International cannabis company The Green Organic Dutchman Holdings (CSE: TGOD, OTC: TGODF) announced a “record” quarter for the second quarter of 2022, based on increasing revenues and an expanding footprint, but the company also posted a net loss of $6.8 million.
TGOD achieved net revenue of $11.6 million for the quarter ended June 30, which is up 43% from the same quarter in 2021, according to filings with SEDAR and a news release. This is in line with analyst estimates for the company.
Year-to-date revenue hit $22.2 million, up 65% from the same time period in 2021.
“Our momentum continued in Q2 2002, including another record month in June,” CEO Sean Bovingdon said in the announcement.
“Quarterly growth was achieved by several initiatives, including the first harvest from the Valleyfield facility, the launch of Organic Cherry Mints premium flower, continued expansion in distribution, increasing key account agreements and a continued commitment to the TGOD promise of quality, consistency and high-THC products,” Bovingdon said.
Adjusted EBITDA loss for the quarter was $4.27 million, which the company noted was still an 80% increase in performance from a year prior, when it posted a $17.1 million EBITDA loss.
At the end of the quarter, The Green Organic Dutchman had $4.67 million in cash and was planning more expansion.
TGOD also said its performance uptick was aided by the launch of several new product SKUs from in-house brands, such as TGOD, Highly Dutch and Cruuzy.
While The Green Organic Dutchman has focused on expanding its Canadian footprint over the last year, its also been looking to divest its Polish entity, HemPoland, which was deemed “noncore to future operations.”
After closing the second quarter, TGOD received a nonbinding offer for the organization and anticipates a sale by the end of September.