Australis Capital Inc (CSE:AUSA, OTCQB:AUSAF), doing business as Audacious, said its revenue increased over 1,200% during the 2022 fiscal year driven by core business sales and the launch of new brands and product lines.
For the fiscal year ended March 31, 2022, the company reported revenue of $9.5 million, compared to $0.7 million in the 2021 fiscal year.
The company also noted that its gross profit had turned positive at $5.9 million, compared to a loss of $0.2 million in the 2021 fiscal year, which Audacious attributed to its subsidiary ALPS’ results and Green Therapeutics-related management fee income.
READ: Audacious announces progress towards obtaining full adult-use cannabis license in New Jersey
Audacious CEO Terry Booth said, during fiscal 2022, the company had developed a number of unique assets, from its award-winning brands to its early mover initiatives in Thailand and New York state.
“With our recently granted provisional license in New Jersey, where we are progressing towards conversion into a full adult-use license, we believe we have assembled a portfolio of assets, the value of which is well in excess of what the market currently values us at,” he said.
“With our recently announced credit line and further capitalization initiatives underway, we believe Audacious is positioned exceptionally well to benefit from the strong anticipated growth on the US East Coast, as well as internationally."
For the 2022 fiscal year, the company posted a net loss of $51.5 million or $0.20 per share, compared to a net loss of $25.8 million or $0.14 per share in the previous fiscal year.
Audacious reported an operating loss of $19.4 million, up from $14 million in the 2021 fiscal year, which the company attributed to higher personnel and administrative costs related to ALPS, as well as investments in new product lines and initiatives related to expansion in other states.
Audacious is a next-generation multi-state operator growing the cannabis industry of tomorrow from the ground up.
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