Australis Capital Inc. (OTCMKTS: AUSAF) has announced the filing of interim financial statements and MD&A for Q1 fiscal 2022 for the quarter ended June 30, 2021. The company operates as AUDACIOUS.
Revenue was $1.7 million driven by ALPS revenue
AUSA revenues totaled $1.7 million, greatly exceeding revenues in an entire fiscal year since creation, thanks to management fee income from Green Therapeutics (“GT”) and a full quarter of ALPS consulting revenues. Revenues increased by 2,652 % YoY in Q1 and 266% QoQ. On a pro forma basis, ALPS revenues increased by 90% QoQ. The company acquired ALPS on March 9, 2021.
The gross margin was 62%, climbing to $1.1 million, representing a YoY growth of 1,814% attributed to strong ALPS consulting revenue and management fee income linked to GT. After the transfer of the pending license from GT to the company gets approval in Nevada to finalize the GT acquisition, the company will start reporting margins from the cannabis segment. Net loss during the quarter was $9.5 million or $0.04 per share due to the decline in Body and Mind share price in Q1. Without factoring in the BaM shares held, the company’s adjusted EBITDA was comparable to last year.
Australis poised to expand to new jurisdictions
Australis CEO Terry Booth said, “Continuing the strong performance recorded in Q4 of fiscal 2021, AUSA has transformed itself into a rapidly growing MSO in the U.S. cannabis space. With revenues soaring by over 2,600% over last year, improving gross margin and adjusted EBITDA, we are showing the power of our execution on a unique strategy. This is just the beginning. We are exceptionally well positioned with operations in new jurisdictions coming online, new brands launched, and a number of very interesting transactions and partnerships progressing well towards signing. Going forward, shareholders can expect AUDACIOUS to continue transforming the business and execute towards becoming a unique and uniquely successful MSO.”