Debra Borchardt
Lifeist Wellness Inc. (TSXV: LFST) (OTCMKTS: NXTTF) (formerly known as Namaste Technologies) reported its financial results for the fourth quarter and the year ending November 30, 2021. Net revenue decreased 11% to $6.4 million in the quarter versus $7.2 million for the same time period in 2020. The net loss was $4.0 million in the quarter versus $6.4 million in the fourth quarter of 2020. The improvement was attributed to improved gross margins and a gain of the fair value of a convertible note receivable.
Lifeist said the decrease in revenue was driven by declines in hardware sales in Europe through Lifeist Bahamas and declines in medical cannabis sales in Canada through CannMart, all such operations having effectively ceased in 2022. The company said this was partially offset by the continued growth in sales of Canadian recreational cannabis, Australian Vapes hardware revenue which increased 15%, and Findify SaaS revenue which increased 16%. Excluding Lifeist Bahamas hardware and CannMart medical cannabis, net revenue increased by 4%. All financial figures are in Canadian dollars unless otherwise indicated.
Full Year Results
Net revenue decreased 9% to $22.8 million for the full year ending November 30, 2021, versus $25.1 million for the year ending November 30, 2020. The decrease was driven by declines in hardware sales in Europe through Lifeist Bahamas and declines in medical cannabis sales in Canada through CannMart, all such operations having effectively ceased in 2022. This was partially offset by the continued growth in FY2021 of Canadian recreational cannabis revenue which increased 25%, Findify SaaS revenue which increased 16%, and Australian Vapes hardware revenue which increased 10%, in each case in comparison to FY2020. Excluding Lifeist Bahamas hardware and medical cannabis, net revenue increased 19% compared to FY 2020. the company said that the working capital position of $16.4 million at year-end remains strong.
Added Mr. Morim, “With Mikra’s first nutraceuticals product, CELLF, a novel cellular therapeutic compound targeting systemic fatigue, already in pre-orders and our distribution, logistics and CannMart Labs businesses driving growth in our recreational B2B cannabis business, we believe we have the platform for sustainable growth.”
