Indiva Limited NDVAF NDVA reached a RRecord Net Sales for the year ended December 31, 2022 from 34.4 million Canadian dollars ($25.7 million) versus $32.2 million for the year ended December 31, 2021, which included a 6.8% more than in the previous year. Net sales growth was primarily driven by new product launches offset by lower sales of Wana sour gummy bears.

Financial Highlights of Q4 2022

• Net sales for Q4 2022 were $9.3 million, a sequential increase of 15.0% from Q3 2022 and a decrease of 0.7% from Q4 2021 year-on-year.

• Gross profit before fair value adjustments, impairments and non-recurring items was $2.7 million, or 29.3% of net sales compared to 28.9% in the third quarter of 2022 and 31.5% in the fourth quarter of 2021.

• Adjusted EBITDA was a loss of CA$556,600 compared to a loss of CA$575,800 in the fourth quarter of 2021.

• Loss and total loss were $2.8 million compared to $4.2 million in the fourth quarter of 2021.

Fiscal year 2022 performance

• Gross margin before fair value adjustments and impairments improved slightly to a record $10.4 million, or 30.2% of net sales, compared to $9.7 million, or 30.1% of net sales for the year ended December 31, 2021 ending year.

• Adjusted EBITDA decreased to a loss of $1.6 million from a loss of $495,500 a year ago.

• Impairment and one-time charges for the year totaled $2.2 million.

• The loss and total loss was $10.9 million compared to a loss of $15.2 million last year.

“We are pleased to report record revenue and gross profit for fiscal 2022. Indiva continued to be the national leader in edibles throughout 2022. In the fourth quarter, Indiva ranked 13th, according to Hifyre data^th of 164 licensed producers by consolidated market share in all categories in the five major edibles-licensed provinces. Based on units shipped, Indiva placed 3rd^approx nationwide in the fourth quarter, making Indiva one of the top suppliers to wholesalers and retailers in the province. Our sales…