The Valens Company Inc. (TSX: VLNS) (OTCQX: VLNCF) reported its second-quarter financial results Wednesday with net revenue jumping 6.5% to $18.8 million, compared to $17.6 million in the same period of 2020. When compared to the net revenue achieved in the previous quarter, figures have dropped by 6.2% from $20.0 million.
Key Q2 Financial Highlights
- Quarterly produced sales improved 70.5% to $16.9 million (comprising around 90% of total net revenue), which compares to $9.9 million in the second quarter of the prior year; the company attributed better product sales to new product launches across various cannabis categories;
- Gross profit was $4.1 million, or 22% of revenue, versus $6.3 million, or 35.8% of revenue in the second quarter of 2020;
- Adjusted EBITDA for the reporting period was a loss of $5 million, which compares to an adjusted EBITDA gain of $2.7 million, or 15.3% of revenue in the comparative quarter of the previous year; the decrease in adjusted EBITDA Valens attributed to the integration of LYF, and higher expenses in connection with …