Australis Reports Rising Revenues Helped By ALPS

Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) delivered its unaudited financial statements and management discussion and analysis for the first quarter of the fiscal year 2022 ending June 30, 2021. AUSA revenues rose 2,652% to $1.7 million over last year and was a sequential increase of 266%. The company said that the quarter included revenues from ALPS (acquired in March 2021) and management fees from GT. 

Australis recorded a net loss of $(9.5) million or $(0.04) per share. The company said the loss was driven primarily by a decrease during the first quarter in the price of Body and Mind (“BaM”) shares held. To date in Q2 FY 2022, BaM has rebounded back to the per-share price as of March 31, 2021.

Australis said that without the revaluation of the BaM shares, Adjusted EBITDA was comparable to a year ago. Adjusted EBITDA remained at a slight loss of $(0.01) per share or $(1.6 million), a sequential 15% improvement from $(1.8 million) in Q4 FY 2021. There were very few other impairment costs, as AUSA’s new management has completed most of the restructuring of various deals or disputes as of FY 2021.

“Continuing the strong performance recorded in Q4 of fiscal 2021, AUSA has transformed itself into a rapidly growing MSO in the U.S. cannabis space,” said CEO Terry Booth. “With revenues soaring by over 2,600% over last year, improving gross margin and adjusted EBITDA, we are showing the power of our execution on a unique strategy. This is just the beginning. We are exceptionally well positioned with operations in new jurisdictions coming online, new brands launched, and a number of very interesting transactions and partnerships progressing well towards signing. Going forward, shareholders can expect AUDACIOUS to continue transforming the business and execute towards becoming a unique and uniquely successful MSO.”

Expenses

In the first quarter SG&A expenses increased to $1.7 million. The company said that the increase from the prior year was due to the addition of ALPS personnel as well as higher legal, professional, and board of director fees. The operating loss was $3.4 million for the three months ended June 30, 2021, compared to $2.5 million for the three months ended June 30, 2020. Higher SG&A costs more than offset the increase in gross profit. However, the operating loss in Q1 FY 2022 was $0.3 million less than Q4 FY 2021 and $1.6 million less than Q3 FY 2021.

In June, Australis announced that it was changing its name to Audacious Brands.  The company’s ticker symbol will remain AUSA on the CSE and AUSAF on the OTC. The company said it will consolidate its brands under the new Audacious banner and intends to launch additional product lines under the new name.

FundCanna

Leave a Reply

Your email address will not be published. Required fields are marked *

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 2 hours

A Rhode Island Grower Won a Cannabis Competition, the State Fined it $10,000

@GreenMarketRpt – 3 hours

Minnesota Regulators Sue Edibles Companies Over Potency, Product Violations

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.