Red White & Bloom Brands Inc. (OTC: RWBYF) reported on Tuesday a record revenue from continuing operations of CA$28 million ($21.85 milliom) in the first quarter of 2022. For the year ended December 31, the company generated CA$37.3 million in revenue, up by 193% year-over-year.
“With the first half of 2022 now behind us, we are committed to driving profitable growth throughout the organization as we set our eyes to achieving positive EBITDA by the end of this fiscal year,” Brad Rogers, the company’s CEO and chairman, said.
2021 Financial Highlights
- Gross profit totaled CA$23.2 million.
- Increase of CA$11.4 million in cost of sales from CA$6.4 million in 2020 to CA$17.8 million in 2021.
- Increase of CA$11.2 million in operating expenses from CA$36.1 million in 2020 to CA$47.3 million in 2021.
Q1 2022 Financial Highlights
- The gross profit of CA$9.2 million includes the loss of CA$2.45 million on biological assets and a gain of CA$0.27 million on realized fair value on inventory sold. Gross profit, excluding these …