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Indiva Limited (OTCMKTS: NDAF) Reports 143% YoY increase in Revenue In Q3 2021



Indiva Limited (OTCMKTS: NDAF) has announced its operating and financial results for the third quarter ending September 30, 2021.

Year to date revenue up 195%

The company reported gross revenue of $8.3 million, which was a 143% YoY increase and a 15.9% sequential increase. Year-to-date gross revenue was up 195% YoY to $25.04 million. This was the seventh consecutive quarter of the YoY net revenue increase in the company’s history.  Net revenue was up 155% YoY to $7.72 million and 15% up sequential attributed to seasonal weaknesses relative to Q2 2021, including introducing three Wana Quick SKUs and two new Bhang Chocolate SKUs. Gross profit was up 320% YoY to $2.82 million, and year-to-date, gross profit is up 31.1% to $7.08 million.

Edibles saw a 226% YoY net revenue growth to $6.92 million but were down 18% QoQ from $8.43 million. However, since August, monthly net revenue has rebounded, and since the beginning of the year, Indiva has grown net revenue by 203% to $23 million.

CEO Niel Marotta said, “We are delighted to report strong year-over-year net revenue growth, record gross profit margins in the third quarter of 2021, and positive adjusted EBITDA for the second consecutive quarter. In addition, Indiva maintained leading market share in the edibles category in the third quarter, driven by new product introductions and organic growth of existing SKUs.”

Indiva expects margin growth in Q4 2021

“Looking forward to the fourth quarter of 2021, we expect to see sequential net revenue growth based on continued organic growth, the strength of purchase orders booked to date, and expected new SKU and product introductions. We also expect to see continued margin expansion in the fourth quarter of 2021, driven by higher revenues and continued improvement in operating efficiencies. Indiva has grown its national distribution platform to all ten provinces and two territories, and is a trusted partner to all provincial wholesalers.  Looking ahead to 2022, Indiva will leverage this distribution platform, and our ability to continue to profitably scale production through our best-in-class operations, to drive continued organic growth,” concluded Marotta.

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