RIV Capital Reports First Revenue From Etain Acquisition, Cuts Net Loss By 85%

RIV Capital Inc. (OTCPK:CNPOF) (CSE:RIV), released its financial results for the three months ended June 30, 2022, revealing revenue, net of excise taxes, of $1.3 million. The company did not report revenue for any reporting periods ended on or prior to March 31, 2022.

Q1 2023 Highlights

Retail revenue of $1.3 million was generated from Etain, LLC’s in Manhattan, Kingston, Syracuse, and Yonkers, and wholesale revenue of $200,000 was generated from sales of Etain-branded products to other registered organizations in New York.

Gross profit of $500,000 for the three months ended June 30, 2022.

Net loss of $3.5 million and basic and diluted EPS of $(0.02) for the three months ended June 30, 2022, compared with a net loss of $24.5 million and basic and diluted EPS of $(0.17) for the same period last year.

Comprehensive loss of $8.0 million for the three months ended June 30, 2022, compared with a total comprehensive loss of $21.3 million for the same period last year.

Initial closing of acquisition of ownership and control of Etain, LLC and Etain IP LLC completed in April 2022.

Ongoing integration of the Etain business to optimally position the company for the

RIV Capital Reports First Revenue From Etain Acquisition, Cuts Net Loss By 85% on Benzinga