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Posted On: 04/19/2022 5:07:25 AM
Post# of 53484
$PVSP Net loss attributable to Pervasip Corp. for the period ended February 28, 2022 decreased to $(103,788) from $(582,882) for the period ended February 28, 2021, and includes onetime termination expense charges of $176,246 or an adjusted positive net income of $72,458.
While December through February are traditionally the slowest quarter of the year in Cannabis, and on the heels of an industry wide post pandemic contraction, Pervasip is reporting 2.4% growth in revenue over last year’s comparative First Quarter, markedly improved gross margins and positive EBITDA.
“Our team has executed the first half of our restructuring plans flawlessly over the past few months. Improved gross margins, achieving positive EBITDA and quarter over quarter revenue growth even in the traditionally slowest quarter in our industry and compared to a pandemic high Q1 2021 is a testament to our strength, the direction of the Company and the power of the Artizen brand,” says CEO German Burtscher. “Our infrastructure is on track to achieve per square foot target objectives for harvest yields by Q4 this year, which will yield a 50% increase in output from all gardens. Together with the buildout of our new state of the art cultivation facility, this will continue to improve the company’s revenue and profitability.”
https://www.barrons.com/articles/pervasip-ann...rview_news
While December through February are traditionally the slowest quarter of the year in Cannabis, and on the heels of an industry wide post pandemic contraction, Pervasip is reporting 2.4% growth in revenue over last year’s comparative First Quarter, markedly improved gross margins and positive EBITDA.
“Our team has executed the first half of our restructuring plans flawlessly over the past few months. Improved gross margins, achieving positive EBITDA and quarter over quarter revenue growth even in the traditionally slowest quarter in our industry and compared to a pandemic high Q1 2021 is a testament to our strength, the direction of the Company and the power of the Artizen brand,” says CEO German Burtscher. “Our infrastructure is on track to achieve per square foot target objectives for harvest yields by Q4 this year, which will yield a 50% increase in output from all gardens. Together with the buildout of our new state of the art cultivation facility, this will continue to improve the company’s revenue and profitability.”
https://www.barrons.com/articles/pervasip-ann...rview_news
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