Canadian edibles producer Indiva (TSXV: NDVA) (OTCQX: NDVAF) launched a “record number” of new products in the third quarter of 2022, which drove up revenues to year-over-year growth of 5.9%, but the company still recorded a loss of $1.9 million, according to its third-quarter financial statements.
Net revenues were $5.9 million for the quarter, up from $5.7 million for the same three-month period in 2021, for a total of $18.7 million in revenue for the year so far.
But losses have also mounted, up to $6 million for the year. That’s down from 2021 losses for the same time frame, however, when Indiva lost $8.2 million.
The improved performance was due to “the successful launch of several new products and brands,” Niel Marotta, president and CEO, said in a press release, adding that the edibles lines performed particularly well in British Columbia and Ontario where the core product launches were held. More edibles and products are slated to be rolled out nationally, Marotta said.
This past quarter, Indiva delivered its first batches of “Pearls by Gron” gummies to retailers in Ontario, British Columbia, Manitoba, and Saskatchewan, and also launched seven new product lines in the wholesale market.
The company also noted that according to industry data from Hifyre, it continues to lead the Canadian cannabis edibles market, with 29.7% of all edibles sales.
Based on the third-quarter performance, Indiva said it expects net revenues to grow even more in the final quarter of 2022, adding that “margins are expected to improve.”
But the company stopped short of predicting that it would be in the black at the end of 2022.