | 329 |
Web: |
https://www.design-reuse.com, http://www.design-reuse-embedded.com, www.design-reuse.cn |
Founded in 1997, D&R became the worldwide leader as a B2B portal in the IP/SoC field with its community of 42,000 registered users, 75,000 Absolute Unique Visitors/Month, 18,000 daily updated IP/SOC products, and news broadcast to 27,000 subscribers. |
|
Based on more than 20 years experience, D&R sells IPMSTM: a Java/XML multi-application, configurable platform, offering a comprehensive solution for IP management including smart IP delivery and smart computerized contract support, as well as an unique intelligent software tool license management solution providing user behavior profiling, and cost sharing, leading to well informed business decision making. |
|
Company: | EDDR Software |
Booth: | 633 |
Web: | www.eddrs.com |
EDDR Software is a company that works with customers and partners in order to help ENGINEER, DESIGN, DEVELOP, and RESEARCH solutions for barriers created by technology and software in their business. EDDRS also helps bridge gaps that may arise with changing technologies and requirements. EDDRS has tools to help clients produce products for their customers more efficiently and with higher performance. Check out some of them at https://www.eddrs.com/pg/products. |
|
Company: | Faraday Technology Corporation |
Booth: | 1012 |
Ticker Symbol & Exchange: | TWSE: 3035 |
Web: | https://www.faraday-tech.com |
Faraday Technology Corporation (TWSE: 3035) is a leading fabless ASIC and silicon IP provider. From specification level to GDSII-in, our flexible business engagement model allows customers to check-in at various design phases in maximizing ASIC implementation efficiency. |
|
Faraday’s comprehensive IP portfolio and best-in-class IP customization service have enabled customers’ products to address various applications and market segments effortlessly. |
|
Since 1993, Faraday has been cooperating with top-tier suppliers of IP, EDA, manufacturing, packaging, and testing, completing more than 2,200 tapeouts resulting in hundreds of millions chips shipped worldwide a year. |
|
Company: | Menta |
Booth: | 626 |
Web: | www.menta-efpga.com |
For ASIC and SoCs designers who need fast, right-the-first time design and fast time to volume, Menta is the proven eFPGA pioneer whose design-adaptive standard cells based architecture and state-of-the-art tool set provides the highest degree of design customization, best-in-class testability and fastest time-to-volume for SoC design targeting any production node at any foundry. |
|
Company: | OneSpin Solutions |
Booth: | 308 |
Web: | www.onespin.com |
OneSpin will feature at DAC its full complement of certified IC integrity verification solutions for building functionally correct, safe, secure and trusted integrated circuits. Solutions are based on OneSpin’s widely used formal verification technology and assure the integrity of SoCs, ASICs and FPGAs. Partners include leaders worldwide in automotive and industrial applications; defense; avionics; artificial intelligence and machine learning; consumer electronics; and communications. Its advanced solutions are well-suited for developing heterogeneous computing platforms, using programmable logic, and designing and integrating processor cores, such as RISC-V. OneSpin’s customer-oriented commitment is fundamental to its growth and success. |
|
Connect with OneSpin at: | |
Twitter: https://twitter.com/OneSpinSolution | |
LinkedIn: https://www.linkedin.com/company/onespin-solutions | |
Facebook: https://www.facebook.com/OneSpinSolutions | |
Company: | OpenText |
Booth: | 1117 |
Ticker Symbol & Exchange: | OTEX NASDAQ |
Web: | https://www.opentext.com/ |
OpenText Connectivity products, formerly Hummingbird provides web-based remote access and virtual desktop infrastructure (VDI) software for UNIX, Linux and Windows applications. |
|
OpenText Exceed TurboX (ETX) is designed from the ground up to enable session resilience and local-like responsiveness for graphically demanding applications, even over high latency WAN connections. |
|
Many leading semiconductor companies are successfully using ETX to achieve blazing fast access from anywhere to chip layout applications and other EDA tools. |
|
Company: | PRO DESIGN Electronic GmbH |
Booth: | 635 |
Web: | https://www.profpga.com/ |
PRO DESIGN is a leading provider of FPGA-based Prototyping systems. PRO DESIGN’s product family proFPGA is a very flexible high-performance FPGA system which is mainly used for ASIC Prototyping and pre-silicon software development. The modular concept of the proFPGA system, consisting of different motherboards, FPGA modules, daughter boards and interconnects allows the user to adjust it for almost any type of application. PRO DESIGN is offering FPGAs produced by XILINX and Intel, those can be Mix and Matched on one proFPGA System. |
|
Company: | SANKALP SEMICONDUCTOR |
Booth: | 510 |
Web: | www.sankalpsemi.com |
Sankalp Semiconductor offers an integrated portfolio of services and solutions to its customers in key semiconductor domains including analog & mixed signal, digital, high-speed physical interface IP, Embedded Memory Compiler, IOs & EDA modeling. Sankalp is a preferred semiconductor design service partners to multiple Fortune 500 companies in the Automotive, Consumer, Networking, Wireless, IoT, Medical electronics & Foundry space. The company enables its customers deliver first time right silicon & engage with product engineering teams across the globe to design SoCs. Sankalp is based in Palo Alto, California & Hubli, India with offices in USA, India, Canada, Germany, Malaysia and Japan. |
|
Company: | Sigasi |
Booth: | 646 |
Web: | www.sigasi.com |
Sigasi radically redefines digital design. Our design entry tool Sigasi Studio drastically improves hardware designer productivity by helping to write, inspect and modify digital circuit designs in the most intuitive way. Advanced features such as intelligent autocompletes and code refactoring, make VHDL, Verilog and SystemVerilog design easier, more efficient. |
|
Sigasi, has formed partnerships with FPGA and EDA companies including Altera, Xilinx and Aldec. The Sigasi Studio XL platform is used worldwide by industry leaders in the fields of healthcare, consumer electronics, industrial automation, telecom, aerospace and defense. |
|
Company: | Silicon Creations |
Booth: | 525 |
Web: | www.siliconcr.com |
Silicon Creations is focused on providing world-class silicon intellectual property (IP) for precision and general-purpose timing (PLLs), SerDes and high-speed differential I/Os. Silicon Creations’ IP is in production from 7 to 180-nanometer process technologies. With a complete commitment to customer success, its IP has an excellent record of first silicon to mass production in customer designs. Silicon Creations, founded in 2006, is self-funded and growing. The company has development centers in Atlanta, Ga., and Krakow, Poland, and worldwide sales representation. For more information, visit www.siliconcr.com. |
|
Company: | SmartDV Technologies |
Booth: | 514 |
Web: | www.Smart-DV.com |
SmartDV Technologies, the Proven and Trusted choice for Verification Intellectual Property (VIP), will be in DAC Booth #514 with demonstrations of Smart ViPDebug, its new protocol debugger that reduces debug time by rapidly identifying violations. Also highlighted will be SmartDV’s Compute Express Link (CXL) and Ethernet Time-Sensitive Networking (TSN) VIP solutions, along with its extensive VIP portfolio used in hundreds of networking, storage, automotive, bus, MIPI and display chip projects. SmartDV’s VIP is compatible with all verification languages, platforms and methodologies supporting all simulation, emulation and formal verification tools used in a coverage-driven chip design verification flow. |
|
DAC attendees can schedule demonstrations through SmartDV’s online scheduler: http://smart-dv.com/dac.html. |
|
Company: | Univa |
Booth: | 1233 |
Web: | www.univa.com |
Univa is the leading innovator of workload management solutions that optimize throughput and performance of applications, containers, and services. Univa manages workloads automatically by maximizing shared resources and enabling enterprises to scale compute resources across on-premise, hybrid and cloud infrastructures. Univa’s solutions help hundreds of companies to manage thousands of applications and run billions of tasks every day to obtain actionable insights and achieve faster time-to-results. Univa is headquartered in Chicago, with offices in Canada and Germany. |
|
Company: | Verific Design Automation |
Booth: | 638 |
Web: | www.verific.com |
At DAC, Verific will celebrate 20 years as the leading provider of SystemVerilog, Verilog, VHDL and UPF Parser Platforms, used by EDA, FPGA and semiconductor companies worldwide. Verific’s R&D and applications staff will explain how its SystemVerilog, VHDL and UPF parsers, as well as its “Verific with INVIO” platform enable project groups to develop advanced EDA products quickly and cost effectively. Demos of the INVIO platform will illustrate the ways in which its SystemVerilog- and VHDL-language agnostic Python and C++ APIs simplify and streamline a Verific user’s design environment to accelerate tool development. |
|
Engage with Verific at: | |
Email: [email protected] | |
LinkedIn: https://www.linkedin.com/company-beta/810695 |
***
Qualified members of the press please note the following important
information.
Exhibitor News:
http://www.tradeshownews.com/events/design-automation-conference-2019/
Press Information:
https://dac.com/content/press-registration
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Contacts
Jim Liebenau
+1.310.820.9473
Twitter: @tradeshownews
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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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