Namaste Technologies Inc. (OTCMKTS: NXTTF) reported its financial results for the year ended November 30, 2020. Gross revenue for the fourth quarter ended November 30, 2020, was $8.0 million versus $4.0 million in the same period last year. Namaste trimmed its net losses in the fourth quarter to $6.4 million versus a net loss of $29.7 million for the fourth quarter in 2019. The company attributed the $3.3 million improvements in net revenue for the fourth quarter to the increased revenues from the sale of cannabis products.
For the full fiscal year, the company had revenue of $27.1 million versus $16.4 million in the 2019 fiscal year, representing an increase of 65% from the prior year, respectively. The net loss for the fiscal year was $26.4 million versus a net loss of $63.2 million in the 2019 fiscal year. The company said in a statement that it is committed to maintaining these positive trends.
“We are pleased with the progress made by the team to achieve the highest recorded quarterly revenue for the company to date,” said Meni Morim, CEO of Namaste. “We achieved significant year-over-year growth of revenue as cannabis sales through CannMart’s distribution channels made an important contribution to the revenue stream. The Company is in a strong financial position today made possible from the considerable work undertaken in 2020 to lay the foundation for long term growth as Namaste continues its evolution to be the world’s foremost personalized wellness marketplace.”
The company’s working capital position remains strong at $16.5 million as of November 30, 2020. Since the year-end, Namaste successfully closed a $23 million bought deal offering.
Namaste also noted in a statement that it has launched CannMart.com into the USA offering Americans hemp-derived CBD and smoking accessories. It announced the addition of leading licensed producers to the CannMart.com platform: Auxly Cannabis Group, Hexo Corp and The Green Organic Dutchman Holdings (TGOD). Plus, it received a standard processing license from Health Canada for CannMart Labs Inc., its state-of-the-art BHO extraction facility.