Staff
Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) also known as Audacious, has delivered its financials and management discussion and analysis for its fiscal second quarter of fiscal 2022 (the year ending March 31, 2022), the period ending September 30, 2021. Australis reported total revenues increased 2,068% year over year to $2.3 million and increased 31% from $1.73 million in the first fiscal quarter of 2021.
The company reported a net loss of $(4.32) million, or $(0.02) per share, compared to a net loss of $(5.82) million, or $(0.03) per share, in the second quarter of 2021, and a net loss of $(9.67) million, or $(0.04) per share in the first quarter of 2022. The prior year’s net loss was higher due to settlement costs and the net loss for the first fiscal quarter of 2022 was higher due to a decline in investment values.
“On a pro forma basis, we continue to record stellar growth with revenues increasing 2,700% year-over-year, and further strengthened our gross margins through the successful integration of our ALPS subsidiary,” said CEO Terry Booth. “Our financial results are a direct result of the strength of our unique and differentiated business model, which centers on partnering with leading cannabis brands and building our portfolio of integrated cannabis operations to strategically expand our US and global footprint. Our ability to form synergies across cannabis operations under the leadership of an experience C-suite, supported by a team of seasoned cannabis and CPG executives, crop consultants, engineers and genetics experts, continues to drive our success and we are well-positioned to explore opportunities that will further our position as a leading multi-state operator. We remain focused on our capital-light business model and following a proven path to success by scaling our operations and streamlining costs while entering new high-growth cannabis markets.”
Looking Ahead
The company said its working capital as of September 30, 2021, was $7.40 million as compared to $16.42 million as of March 31, 2021. Australis believes it will have sufficient cash and resources to fund its business objectives for the next twelve months.
Australis also said that it expects to have continued strong growth and is forecasting third-quarter revenues north of $3 million. “In the months ahead, AUDACIOUS will continue to execute on its strategy with further growth in its current markets and anticipates entering into new jurisdictions, including New York State, New Jersey, and others, as well as further expansion of its product line portfolio. Additionally, the company will be pursuing multiple initiatives to increase production volume, further driving growth.”
