- good natured Products (GDNP) has announced financial results for Q3 2022
- Revenue increased 45 per cent to $26.2 million, up from $18 million in Q3 2021
- Net working capital improved to $19.6 million as of September 30, 2022, compared to $12.4 million YoY in 2021
- The company ended Q3 with a net loss of $2.1 million, up from a net loss of $2.9 million in Q3 2021
- good natured Products offers over 400 plant-based products and services
- good natured (GDNP) closed up by 2.04 per cent, trading at $0.25 per share
good natured Products (GDNP) has announced financial results for Q3 2022.
Q3 highlights:
- Revenue increased 45 per cent to $26.2 million, up from $18 million in Q3 2021. YTD revenue increased 103 per cent to $77.7 million, up from $38.3 million YoY in 2021
- Variable gross profit increased 75 per cent to $9.1 million, representing a variable gross margin of 34 per cent, up from $5.2 million and 29 per cent for Q3 2021. Variable gross profit for YTD 2022 increased 101 per cent to $25.6 million, up from $12.7 million YoY in 2021
- Gross profit increased 78 per cent to $7.1 million, representing a gross margin of 27 per cent, compared to $4 million and 22 per cent in Q3 2021. Gross profit for YTD 2022 increased 99 per cent to $20.5 million, up from $10.3 million YoY in 2021
- SG&A for Q3 2022 and YTD 2022 was $4.6 million and $13 million, up from $3.8 million and $8.7 million in 2021
- Cash from operating activities for YTD 2022 was $0.5 million, up from $12.1 million spent YoY in 2021
- Net working capital improved to $19.6 million as of September 30, 2022, compared to $12.4 million YoY in 2021
- Adjusted EBITDA for Q3 2022 and YTD 2022 was $0.8 million and $3 million, respectively, compared to a loss of $0.6 million for Q3 2021 and YTD 2021
- The company ended Q3 with a net loss of $2.1 million, up from a net loss of $2.9 million YoY. Net loss for YTD 2022 was $6.7 million, up from a net loss of $8.5 million for YTD 2021
“Q3 2022 illustrates the significant progress we’re making toward leveraging our investments in internal production capabilities, productivity initiatives and revenue and margin mix to drive a greater percentage of revenue contribution from higher-margin product categories,” stated Paul Antoniadis, good natured’s CEO.
“While broader macroeconomic conditions have remained challenging, we believe demand for sustainable, earth-friendly products, especially within staple goods categories like food packaging, will remain resilient,” he added.
good natured Products offers over 400 plant-based products and services focused on rapidly renewable resources instead of fossil fuels.
good natured (GDNP) closed up by 2.04 per cent, trading at $0.25 per share.