ZeroStack Corp. reported the fiscal year ended December 31, 2022 results: revenue $37.2 million, net income $52.6 million. Guidance reaffirmed.
“FY2022 Financial Highlights · For the FY2022, Flora generated $37.2 million in revenue, a 314% increase year-over-year. This was primarily driven by the House of Brands businesses. Additionally, in Q4 2022, revenue was $11.5 million, a 7% sequential increase from Q3 2022, driven primarily by organic growth. · Gross profit for FY2022 increased by 494% year-over-year to $14.4 million. · Gross margin improved year-over-year from 27% in FY2021 to 39% FY2022. · Adjusted EBITDA loss for FY2022 was $18.3 million, up from $16.5 million in FY2021. · Adjusted EBITDA margin for FY2022 improved to -49.3% from -184.2% in FY2021. · Net loss for FY2022 was $52.6 million as compared to $21.4 million for FY2021 and net loss margin for FY2022 improved to -141.6% from -237.9% in FY2021.”