SPY391.86-16.46 -4.03%
DIA315.55-11.55 -3.53%
IXIC11,418.15-566.37 -4.73%

SOL Global Posts Quarterly Net Loss Of $57.91M, How It Compares To Previous Performance

SOL Global Investments Corp. (OTCPK:SOLCF) (CSE:SOL) (Frankfurt:9SB) released unaudited financials for the first quarter ended February 28, 2022, and a general operational update concerning the company’s assets and investments. Unaudited Quarter-End Result...

Benzinga · 04/29/2022 13:56

SOL Global Investments Corp. (OTCPK:SOLCF) (CSE:SOL) (Frankfurt:9SB) released unaudited financials for the first quarter ended February 28, 2022, and a general operational update concerning the company’s assets and investments.

Unaudited Quarter-End Results

  • For the quarter-ended February 28, 2022, the company recorded a net loss of CA$74 million vs. quarter-end February 28, 2021, net income of CA$208 million. This represents an unfavorable change of CA$282 million. February 2021 saw liquidity events for previous large investments including Verano (OTCQX:VRNOF) which resulted in significant out-performance for that period. As new investments including House of Lithium mature and progress towards liquidity events, the company anticipates strong returns in future periods.

  • Total loss from investments totaled CA$82 million for the quarter-ended February 28, 2022, compared to a gain of CA$244 million for the quarter-ended February 28, 2021. This represents an unfavorable change of CA$326 million between periods.

  • The unaudited net asset value per share is equal to CA$5.14 at February 28, 2022, vs. CA$7.12 at February 28, 2021.

“Despite a challenging quarter due to market volatility in the under-performing markets, and specifically the cannabis sector, we are beyond confident in how well SOL Global is positioned to generate growth into the future from our diversified portfolio," stated Kevin Taylor, SOL Global’s newly appointed chairman and CEO.

The company’s financial statements for the second quarter ended May 31, 2022, will be released on July 29, 2022.

Simply Better Brands (OTCQB:PKANF) and Jones Soda (OTCQB:JSDA) To Merge

Simply Better Brands Corp. and Jones Soda Co., two of the company’s core investment holdings, recently announced that they have agreed to a transaction in which SBBC will acquire all issued and outstanding common shares of Jones Soda at a deemed value of $0.75 per share, payable in fully paid and non-assessable common shares of SBBC based on a price per share equal to $3.65. In addition, SBBC has agreed to assume all of Jones Soda’s outstanding debt. The aggregate value of the transaction is approximately $98.9 million.

Photo: Courtesy of Esteban Lopez on Unsplash

Related News

SOL Global FY2021 Net Income Improves 62% To $127.33M, Divests Cannabis Assets

SOL Global Reduces Credit Facility From $50 To $30M, Announces Director Resignation