Le Lézard
Classified in: Business
Subject: EARNINGS

The Flowr Corporation Announces Third Quarter 2022 Results


TORONTO, Nov. 28, 2022 (GLOBE NEWSWIRE) -- The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) ("Flowr" or the "Company") announces its financial results for the period ended September 30, 2022. All financial information in this news release is reported in thousands of Canadian dollars and represents results from continuing operations, unless otherwise indicated.

Selected highlights and financial results:

In thousands of CAD dollars, Three months ended  Nine months ended
(except loss per share and grams harvested) September 30,  September 30, 
     2022     2021     2022     2021 
Grams harvested - K1 2,881,174  1,087,657  4,113,828  3,008,380 
Grams sold 1,138,611  2,338,769  3,313,218  5,250,711 
Gross revenue 2,170  3,564  9,337  10,585 
Net revenue(1) 1,844  2,541  8,037  8,546 
Cost of sales 2,962  7,276  8,125  16,802 
Impairment of inventory 319  1  1,360  879 
Gross loss before fair value adjustments (1,437) (4,736) (1,448) (9,134)
Selling and marketing and G&A 1,912  3,632  7,599  12,427 
Share-based compensation ?  418  (321) (714)
Impairment of assets ?  ?  29  ? 
Loss from disposal of subsidiary ?  91  ?  1,150 
Net loss from continuing operations (2,998) (9,189) (27,297) (18,545)
Basic and diluted loss per share from continuing operations (0.01) (0.02) (0.06) (0.07)


Key Q3 events:

Subsequent events:

About The Flowr Corporation

The Flowr Corporation is a Canadian cannabis company with its operating campus, located in Kelowna, British Columbia. Flowr aims to support improving outcomes through responsible cannabis use and, as an established expert in cannabis cultivation, strives to be the brand of choice for consumers and patients seeking the highest-quality craftsmanship and product consistency across a portfolio of differentiated cannabis products.

For more information, please visit flowrcorp.com or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr Corporation.

On behalf of The Flowr Corporation:

Darren Karasiuk
Chief Executive Officer

CONTACT INFORMATION:

INVESTORS & MEDIA:
[email protected]
Phone Number: 250-277-2539

Forward-Looking Information:

Certain statements made in this press release may constitute "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may relate to anticipated events. Forward-looking information is current as of the date it is made and is based on reasonable estimates and assumptions made by us at the relevant time in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. We do not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. There can be no assurance that such estimates and assumptions will prove to be correct. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking information as discussed in the Company's other publicly filed documents, which can be accessed under the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 



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