- InterCure (INCR.U) announced its financial results for the second quarter of 2022 and provided shareholders with a business update
- Record revenue of approximately $37 million, more than double the revenues of the second quarter of 2021, representing sequential growth of over 9 per cent
- Adjusted EBITDA increased 90 per cent YoY to $9 million, representing 23 per cent of revenues and 4 per cent sequential growth
- InterCure is the leading, profitable, and fastest growing cannabis company outside of North America
- Intercure Ltd. (INCR.U) is up 0.64 per cent, trading at C$6.25 per share at 12:04 pm ET
InterCure (INCR.U) announced its financial results for the second quarter of 2022 and provided shareholders with a business update.
Q2 2022 and recent financial & operating highlights:
- Record revenue of approximately $37 million, more than double the revenues of the second quarter of 2021, representing sequential growth of over 9 per cent
- Tenth consecutive quarter of high growth representing an annualized run rate of $150 million
- Adjusted EBITDA increased 90 per cent YoY to $9 million, representing 23 per cent of revenues and 4 per cent sequential growth
- Gross profit increased over 115 per cent YoY and 16 per cent sequentially to over $16 million.
- Net income of $6 million in the second quarter, representing over 160 per cent growth YoY
- Eighth consecutive quarter of positive cash flow from operations, ending the quarter with $96 million in cash
- Company expects continued increase in revenues during the third quarter of 2022 and throughout the year
- Continued market share growth during the quarter due to solid demand for Canndoc’s branded products and expansion of the company’s medical cannabis dispensing operations
- Successful opening of the first flagship Cookies retail location in Austria, located in the center of Vienna
- Continued expansion of the company’s medical cannabis dedicated pharmacy chain with the opening of InterCure’s flagship Cookies branded pharmacy in Be’er Sheva, and new pharmacy located in the northern city of Nahariya
- During the quarter, the company’s leading medical cannabis dedicated pharmacy chain included 24 retail locations across Israel, of which 16 were actively dispensing medical cannabis
- The company scaled up its cultivation and production facilities by enlarging the Southern facility’s post-harvest, nursery and grow houses
- The cultivation operation successfully added and produced 12 new highly demanded strains into its growth cycles. Post quarter, the company launched four new premium branded products, cultivated at the Southern Facility
First half 2022 financial highlights:
- Record revenue of approximately $72 million, more than 130 per cent than the revenues of first half of 2021
- Gross profit increased over 120 per cent YoY to over $30 million
- Adjusted EBITDA increased 100 per cent YoY to $17 million
- Record profit before taxes for the first half of almost $16 million, representing 188 per cent growth YoY
InterCure is is the leading, profitable, and fastest growing cannabis company outside of North America. Canndoc, a wholly owned subsidiary of InterCure, is Israel’s largest licensed cannabis producer.
Intercure Ltd. (INCR.U) is up 0.64 per cent, trading at C$6.25 per share at 12:04 pm ET.