Simply Better Brands Corp. (OTCQB:PKANF) (TSXV:SBBC) released its unaudited financial results for the year ended December 31, 2022, revealing revenue of $65.4 million, an increase of 319% compared to to $15.6 million in 2021.
FY 2022 Financial Highlights
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Gross profit of $44.6 million compared to $9.7 million in 2021.
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Gross profit margin of 68% compared to 62% in 2021.
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Net loss of $11.1 million compared to a net loss of $12.8 million for the twelve months ended December 31, 2021.
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Adjusted EBITDA of $1.2 million, an increase of $4.5 million over the adjusted EBITDA loss for the comparable period in 2021.
Q4 2022 Financial Highlights
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Revenue of $23.0 million, an increase of 254% compared to $6.5 million in Q4 2021.
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Gross profit of $16.1 million compared to $4.3 million in Q4 2021.
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Gross profit maring of 70% compared to 66% in Q4 2021.
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Net loss of $4.2 million compared to a net loss of $4.2 million for the three months ended December 31, 2021.
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Positive adjusted EBITDA of $600,000, an increase of $1.7 million over the adjusted EBITDA loss for the comparable period in 2021.
2023 Outlook
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The company’s expectation for consolidated net sales to exceed $80 million.
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The company expects gross margin as a percentage of net sales to be between 58% and 60%.
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The company expects to achieve positive adjusted EBITDA in the range of $3-4 million.
The company reported preliminary sales for the first quarter of fiscal 2023 of $24.8 million compared to $12.1 million in Q1 2022 or a 205% increase. Preliminary gross profit for the first quarter of 2023 is 55% compared to 66% in the first quarter of 2022. The lower gross margin is due to sales channel mix as a larger portion of sales to retailers compared to the prior year’s predominantly online sales delivery.
Photo by Tim Foster on Unsplash
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