- Green Rise Foods (GRF) announced the release of its interim quarter ended September 30, 2022, consolidated financial results
- Record revenue of $10.1 million compared to $7.5 million in Q3 of 2021
- Adjusted EBITDA of $4.6 million versus $3.1 million generated in 2021
- Green Rise is an expert grower in Controlled-Environment Agriculture (CEA)
- Green Rise Foods Inc. (GRF) opened trading at C$0.60 per share
Green Rise Foods (GRF) announced the release of its interim quarter, ended September 30, 2022, consolidated financial results.
Highlights for the quarter ended September 30, 2022:
- Record revenue of $10.1 million compared to $7.5 million in Q3 of 2021
- Adjusted EBITDA of $4.6 million versus $3.1 million generated in 2021
- Continued execution of labour-management programs. Labour as a percent of product sales came in at 26.6 per cent versus 29.3 per cent for Q3, 2021
- Successful integration of the 16-acre high-tech mini-pepper greenhouse range acquired on June 30, 2022. It contributed $1.5 million in Adjusted EBITDA
- Execution of an interest rate swap with the Royal Bank of Canada at an all-in rate of 5.09 per cent for a term of 5 years. This is to manage the interest rate risk on the $15.35 million in funding used to acquire the GR3 acquisition.
Highlights for the nine-month period ended September 30, 2022:
- Record revenue of $18.6 million compared to $14.5 million for the same period in the prior year
- Adjusted EBITDA of $6.1 million versus $4.8 million generated in 2021
- Labour as a percent of product sales came in at 29.5 per cent versus 32.6 per cent noted in the prior year period
Vincent Narang, the CEO of Green Rise Foods, commented on the results.
“The company continues its focus on produce yield maximization and cost containment. This has allowed the company to achieve record revenues while balancing the operational risks involved in producing fresh produce. Global inflationary pressures continue to affect all industries, and Controlled-Environment Agriculture is no different. Our immediate focus, with our marketer, is to determine the product and price mix for the 2023 growing season.”
Green Rise is an expert grower in Controlled-Environment Agriculture (CEA). It provides high-quality, consistent and reliable products to meet the growing consumer demand for locally-grown fresh produce.
Green Rise Foods Inc. (GRF) opened trading at C$0.60 per share.