Next Green Wave Holdings Inc. (CSE: NGW) (OTCQX: NXGWF) (“Next Green Wave”, “NGW” or the “Company”), a premium seed-to-shelf craft cannabis producer, is pleased to announce the following financial update:
High Level Q3 2021 Results
The Company has exceeded its Q3 2021 Adjusted EBITDA* projection (originally announced HERE).
In the below table, the Company has provided Revenue and Adjusted EBITDA* for the last four quarters.
In Q3 2021, the Company continued its new revenue source (“Distro Revenue”), which involves buying and selling third party flower. As the margins on Distribution Revenue are lower than Facility Revenue, the Company has chosen to provide separately, revenue and costs relating to both Distro Revenue and Facility Revenue.
The three tables below break out the following by quarter:
Total (Facility + Distro) Revenue, Costs and Adjusted EBITDA*
After an uncharacteristically down Q2 due to adjustments in our market strategy, we’ve increased revenue by over 30% quarter over quarter in Q3. Internally, we knew our Q2 results were a one-off and this earnings release is a big first step toward proving that to our valued shareholders. Additionally, the release of our 2.0 sauce carts in the coming weeks will add to our premium quality product line and further our long term high margin objectives. Combined with the fact we’ve increased flower yields by 15% year over year, we are well positioned to continue growing revenue over the next several quarters while we expand production capacity and integrate into retail. This is just the beginning!”
Michael Jennings
Chief Executive Officer, Director
Next Green Wave Holdings Inc.
