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Lifeist Q2 2022 Revenue Decreases 15% YoY, Here Are The Details

Lifeist Wellness Inc.’s (OTCQB: NXTTF) (TSXV:LFST) (FRANKFURT:M5B) net revenue decreased 15% to CA$4.1 million in Q2 2022 compared to CA$4.9 million in Q2 2021.

Benzinga · 07/28/2022 08:55

Lifeist Wellness Inc.’s (OTCQB:NXTTF) (TSXV:LFST) (FRANKFURT:M5B) net revenue decreased 15% to CA$4.1 million in Q2 2022 compared to CA$4.9 million in Q2 2021.

Q2 2022 Financial Highlights

  • Gross margin was CA$700,000 (16% of net revenue) in Q2 2022 compared to CA$400,000 (7%) in Q2 2021. The increase in gross profit in Q2 2022 represents the company’s fourth highest quarterly gross profit, despite the loss of two months of sales by Australian Vaporizers.

  • Adjusted EBITDA loss was CA$4.5 million in Q2 2022 compared to a loss of CA$5.4 million in Q2 2021.

  • Net loss was CA$3.9 million in Q2 2022 compared to CA$6.4 million in Q2 2021, due to improved gross margins, lower operating expenses, and a gain on sale of CA$900,000 in the quarter from the disposition of the company’s subsidiary Findify AB on May 25, 2022.

“The Australian floods dampened what was otherwise a solid quarter for Lifeist,” stated Meni Morim, CEO of Lifeist. “While it’s been a difficult period for the broader cannabis industry, we’re generating measurable success and establishing a path to profitability for our recreational cannabis distribution platform. Meanwhile, while encountering industry-wide supply chain disruption challenges, our nutraceuticals business was still able to achieve the correct acquisition and retention metrics to enable profitable growth and I expect this execution in the coming quarters. As for Australian Vaporizers, following the effects of the devastating flood, the business re-opened its doors in May and generated sales operating metrics consistent with pre-shutdown levels, and that normally positive performance has continued into fiscal Q3 2022.”

Cash and cash equivalents were CA$6.6 million as of May 31, 2022, compared to CA$12.6 million as of November 30, 2021.

Photo by Mackenzie Marco on Unsplash

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