Unrivaled Brands, Inc. (OTCQX:UNRV) released its second quarter 2022 financial results for the quarter ended June 30, 2022, revealing total revenue of $17.56 million, an increase of 511.0% compared to total revenue of $2.87 million for the quarter ended June 30, 2021.
Q2 2022 Financial Highlights
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Gross profit was $8.27 million, compared to a gross profit of $2.72 million in Q2 2021, an increase of $5.55 million or 204.0%.
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Net loss was $63.71 million compared to net loss of $4.97 million in Q2 2021.
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The merger with UMBRLA and the acquisitions of People’s First Choice and SilverStreak Solutions in 2021 led to more operations with additional facilities, employees, and costs to support them.
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Selling, general and administrative expenses for the three months ended June 30, 2022 were $19.07 million, compared to $4.70 million for the three months ended June 30, 2021, an increase of $14.37 million or 305.9%.
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The company realized an operating loss of $67.07 million for the three months ended June 30, 2022 compared to an operating loss of $1.97 million for the three months ended June 30, 2021, an increase of $65.09 million or 3,298.5%. This increase was attributed primarily to a $55.73 million charge for impairment of intangible assets and goodwill related to the UMBRLA and People’s acquisitions.
Price Action
Unrivaled Brands shares were trading 7.91% lower at $0.0675 per share at the time of writing Friday morning.
Photo by Mackenzie Marco on Unsplash
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