Greenway Reveals Strong Financial Performance for Fiscal Year
Greenway Greenhouse Cannabis Corporation Financial Update
Greenway Greenhouse Cannabis Corporation (CSE: GWAY; OTCQB: GWAYF) recently announced its audited financial statements, showcasing an impressive fiscal year for the company. As a leading cultivator of high-quality cannabis in Canada, Greenway has reported substantial growth metrics that signal a positive trajectory ahead.
Impressive Annual Revenue Growth
The company's annual net revenue reached $8,948,943, reflecting a remarkable 71% increase compared to the previous year. In the fourth quarter alone, net revenue surged to $3,071,106, showcasing an astonishing 107% growth year-over-year. This rapid increase in revenue highlights the rising demand for Greenway's premium cannabis products.
Sales Volume and Pricing Trends
During this fiscal year, the total grams or equivalent sold was 6,803,628. This represents a 23% increase from the previous year, indicating a growing consumer base and successful market penetration. Additionally, the annual average sales price per gram also experienced a notable increase to $1.32, a 40% rise from last year, with a fourth-quarter average sales price reaching $1.46 per gram.
Cost Management Success
One key factor in Greenway's financial success this year was effective cost management. The company's average cash cost per gram sold was $0.83, and this decreased to $0.73 in the fourth quarter. This reduction in costs, paired with rising sales prices, has led to improved margins and profitability.
Adjusted EBITDA Growth
Greenway reported an adjusted EBITDA of $1,181,419, turning around from a negative adjusted EBITDA of $624,391 last year. This significant improvement marks a turning point for the company, as it moves from merely burning cash to generating it.
Positive Working Capital and Net Income
Another promising sign is Greenway's positive working capital of $3,997,814 as of the end of the fiscal year, a significant increase from $3,283,911 in the previous year. The company also achieved a net income of $202,729 in the fourth quarter, signaling a robust financial health.
Executive Insights on Future Growth
CEO Jamie D'Alimonte highlighted that this past year marks a pivotal moment for Greenway. He stated, "We're especially proud to see average selling prices rise 40% year over year—reflecting both the strength of the Greenway brand and the premium nature of our flower. This kind of momentum sets the foundation for our next phase of growth, as we aim to expand our presence both domestically and internationally while remaining focused on profitability and delivering value to our shareholders."
Access to Financial Documents
Investors interested in the detailed financial results can find Greenway's audited annual financial statements prepared in accordance with IFRS Accounting Standards and related Management's Discussion and Analysis on www.sedarplus.ca.
About Greenway Greenhouse Cannabis Corporation
Greenway Greenhouse Cannabis Corporation is a federally licensed cannabis cultivator based in Canada. With expertise in agriculture and cannabis cultivation, the company aims to become a leading player in the Canadian market. More information can be found on their official website and their social media platforms.
Frequently Asked Questions
What were Greenway's total net revenues for the fiscal year?
Greenway's total net revenues were $8,948,943 for the fiscal year.
How much did Greenway's sales volume increase this year?
Sales volume increased by 23%, totaling 6,803,628 grams or equivalents sold.
What was the adjusted EBITDA reported by Greenway?
The adjusted EBITDA reported by Greenway was $1,181,419.
What does Greenway's working capital signify?
Greenway's working capital of $3,997,814 indicates strong financial health and liquidity for growth opportunities.
How did the CEO comment on this year's performance?
CEO Jamie D'Alimonte noted this year as a turning point, highlighting significant revenue growth and profitability.
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