Gage Growth Corp. (CSE: GAGE) reported its financial results for the three months ended June 30, 2021. Revenue increased to $26.4 million in the second quarter of 2021, as compared to $17.6 million in the first quarter of 2021, a 49.9% increase. This strong quarter over quarter growth was driven primarily by cultivation capacity expansion, one new dispensary opening and strong same-store growth. The net loss was trimmed to $9.4 million from the first quarter’s $10.8 million.
“In the second quarter of 2021, Gage had a strong performance across all financial and operating metrics,” said Fabian Monaco, CEO of Gage. “We continue to grow rapidly while substantially improving our margins as evidenced by our quarter over quarter gross margin improvement since the fourth quarter of 2020.”
Gage also said that it had an average basket size of $152 in the second quarter of 2021.
The company also said it expects to operate in-house processing asset in the fourth quarter of 2021 leading to further margin expansion