KushCo Holdings Fourth Quarter and Full Year Financial Results

A round up of global company, KushCo's fourth quarter and full year financial results

Fourth Quarter Summary

After a successful fourth quarter KushCo reports their net revenue increased 135% year-over-year to $47.0 million.

Moreover, on a GAAP basis, gross profit was 20.1%, compared to 18.1% in the prior year period. On a Non-GAAP basis, excluding the impact of certain non-recurring items, gross profit was approximately 22.1%.

However, on a GAAP basis, their net loss was approximately $11.5 million, compared to approximately $3.2 million in the prior year period. Basic and diluted loss per share was $0.13 compared to $0.04 in the prior year period. On a Non-GAAP basis, excluding the impact of certain non-recurring charges and gains, net loss for the quarter was $7.2 million and basic and diluted net loss per share was $0.08.

Full Year Summary

Rounding up their year, KushCo reports their net revenue increased 186% year-over-year to a record $149.0 million, enabling the Company to achieve its previously issued guidance of between $145.0 million and $150.0 million.

On a GAAP basis, gross profit was 16.5%, compared to 25.6% in the prior year. On a Non-GAAP basis, excluding the impact of certain non-recurring items, gross profit was approximately 21.3%.

Furthermore, on a GAAP basis, net loss was approximately $39.6 million, compared to a net loss of approximately $24.3 million in the prior year. Basic and diluted loss per share was $0.47 and $0.57, respectively, compared to $0.37 in the prior year. On a Non-GAAP basis, excluding the impact of certain non-recurring charges and gains, net loss for the year was $29.8 million and basic and diluted loss per share was $0.35.

Cash was approximately $3.9 million as of August 31, 2019, compared to approximately $13.5 million as of August 31, 2018. The Company secured a revolving credit facility with Monroe Capital for up to $50.0 million on August 21, 2019, and completed a $30.1 million equity offering on September 26, 2019, with total net proceeds of $27.6 million.

To learn more about KushCo Holdings visit their Company HQ here.

Disclaimer: Past performance is not an indicator of future performance.

Disclaimer: past performance is not an indicator of future performance
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Niki Mohazeb
Niki Mohazeb

Niki is a Sydney based writer, with a passion for promoting the health benefits of medicinal cannabis. Niki also enjoys researching and writing about the future of cannabis along with the many other benefits that the plant provides, such as the diverse utilities of hemp.

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