Lowell Farms: Fourth Quarter Revenue Increases 21% Sequentially to $15.1 Million – LOWELL FARMS INC by LOWELL FARMS INC. (LOWLF)

Lowell Farms Inc. (CSE:LOWL) OTCQX: LOWLF), a Californian innovator in cannabis cultivation and manufacturer of the legendary Lowell Smokesannounced its unaudited revenue and operating results for the fourth quarter and fiscal year ended December 31, 2021.

“We are proud of our position as California’s leading seller of packaged flowers and full-flower pre-rolls, despite significant headwinds related to flower prices in the marketplace,” said Marc Ainsworthco-founder and CEO of Lowell Farms.

“It’s been a long journey for us to reach this point, and we still have a lot of goals to achieve, but this is a milestone that we can all celebrate together.”

Fourth Quarter and Full Year Financial Highlights:

  • Revenue generated for the quarter ended December 31, 2021 was $15.1 million; a 65% increase over the fourth quarter of last year and a 21% sequential increase over the third quarter.

  • Revenue for the fiscal year ended December 31, 2021 was $53.7 millionreflecting a company record and 26% growth over the previous year.

  • Lowell Farm Services (LFS) revenue was $3.2 million for the quarter.

  • Bulk wholesale product sales increased 30% sequentially to $2.6 million in the quarter due to increased volumes from both culture and LFS sources.

  • Total out-of-state licensing revenue reached $1.1 million in the fourth quarter, up 80% from the prior quarter.

  • Out-of-state licensing ended the year with a GMV of $15 million in annual sales, up 37% from the end of the prior quarter.

  • Excluding an inventory write-down charge of $2.8 million, gross profit in the quarter was $1 million, up from $0.1 million in the prior quarter; operating losses during the quarter were $5.3 million compared to $7.0 million in the third quarter.

    Net loss for the fourth quarter was $10 million and net loss for the year was $24.7 million compared to a net loss of $21.9 million in 2020.

  • Fourth quarter adjusted EBITDA was negative $3.6 million compared sequentially to negative Adjusted EBITDA of $5.2 million and negative Adjusted EBITDA of $1.6 million in the fourth quarter of 2020. Adjusted EBITDA for the year was negative $14.4 million per compared to negative Adjusted EBITDA of $8.2 million in 2020. Adjusted EBITDA is a non-GAAP financial measure.

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