Village Farms International, Inc. (NASDAQ:VFF) (TSX:VFF) posted its first-quarter financial results Monday with consolidated revenue of $52.4 million, up by 63% from the same period in 2020.
The company’s consolidated earnings figures included Pure Sunfarm’s financial results, which the company acquired in November 2020.
For the three months ending March 31, Village Farms disclosed a net loss of $7.4 million or a loss of 10 cents per share, down by 276% from a net income of $4.2 million or earnings per share of $0.08 in the same quarter of the prior year.
Vancouver, British Columbia-based greenhouse grower achieved a positive adjusted EBITDA of $400,000, which compares to adjusted EBITDA of $1.1 million in the first quarter of 2020.
"The first quarter of 2021 was yet another strong quarter for Pure Sunfarms, which delivered its third consecutive quarter of strong sequential growth in our priority sales channel, Retail Branded Sales – up 20% from the fourth quarter – and is especially encouraging given the softness in the Canadian market due to pandemic restrictions, which stalled sales growth for the rest of the industry," Michael DeGiglio, CEO, Village Farms said.
DeGiglio further explained that the company’s power was fueled by “Pure Sunfarms' leading market share performance in dried flower, which remains by far the largest product category, with our brand success firmly rooted in our reputation for premium quality products at an everyday price. This, combined with our best-in-class operations, low-cost production and prudent SG&A management, enabled Pure Sunfarms to deliver its tenth consecutive quarter of positive Adjusted EBITDA – every quarter since commencing sales in late 2018."
Village Farms’ shares were trading 17.42% lower at $9.18 per share at the time of writing.