Namaste Technologies Inc.
(“
Namaste” or the “
Company”)
(TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) a
marketplace platform for cannabis and wellness products, today
reported its financial results for the year ended November 30,
2020. All financial figures are in Canadian dollars unless
otherwise indicated.
Highlights of Consolidated Financial
Results:
- Gross revenue for the fourth
quarter ended November 30, 2020 was $8.0 million
(compared to $4.0 million in the same period last year), and for
the fiscal year ended November 30, 2020 was $27.1
million (compared to $16.4 million in the fiscal year
ended November 30, 2019), representing an increase of 100% from the
same quarter last year and an increase of 65% from the prior year,
respectively.
- Net revenue for the quarter ended
November 30, 2020 was $7.2 million (compared to
$3.9 million in the same period last year), and for the fiscal year
ended November 30, 2020 was $25.1 million
(compared to $16.3 million in the fiscal year ended November 30,
2019), representing an increase of 85% from the same quarter last
year, and an increase of 54% from the prior year,
respectively.
- The $3.3 million
improvement in net revenue for the fourth quarter ended November
30, 2020 over the same quarter in the prior year ($8.8
million YTD) was primarily attributable to the increased
revenues from the sale of cannabis products.
- The Company’s net loss has shown
substantial improvement as compared to 2019. Net loss for the
fourth quarter ended November 30, 2020 was ($6.4
million) compared to a net loss of ($29.7 million) for the
fourth quarter ended November 30, 2019. Net loss for the fiscal
year ended November 30, 2020 was ($26.4 million)
compared to a net loss of ($63.2 million) in the fiscal year ended
November 30, 2019. The Company is committed to maintaining these
positive trends.
- The Company’s working capital
position remains strong at $16.5 million as at
November 30, 2020.
- Subsequent to year-end, the Company
successfully closed a $23 million bought deal
offering.
Recent Corporate
Highlights:
- Launched
CannMart.com into the USA offering Americans hemp derived CBD and
smoking accessories.
- Announced the addition of leading
licensed producers to the CannMart.com platform: Auxly Cannabis
Group, Hexo Corp and The Green Organic Dutchman Holdings
(TGOD).
- Received a standard processing
licence from Health Canada for CannMart Labs Inc., our
state-of-the-art BHO extraction facility.
- Announced expansion to broaden our
total addressable market and to evolve into a pre-eminent wellness
company, connecting consumers to their wellness needs of
tomorrow.
“We are pleased with the progress made by the
team to achieve the highest recorded quarterly revenue for the
company to date,” said Meni Morim, CEO of Namaste. “We achieved
significant year-over-year growth of revenue as cannabis sales
through CannMart’s distribution channels made an important
contribution to the revenue stream. The Company is in a strong
financial position today made possible from the considerable work
undertaken in 2020 to lay the foundation for long term growth as
Namaste continues its evolution to be the world’s foremost
personalized wellness marketplace.”
For further details, the complete Financial
Statements for the year-ended ended November 30, 2020 and the
related Management’s Discussion & Analysis can be accessed on
the Company’s SEDAR profile at www.sedar.com.
NON IFRS FINANCIAL MEASURES
Management evaluates the Company’s performance
using a variety of measures, including “Net loss before income tax,
depreciation and amortization” and “Adjusted EBITDA”. The non-IFRS
measures discussed below should not be considered as an alternative
to or to be more meaningful than revenue or net loss. These
measures do not have a standardized meaning prescribed by IFRS and
therefore they may not be comparable to similarly titled measures
presented by other publicly traded companies and should not be
construed as an alternative to other financial measures determined
in accordance with IFRS.
The Company believes these non-IFRS financial
measures provide useful information to both management and
investors in measuring the financial performance and financial
condition of the Company.
Management uses these and other non-IFRS
financial measures to exclude the impact of certain expenses and
income that must be recognized under IFRS when analyzing
consolidated underlying operating performance, as the excluded
items are not necessarily reflective of the Company’s underlying
operating performance and make comparisons of underlying financial
performance between periods difficult. From time to time, the
Company may exclude additional items if it believes doing so would
result in a more effective analysis of underlying operating
performance. The exclusion of certain items does not imply that
they are non-recurring.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ada3b7a0-52a6-4007-917b-f0c10e3ed668
(i) Current and deferred income taxes,
depreciation and amortization, and share-based compensation were
excluded from the Adjusted EBITDA calculation as they do not
represent cash expenditures.
(ii) Other income consisting of gain on disposal
of subsidiary, interest income, realized gain on disposition of AFS
investments, unrealized gain on derivatives and other miscellaneous
non-recurring income were excluded from Adjusted EBITDA
calculation.
(iii) Non-recurring costs related to
restructuring and legacy issues were excluded from Adjusted EBITDA
calculation.
(iv) Impairment loss relating to goodwill,
customer list, domains and brand names were excluded from Adjusted
EBITDA calculation.
(v) Impairment loss relating to receivable is a
provision for expected credit loss to an associate and was excluded
from Adjusted EBITDA calculation.
(vi) Share of associates loss, net of tax, is
excluded due to lack of control.
About Namaste Technologies
Inc.
Headquartered in Toronto, Canada, Namaste
Technologies is a marketplace platform for cannabis and wellness
products. At CannMart.com, the Company provides Canadian medical
customers with a diverse selection of hand-picked products from a
multitude of federally licensed cultivators and US customers with
access to hemp-derived CBD and smoking accessories. The Company
also distributes licensed and in-house branded cannabis and
cannabis derived products in Canada through a number of provincial
government control boards and retailing bodies and facilitates
licensed cannabis retailer sales online in Saskatchewan. Namaste’s
global technology and continuous innovation address local needs in
a burgeoning cannabis industry requiring smart solutions.
Information on the Company and its many products
can be accessed through the links below:
NamasteTechnologies.com
NamasteMD.com
Cannmart.com
For more information please
contact:Namaste Technologies Inc.Meni Morim, CEOEdward
Miller, VP Investor RelationsPh: 647-362-0390Email:
ir@namastetechnologies.com
Source: Namaste Technologies Inc
FORWARD-LOOKING INFORMATION – This news release
contains “forward-looking information” within the meaning of
applicable securities laws. All statements contained herein that
are not historical in nature contain forward-looking information.
Forward-looking information can be identified by words or phrases
such as “may”, “expect”, “likely”, “should”, “would”, “plan”,
“anticipate”, “intend”, “potential”, “proposed”, “estimate”,
“believe” or the negative of these terms, or other similar words,
expressions and grammatical variations thereof, or statements that
certain events or conditions “may” or “will” happen.
The forward-looking information contained
herein, including, without limitation, statements related to the
Company building the world’s first personalized wellness
marketplace and its commitment to continue to reduce its net losses
are made as of the date of this press release and is based on
assumptions management believed to be reasonable at the time such
statements were made, including, without limitation, Namaste’s
ability to maintain momentum of expanding its business, its ability
to broaden its total addressable market and to evolve into a
recognized wellness company, the Company’s expectation that the
nutraceutical and wellness market and potentially the market for
psychedelics will develop as currently anticipated, the
nutraceutical market will continue to be a multi-billion dollar
high-margin market, the introduction of new products and brands
will generate additional revenue, as well as other considerations
that are believed to be appropriate in the circumstances. While we
consider these assumptions to be reasonable based on information
currently available to management, there is no assurance that such
expectations will prove to be correct. By its nature,
forward-looking information is subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors,
including known and unknown risks, many of which are beyond our
control, could cause actual results to differ materially from the
forward-looking information in this press release. Such factors
include, without limitation: the inability of the Company to
develop its business as anticipated and to increase revenues and/or
its profitable margin on such revenues, unanticipated changes to
current regulations that would adversely impact the Company’s
business and proposed business and other regulatory risks, risks
relating to the Company’s ability to execute its business strategy
and the benefits realizable therefrom and risks specifically
related to the Company’s operations. Additional risk factors can
also be found in the Company’s current MD&A and annual
information form, both of which have been filed under the Company’s
SEDAR profile at www.sedar.com. Readers are cautioned not to put
undue reliance on forward-looking information. The Company
undertakes no obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by applicable law. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release or has in any way approved
or disapproved of the contents of this press release.
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