Indiva Reports Third Quarter Fiscal 2019 Results

Indiva (TSXV:NDVA,OTCQX:NDVAF) announced on Monday (December 2) its financial and operating results for the third quarter ended September 30, 2019.

As quoted in the press release:

KEY OPERATING RESULTS AND HIGHLIGHTS FROM Q3 2019

• Net revenues were $185,539 in Q3 2019 versus nil in Q3 2018. Total revenue for nine months ended September 30, 2019, equaled $600,408.

• Gross margin, before fair value adjustments, was $26,816, which was slightly down from the prior quarter of $46,286 due to higher input costs.

• Net loss increased from $2.3 million in Q2 2019 to $2.6 million. The increased losses resulted from higher operating expenses as the business grew in anticipation of the Company’s launch of derivatives, including extract and edible products.

• Total assets increased to $31.0 million from $30.2 million from Q2 2019.

• Inventory increased significantly from $1.7 million at Q2 2019 to $4.6 million. This increase resulted from Indiva preparing to deliver edible products upon receipt of its edibles, extracts and topicals sales amendment.

• On July 24, 2019, Indiva announced that it received approval to distribute dry flower, pre-rolls and capsules to Quebec.

• On August 7, 2019, Indiva announced that it entered into a definitive agreement to provide extraction services to TerrAscend. Under the terms of the agreement, TerrAscend committed to providing a minimum of 800 kg per year of dry flower to Indiva for extraction.

Click here to read the full press release.