Indiva Limited Sees 143% YoY Spike In Q3 Revenue, Maintains Leading Market Share In Edibles Category

Canadian producer of cannabis edibles Indiva Limited (TSXV: NDVA) (OTCQX: NDVAF) announced its financial and operating results Tuesday for the third quarter of fiscal ended September 30, revealing CA$8.3 million in gross revenue, up by 143% year-over-year.

Year-to-date, gross revenue spiked 194% year-over-year to CA$25.04 million. This represents the company's 7th consecutive quarter of year-over-year net revenue growth.

Q3 Financial Highlights

Net revenue totaled  CA$7.72 million, representing a 155% increase year-over-year and a decline of 15% quarter-over-quarter.

Net revenue from edible products grew to $6.92 million, up 226% from $2.12 million in the prior-year period and down 18% from $8.43 million in the previous quarter.

Edible product sales represent 90% of net revenue.

Gross profit, excluding fair value adjustments, impairments and one-time items improved by 320% year-over-year to CA$2.82 million.

Adjusted gross margin improved to a record 37.8% of net revenue versus 34% in the second quarter of and 22.2% in the corresponding period of last year.

Gross profit, excluding fair value adjustments, impairments and one-time items declined 8.6% sequentially due to lower quarterly revenues, offset by lower distillate costs.

Sold products containing 42 million milligrams of distillate, the active ingredient in edible products, which represents a 19% decrease when compared to the 52 million milligrams in the product sold in the …

Full story available on Benzinga.com

More Indiva Limited Sees 143% YoY Spike In Q3 Revenue, Maintains Leading Market Share In Edibles Category