Item 9 Labs Corp (OTCMKTS: INLB) has announced its fiscal Q1 2022 financial results for the quarter ended December 31, 2021.
Item 9 Labs reported revenue of $6.2 million in Q1 2022
The company reported 104% growth in revenue to $6.2 million, with gross profit increasing 68% to $2.4 million. The gross margin was strong at 39%, while the operating loss was $2.1 million relative to the operating loss of $0.4 million a year before. Item 9 Labs reported a net loss of $3.3 million, which included a net loss of $1.2 million of interest expenses with $75,000 of the amount paid in cash. Adjusted EBITDA loss was $1.2 million, and the company had $12.8 in escrow deposits for expansion.
During the quarter, the company broke ground on an expansion of a growing lab facility in Arizona. The company has been growing, producing and processing cannabis products at the 19,200 sq. ft. facility sitting on five acres in Coolidge, Arizona. Recently the company purchased an additional 45 acres adjacent to the facility to increase operations space to 640,000 sq. ft. the company anticipates completing the initial development phase by the summer of 2022.
CEO Andrew Bowden commented, “Demand remains strong for Item 9 Labs in Arizona, and we anticipate it will only accelerate more. Our elevated mainstream brand is currently in more than 50% of the state’s dispensaries and we anticipate expansion into new markets in the year ahead through partnerships and acquisitions to bring our award-winning products to Unity Rd. shops nationwide.”
Item 9 Labs expanding in Colorado
Besides Arizona, the company is also expanding in Colorado, where it executed an Asset Purchase Agreement to expand its dispensary chain, Unity Rd. The company seeks to purchase and convert cannabis retail stores, train local teams, and sell the business to new franchise partners. In October, the company executed an Asset Purchase Agreement with a dispensary license and storefront located in Colorado.
Chief Franchise Officer Mike Weinberger commented, “Continued legalization and awareness of our dispensary franchise opportunity is keeping our development pipeline robust. Unity Rd. now has a franchised shop open in Boulder, Colorado.”
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