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No, they are operating at a loss and will be for the foreseeable future. It will be interesting to see if there is any dilution intermixed with this.
From the filings - " the Company shall pay to 3i, LP the total sum of $675,000 in full satisfaction and repayment of the 3i Note (the “Settlement Amount”) ". well it's nice to clear up the debt, wonder where they got the money.
Well maybe Wolf was right after all and they are going to sell the business. we'll see
Millions traded last week. Today 1 1/2 hours in 13 trades 431 dollar 33 dollar per trade. Funny thing that.
So, what is the cheapie crowd?
Well, you’re not wrong, and your numbers are correct. There is more to the story than raw data however.
A few things can be mentioned quickly. From 2qt 2018 to today the dilution is over 50 percent.
The revenue from 2qt 2019 to today is a drop of 75 percent.
The cash has dropped down to life support. Equity, the same.
But the reasoning is missing. Everybody can have their own opinion on the why’s. And, everybody will come up with their own reality to reasoning, and that at different times.
A couple of questions, as an example, could be where is the customer retention? Or, perhaps another would be with all the new products they have come out with since 2018, why are they selling 75 percent less total?
There are reasons/answers for these questions, the how’s and why’s, however the debate here will quickly come to a match of excuses vs reality without the depth of proper reasonableness this company finds itself surrounded by.
Your post is correct, but as to the how’s and why’s, that’s will be something that all will have to reason out with their own thought process. IMO
Trading is a little light today. 0 traded
Yep still here
Ayr Wellness Misses Revenue Target, Warns Of Lower Q3 Growth -- MarketWatch
7:24 am ET August 18, 2022 (MarketWatch)
Print
Ayr Wellness Inc. said Thursday its second-quarter loss widened to $38.36 million, or 56 cents a share, from a loss of $20.74 million, or 36 cents a share in the year-ago quarter. Revenue increased by about 21% to $110.13 million. The Miami-based cannabis company missed the analyst estimates for a loss of 40 cents a share and revenue of $114.8 million, according to a FactSet survey. Ayr Wellness founder and CEO Jonathan Sandelman said the company's results were in line with its expectations. "Our second half growth will be slower than previously expected, but the earnings power of the business remains outstanding," he said. The company is projecting revenue to grow about 10% sequentially from the second-quarter to the third quarter and an "acceleration in the pace of sequential growth" in the fourth quarter. Analysts were looking for third-quarter revenue of $150.2 million, or about 31% over the second-quarter revenue estimate of $114.8 million. Shares of Ayr Wellness are down 70.1% in 2022, compared to a loss of 53.4% by the AdvisorShares Pure US Cannabis ETF and a 17.3% loss by the Nasdaq .
Were about 6 to 8 weeks away before the buy out is complete. This will be my last post on this stock.
Ayr Wellness Q2 Revenue Grows 20.6% YoY, Provides Outlook
8:13 am ET August 18, 2022 (Benzinga) Print
Ayr Wellness Inc. (OTCQX: AYRWF) (CSE:AYR.A) revenue in Q2 2022 was $110.1 million, an increase of 20.6% year-over year, and a 1% decrease compared to Q1 2022.
Q2 Financial Highlights
Gross profit was $40.3 million, an 80.6% increase compared to gross profit of $22.3 million in Q2 2021, and 11.5% decrease compared to gross profit of $45.5 million in Q1 2022.
Adjusted EBITDA was $19.6 million, a decrease of 28.5% percent compared to adjusted EBITDA of $27.4 million in Q2 2021, and an increase of 0.5% compared to adjusted EBITDA of $19.5 million in Q1 2021.
Net loss attributable to Ayr Wellness Inc., was $38.357 million compared to net loss of $20.738 million in Q2 2021.
Q2 and Recent Highlights
Began serving adult-use customers at three New Jersey dispensaries in Woodbridge, Union and Eatontown.
Opened first adult-use dispensaries, one in Boston’s Back Bay and one in Watertown, in July.
Launched the flower brand, LIT, for wholesale as well as retail purchase in four Ayr Greater Boston locations.
Announced the opening of ninth affiliated medical dispensary in Pennsylvania, AYR Indiana, in July.
Launched Levia water-soluble tinctures in Arizona and Nevada, representing the first expansion of Levia outside of Massachusetts, in August.
Opened three new dispensaries during the second quarter and an additional two stores in July and August, bringing Ayr’s total footprint to 50 dispensaries across the state.
Once again this company currently is not a buyable company. Many changes will need to be made starting with lack of revenue, or perhaps a better wording, a stop in the reduction qt after qt of revenue.
Well I didn't listen to the whole call myself. However the called ended with this.
"Now I will turn the call back over to the operator for any calls from the analyst community.
Question-and-Answer Session
Operator
Joseph Dowling
Thank you. In closing, I would like to thank everyone for your time this morning. We look forward to speaking again soon. Thank you, and have a great day.
Operator
Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.
"Who is responsible for inforcinng OTC rules?" Think that's Oscar, but you should check.
A roughly 20 percent drop in revenue. And I heard something about “Achieving cash flow positive” sure that would be nice, not going to happen, but it would be nice. This was a terrible qt, you can try and put lipstick on it, but only the people not paying attention will fall for it. IMO
CV Sciences, Inc. (OTCQB:CVSI) Q2 2022 Earnings Conference Call August 15, 2022 10:00 AM ET
Company Participants
Joseph Dowling - CEO, Secretary & Director
Joerg Grasser - CFO
Conference Call Participants
Operator
Greetings, and welcome to the CV Sciences Second Quarter 2020 Conference Call. [Operator Instructions].
I would now like to turn the call over to CV Sciences for an introduction. Please go ahead.
Unidentified Company Representative
Thank you, and good morning, everyone. With us today with prepared remarks are CV Sciences' Chief Executive Officer, Joseph Dowling; and Joerg Grasser, Chief Financial Officer. After the prepared remarks, we will take questions from the analyst community.
I would like to remind you that during this call, management's prepared remarks may contain forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated by CV Sciences at this time. When used in this call, the words anticipate, could, estimate, intend, expect, believe, potential, will, should, project and similar expressions as they relate to CV Sciences are as such forward-looking statements.
Finally, please note that on today's call, management will refer to non-GAAP financial measures in which CV Sciences excludes certain expenses from its GAAP financial results. Please refer to CV Sciences' press release from earlier today for a full reconciliation of its non-GAAP performance measures to the most comparable GAAP financial measures.
This morning, the company issued a press release announcing its financial results. Participants on this call who may not have already done so may wish to look at the press release as the company provides a summary of the results on this call. The press release may be found at cvsciences.com.
I would like to now turn the call over to CV Sciences' Chief Executive Officer, Mr. Joseph Dowling. Joe?
Joseph Dowling
Thank you. Good morning, everyone. The challenging external environment on our industry and company has continued. We all know that. However, we see positive trends from real data that we believe will help stabilize our industry as we grind through brand contraction, industry consolidation and evolving regulation.
I'll share two data points that we believe are strong indications that brand contraction is occurring and that a strong regulatory environment will help our industry and improve product quality.
While the FDA and Congress have been very slow to act, many individual states have enacted regulations that require compliance in order for companies to legally sell their products in their respective states. We have long believed that strong regulations will help declutter the industry by reducing the number of brands and bad actors that have no intention of complying with regulations.
Weird things happen in real time in the state of Utah, which recently enacted strong regulations for our industry that require companies to register every product they intend to sell which must comply with the new Utah regulations. The impact in Utah in the most recent year-over-year period is that 54% fewer companies registered to sell their products in Utah and 46% fewer products were registered for sale in Utah.
Competition is high but a level playing field where everyone is required to follow rules, if they want to do business in that state, is very positive for our industry, but also for consumers, who can expect higher quality products from companies willing to follow rules. This is 1 state and 1 example, but absent FDA action, similar legislation is in progress at many other states throughout the country. We expect to see a similar decline in companies and products sold as new state legislation is enacted across the country.
The second data point I will share are the most recent SPINS data reports. SPINS is the leading provider of syndicated data and insights for the natural, organic and specialty products industry. SPINS publishes sales data every 4 weeks and includes detail down to the individual SKU level, S-K-U level. This provides us with insight into what products they're selling, not only by us, but also our competitors.
The recent SPINS data shows that our PlusCBD branded products have regained the #1 spot of all brands in the category for the current 4-week, 12-week and 26-week reporting periods in the natural specialty sales channel. Obviously, we are very proud to be the #1 selling brand in this sales channel, and we have done this with far fewer resources than our primary competitors in this channel.
The SPINS data also reports some interesting market share information. This sales channel is dominated by 3 companies, including CV Sciences. CBD along with 2 other companies held about a 45% market share in this sales channel just 1 year ago. The recent SPINS data indicates that the top 3 companies, including CV Sciences in the #1 spot, now have nearly a 51% combined market share in this sales channel, a significant market share increase in just 1 year.
This data provides further evidence that brand contraction is occurring in B2B channels, which we assumed based on conversations with hundreds of retailers, but this data now confirms a strong brand contraction trend in our industry. Brand contraction, industry consolidation and evolving regulation will continue to help.
Another area I would like to cover this morning is evidence-based science. Every ingredient in the natural product space that has achieved and sustained a significant and sustainable addressable market has done so with evidence-based science that is credible and that can win the public's trust. Products need to be safe, and they need to work for the intended use or customers will eventually not support the product. We have always embraced this approach that science has to lead the way.
We believe we are at the very beginning of understanding the potential benefits of hemp extracts. Over the next decade, as the regulatory environment evolves and investment returns to the category, we believe that evidence-based science will emerge to support an industry that is several multiples of where we are today.
Science will eventually support structure function claims of individual hemp extracts and combinations of hemp extract and other proven science-backed ingredients. We started this process long ago with a focus on science and continue today. A couple of examples of what we're currently doing is that we are working with 3 of the most studied cannabinoids, DBDA, CBD and THC. We are working with 2 amino acids L-theanine and 5-HTP. We are working with 1 hormone, Melatonin. And we are working with a fatty acid endocannabinoid like molecule called PEA.
All these ingredients are supported by strong science and have allowable structure function claims. We are confident that a strong commitment to science is a winning strategy in the long term.
With our new product development efforts focused on evidence-based science back ingredients, our second quarter revenue was nearly flat with Q1, which we expected in a very tough environment across B2B and B2C sales channels, except for some inventory turns from FDM accounts.
On the expense side, we continue to make tough decisions to scale our business to the new economic reality and operate as efficiently as possible. This is an ongoing and constant effort. We continue to evaluate every expense and have made tough decisions to become more cost efficient.
Joerg will discuss more specifically some of the initiatives that have and will realize significant cost savings, including the near-term activation of an East Coast warehouse that will reduce shipping costs and improve delivery times. We are managing our working capital very closely, including the acceleration of AR collections and actively converting our strong level of saleable inventory to cash timely and profitably.
We also continue to play a leadership role at both the state and federal level to achieve sensible regulations that will allow our industry to realize its potential. Of course, federal inaction has hurt our industry, created uncertainty for consumers looking for regulatory clarity and hurt investment. However, we see safe and federal progress and will continue to evolve as a respected leader in the space to achieve regulatory clarity.
In many ways, our market is at the very beginning. Regulation is moving slowly, but is picking up momentum. The basic science for our industry is still very underdeveloped. Two of the biggest growth drivers will be regulation and evidence-based science to better understand and explain the benefits of hemp extracts. Knowing this, we remain optimistic about our future growth prospects. Our industry continues to undergo a repositioning, and we expect to benefit from the evolving regulatory framework as well as further brand contraction and consolidation.
Given the current market dynamics, we remain focused on driving cost efficiency, achieving cash flow positive in the near term, while also continuing to advance our brand awareness and innovation initiatives. Despite near-term challenges and uncertainties, we have positioned our company to participate in the consolidation and brand contraction of the hemp extract market by continuing to execute on our key strategic initiatives and leveraging core competitive advantages to drive long-term growth and shareholder value.
Let me pause now and I will turn the call over to Joerg.
Joerg Grasser
Thank you, Joe, and also good morning to everyone. Our second quarter revenue was $4.1 million compared to $5.1 million in the second quarter of 2021 and $4.4 million in the first quarter of 2022. The decline is mostly due to lower sales in our B2B channel.
Our number of units sold during the second quarter decreased by 5% compared to the second quarter of 2021. In addition, higher discounts for new product placements and changes in our sales mix were the other reasons for the decline. On a sequential basis, our revenues were impacted by product returns from FDM accounts. The overall market continues to be fragmented and highly competitive, which we believe is largely due to the lack of a clear regulatory framework.
Direct-to-consumer revenue represented 44.6% of total revenue in the second quarter compared to 36.9% a year earlier and 32.5% in the first quarter of 2022. E-commerce continues to become a larger part of our business. Our online revenue remained flat on a year-over-year basis, mostly related to our continued focus on this channel. We continue to make solid improvements to our main digital KPIs, focusing on increasing our subscriptions.
Also, our brand loyalty, where our flagship brand PlusCBD continues to improve as our revenue with returning customers continues to increase. Gross margin for the second quarter of 2022 was 30.7% compared to 26% in the first quarter of 2022 and 44.7% in the second quarter of 2021. The improvement in gross margin on a sequential basis is mostly due to lower discounts and reduced shipping and fulfillment costs. We continue to work on cost efficiencies in order to get our margins back in line. We are planning to add a second distribution center on the East Coast to reach more of our customers with next-day delivery and reduced shipping costs.
SG&A expense for the second quarter was $3.5 million, significantly down from $5.8 million a year ago. Our SG&A expense, excluding any unusual items, continue to decrease on a year-over-year and sequential basis as a result of our ongoing efforts to reduce our overall cost structure. We have taken out costs from all areas of our business and continue to do so in order to get to cash flow breakeven.
We also made improvements to our adjusted EBITDA. Adjusted EBITDA loss for the second quarter was $1.8 million compared to $2.5 million in the first quarter and $2.4 million in the second quarter of 2021. The improved adjusted EBITDA loss is a result of our continued cost saving efforts to minimize our cash outflow.
On a GAAP basis, we reported a second quarter of 2022 net loss attributable to common stockholders of $3.6 million or $0.03 per share compared to a net loss of $3.5 million or $0.03 per share in the second quarter of 2021.
Now let me turn to our balance sheet. We continue to manage our cash position very carefully and ended the second quarter of 2022 with $1.1 million of total cash compared to $1.4 million at the end of fiscal '21. Cash used in operations during the first 6 months of 2022 was $1.5 million, a significant improvement from the prior year period of $4.8 million.
During the first half of 2022, we have more aggressively managed our overall cash position with improved cash collections on our outstanding AR and daily management of our inventory and vendor payables. We continue to work on reducing our cash usage in 2022, but anticipate that we will be dependent in the near future on additional capital to fund our growth initiatives. We continue to adjust our cost structure to be in line with our expected revenue with the overarching goal to achieve cash flow breakeven in the second half of 2022.
In June, we moved our new facility in San Diego, which is more efficient, cost effective and appropriate for our employees to support a hybrid work environment. Our inventory was $7.4 million at the end of the second quarter compared to $8.6 million at year-end as we continue to focus on efficient cash management and convert our raw materials into cash.
Now I will turn the call back over to Joe.
Joseph Dowling
Joerg, thank you. As Joerg and I have discussed this morning, we continue to take steps to align our cost structure with the scale of our company and the industry. Our goal of achieving cash flow positive by the end of 2022 is very doable.
Achieving cash flow positive will help us to actively participate in the contraction and consolidation of the hemp extract industry, which we continue to do with our advisers. We continue to evaluate all strategies including inbound and outbound merger, sale, acquisition or other options for the company as a whole or for any business segment.
Our drug development program continues to be a significant undervalued company asset. We continue to move slowly on this effort as we seek to partner the program. As mentioned, product development will be a key focus for us. Today is an exciting product development day for us as we are launching a new reserve softgel product. Checkout our website for details. We are very excited about the potential for this new product.
We are optimistic about the long-term opportunity for our company and industry. We have taken the necessary actions to ensure that we are scaled properly, operating efficiently and are focused on adding long-term shareholder value.
Now I will turn the call back over to the operator for any calls from the analyst community.
About a 10 to 1 sells over buys.
I find it interesting that the net losses for the first 6 mo. {-4.8 mil} is higher than the company market cap of 4.7 mil. Also, interesting that the inventory is listed at over 7 million. I guess that’s the value of the company, its inventory.
*DJ CV Sciences 2Q Loss/Shr 3c >CVSI
Revenue of $4.1 million for second quarter of 2022, compared to $5.1 million for the second quarter of 2021; Gross margin of 30.7% for second quarter of 2022, compared to 44.7% for the second quarter of 2021; Total cash balance of $1.1 million at quarter end, compared to $1.4 million at year end;
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) ("Verano" or the "Company"), a leading multi-state cannabis company, today announced the launch of Savvy, a new brand featuring larger-format cannabis products, catering to more value-oriented patients and consumers. Savvy will be available in MUV and Zen Leaf dispensaries beginning September 2022 followed by additional third-party retail locations across six core markets - Arizona, Illinois, Massachusetts, Maryland, Nevada and Ohio - with additional launches planned in the future for New Jersey and Pennsylvania.
"We are excited to bring Savvy, our newest brand, to patients and consumers across seven core markets, with plans to expand," said George Archos, Verano Founder and Chief Executive Officer. "The Savvy launch demonstrates our ability and willingness to adapt and address market demand at scale at both ends of the price spectrum. Savvy is intended to address the budget-conscious consumer's demand for authentic, wallet-friendly cannabis products derived from our state-of-the-art indoor cultivation facilities."
Savvy products will be available in 7 grams or 14 grams of cannabis flower and one-gram oil cartridges, with expanded product offerings of disposable vaporizers and pre-rolls in select markets shortly after. The brand joins the Company's robust product portfolio that includes its namesake brand Verano Reserve and Essence, Swift Lift mini pre-rolled joints, extracts and vaporizers; Encore Edibles, hand-crafted cannabis gummies, hard candies, mints, caramels and chocolates; and Avexia topicals, tablets, tinctures and RSO, made to effortlessly enhance any self-care routine.
Columbia Care GAAP EPS of -$0.14 misses by $0.05, revenue of $129.6M misses by $11.86M
2 days trading. Over 4 million in volume. Total change 0.002. Now that were done with all this fooling around let's get to those earnings, and SEC filings.
And there in lies the problem. Just be happy it's at 0.03 cents. It could be worse.
Maybe, but if so, how pathetic is that!
After yesterdays 2.1 million in trades, btw several big blocks sells in there, we have after the first hour 305 dollars in total trades, yep that includes all 3 of them. Monday morning, we have the press release for qt earnings. And if history serves, the sell off right after. Remember to pay attention to the winks and nods and all carrots they may mention.
Can’t disagree with any of that. However, we don’t know yet what those numbers are going to be. So, open minded, but I will be going over the SEC filing very carefully. Will be interesting to see if they will allow a Q&A in the CC this time.
Another iron in the fire, that’s good. Their expanding their reach in both products offering and in world wide offerings. There reduction in sales combined with reduction in SG&A “could be “a retool and reset on where they want to go. I think it maybe a qt or two before we see the results of what they’re currently doing, expanding takes some time to see the results, but they seem to have a different, or perhaps a shift, in aligning their business in what they want to be going forward under the new CEO. Regardless of what people say they are still the leader in this sector. It will be interesting to see what the 2nd half of the year will bring.
Well, here we go again, earning release coming up next Monday I believe. Analysts have this projected to come in with 4.9 million in revenue and a loss of 0.03 cents per share. Interesting enough is that is also what the company share is worth. Bottom line is the bar has been set very low on this one. If they can’t make those numbers, well . . . .
Ayr Wellness Inc. (OTCQX: AYRWF) (CSE: AYR.A) opened its 50th Florida dispensary, located in Jacksonville. The store is located at 8050-1 Philips Highway, spanning 4,500+ sq. ft. of retail space.
Following the acquisition of Florida-based Liberty Health Sciences in February 2021, Ayr relocated its U.S. headquarters from New York City to Miami, underscoring the company’s commitment to the region. Since the acquisition, Ayr has expanded its retail footprint by more than 60% and has introduced its full suite of national brands and products to its dispensaries statewide.
“The opening of our 50th dispensary in the Sunshine State gives us one of the largest retail footprints in Florida. While we have grown our store footprint across the state, we have also become one of the fastest growing producers of biomass in Florida over the last year, which has enabled us to expand the assortment and availability of our full line of concentrates, edibles, vapes and varieties of high-quality flower at all of our retail locations. Moving forward, we also plan to bring even more omnichannel shopping experiences that evolve the way consumers conveniently shop for cannabis,” Ayr Wellness senior vice president of retail Rhonda Kratz, told Benzinga.
Ayr can now strategically serve Northeast Florida patients, with easy access to Jacksonville, Jacksonville Beaches, University of North Florida and St. John’s Town Center.
You said - "another 160K in the furnace" What are you talking about?
Trulieve Cannabis reports Q2 earnings miss; narrows FY22 guidance
Aug. 10, 2022 6:21 AM ETTrulieve Cannabis Corp. (TCNNF)By: Meghavi Singh, SA News Editor
In a word, underwhelming. Yes, the revenue is nice, but having 22 million in losses to do it is not. They where projected to be around breakeven, they came in -.12 cents a share. I’ll get the rest from the SEC filing.
A little weak in that 2nd qt. Never a good thing when you have falling sales. On the other hand that drop in SG&A is a very welcome, if they can maintain that for a year they would save roughly 30 million from the previous year. Need to get that sales squared away however.
I do think SAFE has a chance this year, but it's going to take 60 votes somewhere to do it.
Also as a fyi - Epidiolex will be eligible for patent challenges on September 28, 2022.
Follow up - Patent 10,137,095 will not expire until June 17, 2035. That would be the time for a generic version
Well, 60 votes is all that is needed to pass, well anything, including this.
Should be noted - Epidiolex will be eligible for patent challenges on September 28, 2022.
Thanks for the post. I think this company will be just fine. I like the way they run their business. I happen to follow Pablo Zuanic, he's not pone to bluesky views. About as close as you can get for a analyst
Sure I am, there are many others you can mention as well. And, there are many times that number that failed. The biggest difference was institutional investment. Amazon wasn’t doing all that well until they switched their business model. Selling books on the internet is how they started.
Not the first inning, cannabis has been around for a long time and from what I hear the black market is getting by just fine.
My point was revenue by itself doesn’t tell the story. Show me P/E, show me PEG, and growth improvement of those two. And the other point is they paid 2.1 billion for a company, what’s that return looking like.
The SEC filings are going to come out shortly, that will also tell everybody how were doing.
Well, everything is still churning, very soft footings out there across the board. In regards to this one, Qt earning are coming out shortly, I would think the revenue will be ok, but last year and last quarter they were in the red. Yep, I’m aware of the reasons for it, but those reasons have now passed, bright new day and all that. In a simple point of view, you can’t run a, say Kool aid stand, sell it for a dollar a cup, and have it cost you 1.05 to make it. Regardless of how much you sell.
Projections for this one 30,40,50, someone posted a 89 the other day. I would love to see it. But that being said, somebody must have a far better vision then what I have, I’ll leave it at that, well almost. Extreme blue sky view points are hard to support, easy to say, but hard to support. IMO