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Mittwoch, 09.11.2022 07:00 von PR Newswire | Aufrufe: 251

Village Farms International Reports Third Quarter 2022 Financial Results

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PR Newswire

VANCOUVER, BC, Nov. 9, 2022

Village Farms' Canadian Cannabis Business Becomes #3 Producer in Canada Across All Product Categories for Third Quarter and #1 in October¹
Canadian Cannabis Retail Branded Sales Increased 46% Year-Over-Year and 26% Sequentially
Quebec Business, Rose LifeScience, Becomes #2 LP in Quebec in October²
Canadian Cannabis Launches Soar, Its Third Major New Brand This Year
Completion of Continuance into the Province of Ontario

VANCOUVER, BC, Nov. 9, 2022 /PRNewswire/ - Village Farms International, Inc. ("Village Farms" or the "Company") (NASDAQ: VFF) (TSX: VFF) today announced its financial results for the third quarter ended September 30, 2022. All figures are in U.S. dollars unless otherwise indicated.

Management Commentary

"The strong performance in our Canadian Cannabis business in the third quarter reflects the successful execution of our growth strategy and investments as we achieved another sales record, outstanding growth in retail sales, and our 16th consecutive quarter of positive adjusted EBITDA," said Michael DeGiglio, Chief Executive Officer, Village Farms. "Our growth in retail branded sales continues to be driven by multiple factors. Pure Sunfarms, which remains the best-selling dried flower-brand nationwide, grew market share with consumer-preferred innovations. We launched the first SKUs in our new brand targeting the value segment of the market, The Original Fraser Valley Weed Co., which has already contributed to expanding our number one dried flower market share positions in BC and Alberta. In Quebec, Rose LifeScience became the number two selling licensed producer in October, less than one year after our majority acquisition, as it launched new products across its brands, including the highly successful Promenade brand in collaboration with Pure Sunfarms. All of this contributed to Village Farms becoming the number one selling cannabis company in Canada across all product categories in October."

"As our spending on major brand launches subsides and with completion of our investment in 100% hang-dry product, we remain focused on prudent cost management to further enhance profitability over the near- and long-terms and invest in future growth. We continue to refine our operating model to further expand our leading market share and profitability status. We expect to contribute to industry growth through consumer-led innovation like our new Soar brand being unveiled this week."

"In our U.S. Cannabis business, Balanced Health Botanicals continues to perform well despite the challenging consumer environment. We remain focused on cultivating our customer base and managing our costs as we pursue new sales opportunities and introduce new products such as the recently launched second product in the Synergy+ line, Deep Sleep Synergy+."

"Internationally, we continue to steadily move forward on multiple opportunities in select additional markets. Sales to Australia have accelerated through this year spurred by market growth and consumer brand affinity, with third quarter sales more than tripling from the first quarter of this year. We continue to progress towards commencing shipments to Israel and Germany. And in the Netherlands, where we hold just one of ten cultivation licenses granted under the Closed Cannabis Supply Chain Experiment in that country, we are advancing our plan to directly participate in what is expected to be the first major European market to permit large-scale cannabis cultivation and distribution for recreational purposes."

"Our Fresh Produce business continues to be impacted by a number of significant pressures including input cost inflation, adequate supply of product, which has challenged our ability to pass on higher costs to customers, and the ongoing challenges of the Brown Rugose tomato virus that is impacting growers globally. We are encouraged by the progress of the operational review we initiated late summer of this year with the goal of optimizing the profitability of this business. We believe strongly in the potential of these operations, especially for their optionality and considerably greater value as part of our cannabis strategy in a national or Texas state legal cannabis market in which we can participate."

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Village Farms International

1,38 $

-9,80%

1. Based on estimated retail sales from HiFyre and Weed Crawler, as of October 31, 2022.

2. Based on estimated retail sales from Weed Crawler, as of October 31, 2022.

THIRD QUARTER 2022 FINANCIAL HIGHLIGHTS
(All comparable periods are for the third quarter of 2021)

Consolidated

Consolidated sales were $71.1 million, a decrease of (2)% from $72.4 million; on a constant currency basis, consolidated sales were essentially unchanged from the previous year;
Consolidated net loss was ($8.7 million), or ($0.10) per share compared with net income of $0.8 million), or $0.01 per share; and,
Consolidated adjusted EBITDA was negative ($2.2 million) compared with positive adjusted EBITDA of $6.9 million.

Cannabis Segment

Total Cannabis segment net sales increased 14% year-over-year to $35.5 million, representing 50% of total Village Farms sales; and
Total Cannabis segment adjusted EBITDA was $5.4 million compared with $9.4 million.

Canadian Cannabis (Pure Sunfarms and Rose LifeScience)

Canadian Cannabis net sales increased 15% to a record $30.4 million (C$38.0 million), with a gross margin of 32% (within the Company's stated target range) and adjusted EBITDA of $5.4 million (C$6.7 million); and,
Canadian Cannabis retail branded sales increased 46% year-over-year and 26% sequentially.

U.S. Cannabis (Balanced Health Botanicals and VF Hemp)

U.S. Cannabis net sales were $5.1 million, with a gross margin of 69% and adjusted EBITDA of nil compared with net sales of $3.9 million, with a gross margin of 68% and adjusted EBITDA of $0.7 million. (Comparative results for the third quarter of 2021 include the contribution of Balance Health for the period August 16 through September 30 following the acquisition of Balanced Health Botanicals by Village Farms.)

Village Farms Fresh (Produce)

Sales were $35.5 million compared with $41.0, primarily due to lower volumes (including a lower percentage of higher priced specialty tomatoes), and adjusted EBITDA was negative ($4.9 million) compared with $1.3 million.

STRATEGIC GROWTH AND OPERATIONAL HIGHLIGHTS

Canadian Cannabis

Total Canadian Cannabis market share grew steadily throughout the quarter and continued in October, marking four straight months of expansion, with Village Farms becoming the third best-selling cannabis producer in Canada across all product categories for the third quarter and was the top-selling cannabis producer in Canada across all product categories in October¹;
Pure Sunfarms maintained its number one brand position for dried flower in Canada and continued to expand its market share in key provinces like Ontario, Alberta and British Columbia;
Rose LifeScience expanded market share of its brands in Quebec becoming the number two licensed producer in Quebec in October[2], driven by the Promenade, Pure Laine Cannabis and Tam Tams brands;
The roll-out of our second BC-grown brand, The Original Fraser Valley Weed Co., focused on the value segment of the market, contributed to market share expansion in BC and Alberta, and was recently launched in Ontario;
The Pure Sunfarms brand expanded into the provinces and territories of Yukon, Northwest Territories, New Brunswick, Newfoundland and Labrador while Rose LifeScience launched select brands in the provinces and territories of Yukon, Northwest Territories and New Brunswick; and,
Pure Sunfarms placed number 17 of 430 companies, and was ranked the fastest growing cannabis company, by The Globe and Mail Report on Business' 2022 ranking of Canada's Top Growing Companies.

U.S. Cannabis

Balanced Health Botanicals launched the second product in its Synergy+ line. Deep Sleep Synergy+ is positioned to help customers fall asleep, and stay asleep, using plant-based ingredients to promote a refreshing slumber.

International Cannabis

Sales to Australia during the third quarter more than tripled from the first quarter of 2022 by both volume and dollars.

3. Based on estimated retail sales from HiFyre and Weed Crawler, as of October 31, 2022.

4. Based on estimated retail sales from Weed Crawler, as of October 31, 2022.

CANADIAN CANNABIS FINANCIAL PERFORMANCE SUMMARY

(millions except % metrics)	Three Months Ended September 30,
	2022		2021		Change of C$
	C$	US$	C$	US$
Total Gross Sales	$59.6	$45.5	$45.6	$36.2	+31 %
Total Net Sales	$39.8	$30.4	$34.5	$27.4	+15 %
Total Cost of Sales ¹	$26.8	$20.5	$19.5	$15.5	-38 %
Gross Margin ¹	$12.9	$9.9	$15.0	$11.9	-14 %
Gross Margin %¹	32 %	33 %	44 %	44 %	-25 %
SG&A	$10.1	$7.6	$6.7	$5.3	-51 %
Share-based compensation	$0.4	$0.3	$0.2	$0.2	-74 %
Net income	$0.2	$0.2	$6.7	$5.7	-97 %
Adjusted EBITDA²	$6.7	$5.4	$11.1	$8.8	-40 %
Adjusted EBITDA Margin²	17 %	18 %	32 %	32 %	-47 %

(millions except % metrics)

Nine Months Ended September 30,

2022

2021

Change of C$

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