Harvest Health & Recreation (CSE:HARV,OTCQX:HRVSF) announced its financial results for the Q4 and fiscal year 2018.
As quoted in the press release:
“2018 continued to set records for Harvest’s growth and momentum across the United States,” said Chief Executive Officer Steve White. “Three key initiatives dictated our decisions throughout the year and will continue to be our focus in 2019: aggressively expanding our retail and wholesale footprint across the US, building, acquiring and expanding our suite of brands across our footprint and continuing to operate in a financially disciplined way, while also fueling the revenue growth of the company.”
Financial Highlights for the Fourth Quarter Ended December 31, 2018
- Total revenue was US$16.9 million, an increase of 135 [percent], compared to US$7.2 million in Q4 2017.
- Total revenue increased 52 [percent] compared to US$11.2 million in Q3 2018.
- Gross profit, excluding impact of biological assets, was US$7.2 million, an increase of 342 [percent], up from US$1.6 million in Q4 2017.
- Gross profit margin, excluding the impact of biological assets, was 42 [percent] and 23 [percent], respectively, for Q4 2018 and Q4 2017.
- Adjusted EBITDA was US$2.6 million, compared to US$2.2 million in Q4 2017.
- Net loss was US$71.1 million, for the three months ended December 31, 2018, and includes a non-recurring, non-cash fair value charge of US$50.7 million associated with convertible debt that was converted to equity during the year.