Origin House (CSE:OH) announced the financial results for the three and nine-month periods ended September 30, 2018.
As quoted in the press release:
Marc Lustig, CEO of Origin House, commented, “Last quarter, we stated that after a substantial period of building a foundation, Origin House was at the beginning of a multi-period, sustainable acceleration in revenue growth. Year-to-date, we generated record revenue, completed four transformational acquisitions and are well-capitalized to continue growing. We expect to continue delivering strong revenue growth throughout Q4, 2019 and beyond, as RVR and 180 Smoke are integrated and as we further leverage our brand development and support platform. Our view is that the next 12 months are going to be critical in determining the winners in the cannabis space. Origin House is positioned as a premier operator in the largest and most dynamic cannabis market in the world and we believe we are just at the beginning of our growth curve. We expect this platform to become increasingly difficult to replicate and therefore increasingly valuable for our shareholders as our financial results accelerate, as well as for other operators in the cannabis space that need to be in California.”
Financial Highlights – Q3 – 2018
- The following are the major financial highlights of Origin House’s operating results for the three months ended September 30, 2018, compared to the three months ended September 30, 2017:
- revenues were $6.6 million as compared to $744,302, an increase of 790 [percent];
- gross margin was $298,619 as compared $128,010, an increase of 133 [percent];
- operating expenses were $10.1 million as compared to $2.8 million, an increase of 261 [percent];
- net loss of $7.5 million as compared to $3.3 million, an increase of 128 [percent];
- net loss per basic and dilutive shares of $0.12 as compared to $0.08; and
- adjusted EBITDA loss of $4.5 million as compared to a loss of $1.8 million.