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