IM Cannabis (IMCC)
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IM Cannabis (IMCC) - 2022 Q3 - Quarterly Report
2022-11-14 14:26
Financial Performance - Total revenues for the nine months ended September 30, 2022, were CAD 39,874,000, representing a 65% increase from CAD 24,141,000 in the same period of 2021[8] - Gross profit before fair value adjustments for the nine months ended September 30, 2022, was CAD 8,500,000, compared to CAD 7,516,000 for the same period in 2021, indicating a 13% increase[8] - The net loss for the nine months ended September 30, 2022, was CAD 157,852,000, significantly higher than the net loss of CAD 6,030,000 in the same period of 2021[10] - Total comprehensive loss for the nine months ended September 30, 2022, was CAD 158,828 thousand, compared to CAD 6,092 thousand in the prior year[15] - The company reported a total operating loss of $158,867,000 for the nine months ended September 30, 2022, compared to a loss of $26,667,000 for the same period in 2021, indicating a substantial increase in losses[73] Assets and Liabilities - Total assets as of September 30, 2022, were CAD 129,066,000, a decrease from CAD 287,388,000 as of December 31, 2021[5] - Total liabilities as of September 30, 2022, were CAD 73,094,000, down from CAD 82,443,000 as of December 31, 2021[6] - The company had total equity attributable to equity holders of CAD 54,337,000 as of September 30, 2022, down from CAD 201,236,000 as of December 31, 2021[6] Cash Flow and Financing - Cash and cash equivalents decreased to CAD 3,223,000 as of September 30, 2022, from CAD 13,903,000 as of December 31, 2021[5] - Cash used in operating activities for the nine months ended September 30, 2022, was CAD 10,123 thousand, a decrease from CAD 39,134 thousand in the same period of 2021[15] - The company’s cash flow from financing activities for the nine months ended September 30, 2022, was CAD 2,908 thousand, a significant decrease from CAD 45,938 thousand in the same period of 2021[16] - A private placement raised $4,050 (US$3 million) in total gross proceeds, with the first tranche closing on August 24, 2022[29][30] Operational Changes - IMCC's Focus Medical Herbs Ltd. closed its cultivation facility in July 2022 and now holds an IMCA license to import cannabis products[19] - The company decided to discontinue its operations in Canada and sell its subsidiaries in the segment due to anticipated significant changes in the competitive landscape and misalignment with the company's strategy[75] - The Trichome Group filed for creditor protection under the Companies' Creditors Arrangement Act on November 7, 2022, to restructure its business[40] Inventory and Production - Total inventory as of September 30, 2022, was valued at $16,634,000, with bulk cannabis work in progress at $6,872,000 and packaged dried cannabis at $9,395,000[59] - The average selling price per gram of dried cannabis increased to $3.51 as of September 30, 2022, compared to $3.64 as of December 31, 2021[58] - The average yield per plant was estimated at 40 grams as of September 30, 2022, down from 47 grams as of December 31, 2021[58] - The attrition rate for biological assets was 31% as of September 30, 2022, compared to 27% as of December 31, 2021[58] Impairments and Expenses - The company experienced a goodwill impairment of CAD 107,854 thousand during the nine months ended September 30, 2022, which was not present in the previous year[15] - The company recognized an impairment of $115,112,000 related to discontinued operations, which significantly impacted the net loss from discontinued operations, totaling $142,581,000 for the nine months ended September 30, 2022[79] - The company incurred total operating expenses of $142,922,000 for discontinued operations in the nine months ended September 30, 2022, a significant increase from $13,004,000 in 2021[79] Shareholder Information - Basic loss per share attributable to equity holders for the nine months ended September 30, 2022, was CAD (2.22), compared to CAD (0.10) for the same period in 2021[10] - The total number of issued and outstanding common shares increased to 74,582,821 as of September 30, 2022, from 68,217,894 at the beginning of the year[66]
IM Cannabis (IMCC) - 2022 Q2 - Quarterly Report
2022-08-15 19:04
CANADIAN DOLLARS IN THOUSANDS (Unaudited) Exhibit 99.2 IM CANNABIS CORP. AND ITS SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 INDEX | Page | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Interim Condensed Consolidated Statements of Financial Position | F - 3 - F - 4 | | | | | | | | | | | Interim Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income | F - 5 - F - 6 | | | | | | | | | | | Interim Co ...
IM Cannabis (IMCC) - 2022 Q2 - Earnings Call Transcript
2022-08-15 17:05
IM Cannabis Corp. (NASDAQ:IMCC) Q2 2022 Earnings Conference Call August 15, 2022 9:00 AM ET Company Participants Maya Lustig - Director, Investor and Public Relations Oren Shuster - Chief Executive Officer Shai Shemesh - Chief Financial Officer Conference Call Participants Aaron Grey - AGP Adam Altberg - BMO Operator Good day and welcome to IM Cannabis Second Quarter 2022 Earnings Conference Call. TodayÂ's conference call is being recorded. At this time, I would like to turn the conference over to Maya Lust ...
IM Cannabis (IMCC) - 2022 Q1 - Earnings Call Transcript
2022-05-15 15:02
Financial Data and Key Metrics Changes - Revenues increased 169% year-over-year and 18% sequentially to $23.6 million in Q1 2022, compared to $8.8 million in Q1 2021 [7][20] - Gross profit before fair value adjustments rose 37% to $6.4 million in Q1 2022 from $4.6 million in Q1 2021 [21] - Net loss was $10.7 million in Q1 2022, compared to a net income of $4.7 million in Q1 2021, with basic loss per share at $0.14 [21][22] Business Line Data and Key Metrics Changes - The company is transitioning its supply source towards a third supply model leveraging Canadian yield, which is expected to enhance margin expansion [6][10] - The WAGNERS brand launched in Israel has received positive consumer feedback, contributing to the company's growth strategy [13][41] Market Data and Key Metrics Changes - In Canada, the company’s brands, WAGNERS and Highland Grow, are gaining market share, particularly in Ontario, Canada’s largest cannabis market [14] - The German market is being positioned for growth, with the company establishing a positive reputation and planning to launch the WAGNERS brand there [16][17] Company Strategy and Development Direction - The company aims to capture market share while integrating its global model to become a leading consumer packaged goods company in the cannabis industry [26] - Significant investments are being made in Germany to establish a foundation for future growth in the evolving cannabis market [17][18] Management's Comments on Operating Environment and Future Outlook - Management expects Q2 2022 revenues to accelerate year-over-year and approach positive adjusted EBITDA by the end of the quarter [23] - The company acknowledges a slowdown in the Israeli market but remains optimistic about overall growth [33] Other Important Information - The company does not foresee significant capital expenditures in the coming year as it focuses on operational improvements and synergies [24] - Cash and cash equivalents totaled $10.3 million at March 31, 2022, down from $13.9 million at December 31, 2021 [22] Q&A Session Summary Question: Clarification on Q2 profitability and EBITDA guidance - Management believes that adjusted EBITDA will be positive from June onwards, but cannot confirm if the entire quarter will be profitable [29] Question: Outlook on the Israeli market and industry sales - Management noted a slower growth rate in the Israeli market but emphasized that the market is still growing [33] Question: Commentary on Canadian market sales trends - Management confirmed ongoing market share capture in Canada and plans to enter the Quebec market, which is significant [35] Question: Allocation priorities between Canadian and international markets - The company is optimizing product allocation based on market margins and is in the early stages of this process [39] Question: Revenue contribution from Germany and timing for product exports - Revenue from Germany was $600,000 for the quarter, with expectations for product imports to begin in Q4 2022 [45]
IM Cannabis (IMCC) - 2021 Q4 - Earnings Call Transcript
2022-03-31 15:37
IM Cannabis Corp. (NASDAQ:IMCC) Q4 2021 Earnings Conference Call March 31, 2022 9:00 AM ET Company Participants Oren Shuster – Chief Executive Officer Shai Shemesh – Chief Financial Officer Maya Lustig – Investor Relations Conference Call Participants Aaron Grey – Alliance Global Partners Scott Fortune – Roth Capital Partners Adam Altberg – BMO Operator Good day, and welcome to IM Cannabis Fourth Quarter and Fiscal Year 2021 Earnings Conference Call. Today's conference call is being recorded. At this time, ...
IM Cannabis (IMCC) - 2022 Q1 - Quarterly Report
2022-03-31 12:14
Exhibit 99.1 IM Cannabis Reports Record Fourth Quarter and Fiscal Year 2021 Financial Results and Provides First Quarter 2022 Outlook Q4 2021 revenues increased 309% year-over-year and 39% compared to Q3 2021 Sequential revenue growth and gross margin improvement expected in Q1 2022 Toronto, Canada and Glil Yam, Israel – March 31, 2022 – IM Cannabis Corp. (the "Company", "IM Cannabis", or "IMC") (CSE: IMCC) (NASDAQ: IMCC), a leading medical and adult-use recreational cannabis company with operations in Isra ...