false000158454900-000000000015845492023-08-092023-08-09
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): August 09, 2023 |
VILLAGE FARMS INTERNATIONAL, INC.
(Exact name of Registrant as Specified in Its Charter)
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Ontario |
001-38783 |
Not applicable |
(State or Other Jurisdiction
of Incorporation) |
(Commission File Number) |
(IRS Employer
Identification No.) |
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4700-80th Street British Columbia Canada |
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Delta, British Columbia, Canada |
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V4K 3N3 |
(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: (604) 940-6012 |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s) |
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Name of each exchange on which registered
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Common Shares, without par value |
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VFF |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 9, 2023, Village Farms International, Inc. (the “Company” or “Village Farms”) issued a press release announcing its financial results for the first quarter ended June 30, 2023. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Current Report on Form 8-K under Item 2.02, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information contained in this Current Report on Form 8-K under Item 2.02, including Exhibit 99.1, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Village Farms International, Inc. |
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Date: |
August 9, 2023 |
By: |
/s/ Stephen C. Ruffini |
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Stephen C. Ruffini
Executive Vice President and Chief Financial Officer |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Village Farms International Reports Significantly Improved Second Quarter
•Canadian Cannabis Retail Branded Sales Increase 18% Year-Over-Year (24% in Canadian Dollars), Significantly Outpacing Market Growth
•Canadian Cannabis Delivers Positive Net Income and 19th Consecutive Quarter of Positive Adjusted EBITDA
•Canadian Cannabis Maintains Top-Three Market Share Position Nationally and Takes Over Number One Market Share Position in Quebec
•Canadian Cannabis Exports Increase 189% (217% in Canadian Dollars) Year-Over-Year
•US Cannabis Delivers Sequential Revenue Growth and Positive Net Income, Adjusted EBITDA and Cash Flow
•Fresh Produce Delivers Fourth Consecutive Quarter of Significant Sequential Improvement with Positive Adjusted EBITDA
Vancouver, BC, August 9, 2023 – Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) today announced its financial results for the second quarter ended June 30, 2023. All figures are in U.S. dollars unless otherwise indicated.
Management Commentary
“The second quarter saw the continuation of strong growth in Retail Branded sales in our Canadian Cannabis business, steady performance in our U.S. Cannabis business, and marked improvement in our Fresh Produce business, all of which contributed to significantly improved financial results on both a year-over-year and sequential basis,” said Michael DeGiglio, Chief Executive Officer, Village Farms.
“Our Canadian Cannabis business delivered 24% year-over-year growth in Canadian dollar Retail Branded sales – all of which was generated organically – once again significantly outpacing expansion of the overall market. We maintained our top-three market share position nationally for the second quarter of 2023. Importantly, the business delivered these strong competitive results while generating positive net income and its 19thconsecutive quarter of positive adjusted EBITDA, which was up 97% in Canadian dollars year-over-year.”
Mr. DeGiglio continued, “The continuing standout performance of our Canadian Cannabis business is the result of a deliberate strategy and execution to win in Canada’s challenging market environment. In the last year-and-a-half we have launched seven new brands – the latest, Super Toast, last month – and more than 300 new SKUs. At the same time, we are realizing continuous production efficiencies to support future growth in Canada and internationally. Market share growth and leadership in Canada require continuous, consumer-focused innovation, and with the rock-solid foundation we have built, our undivided attention is on leveraging our leading position in dried flower and top brands to deliver new strains, products and
formats that meet the evolving preferences of the cannabis market. Finally, we are using our extensive experience in Canada to aggressively pursue international opportunities, via both export and in-country operations, delivering more than a 200% year-over-year growth in Canadian dollar sales to international markets during the second quarter.”
“In our U.S. Cannabis business, the success of our innovative new products and prudent cost management have stabilized this business. Sales for the second quarter increased sequentially, while each of net income, adjusted EBITDA and cash flow were all positive. There is no company better positioned to benefit from favourable changes in CBD regulation than Balanced Health Botanicals (“BHB”) in what we continue to believe will be a high-growth, multi-billion-dollar market. Recent positive regulatory discussions are encouraging based on BHB’s competitive advantages: a stable, profitable business with a leading online presence, DSHEA compliance, internalized manufacturing capabilities, multiple published studies and a track record of safety.”
“Our Cannabis business performance this year is strong evidence of why we continue to believe, as we have since day one, that Village Farms can be the leader for the long-term in the global cannabis industry.”
Mr. DeGiglio added, “In our Fresh Produce business, we continue to benefit from the actions we have taken under our multi-part plan to return this business to profitability as the macro-environment also improves. The result was another quarter of substantial improvement in financial performance, highlighted by an $11.6 million increase in adjusted EBITDA to positive $1.3 million, which contributed to a $16.8 million improvement and positive adjusted EBITDA for the year to date. Looking ahead, we are strengthening our operations with investments in infrastructure and AI technology, while innovating with new higher margin varieties that have been well received by retailers and consumers alike. With our strong results thus far in 2023, we continue to track toward our goal of achieving positive adjusted EBITDA for the full year.”
1. Based on estimated retail sales from HiFyre, other third parties and provincial boards.
Second Quarter Financial Highlights
(All comparable periods are for the second quarter of 2022 unless otherwise stated)
Consolidated
•Consolidated sales decreased (7%) year-over-year to $77.2 million from $82.9 million;
•Operating loss before tax improved to ($42 thousand) compared with an operating loss before tax of ($43.8 million);
•Consolidated net loss improved to ($1.4 million), or ($0.01) per share, compared with ($36.6 million), or ($0.41) per share; and,
•Consolidated adjusted EBITDA (a non-GAAP measure) improved to $4.5 million from negative ($10.3 million).
Canadian Cannabis (Pure Sunfarms and Rose LifeScience)
•Net sales decreased (6%) to $28.1 million (C$37.7 million) from $29.8 million (C$38.0 million) (a decrease of (1%) in Canadian dollars);
•Retail branded sales increased 24% (in Canadian dollars);
•International (export) sales increased 217% (in Canadian dollars);
•Net income was $1.2 million (C$1.7 million) compared with net income of $1.8 million (C$2.3 million); and,
•Adjusted EBITDA increased 78% to $4.8 million (C$6.7 million) from $2.7 million (C$3.4 million) (an increase of 97% on a constant currency basis).
U.S. Cannabis (Balanced Health Botanicals)
•Net sales were $5.3 million, with gross margin of 67%, net income of $0.2 million and adjusted EBITDA of $0.4 million.
Village Farms Fresh (Produce)
•Sales decreased (7%) to $43.8million from $47.2 million;
•Net loss improved significantly to ($0.7 million) from ($9.4 million); and,
•Adjusted EBITDA improved significantly to $1.3million from negative ($10.3 million).
Strategic Growth and Operational Highlights
Canadian Cannabis
•Maintained top-three producer market share ranking nationally for the second quarter of 20231;
•Became the number one producer for Quebec by market share for the second quarter of 20231;
•Was the number two ranked cannabis producer in the dried flower category nationally (held number one position prior to acquisition of market share by a competitor);
•Had the number one dried flower brands in the core and premium price categories (Pure Sunfarms and Soar, respectively) and the fastest growing dried flower brand in the value category (The Original Fraser Valley Weed Co.) in Canada’s largest provincial market, Ontario; and,
•Subsequent to quarter end, further expanded its brand portfolio with the addition of Super Toast, a brand focused on convenience and ready-to-go products.
1. Based on estimated retail sales from HiFyre, other third parties and provincial boards.
Canadian Cannabis Performance Summary
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(millions except % metrics) |
Three Months Ended June 30, |
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2023 |
2022 |
Change of C$ |
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C$ |
US$ |
C$ |
US$ |
|
Total Gross Sales |
$56.5 |
$42.1 |
$52.3 |
$41.0 |
+8% |
Total Net Sales |
$37.7 |
$28.1 |
$38.0 |
$29.8 |
-1% |
Total Cost of Sales |
$23.3 |
$17.3 |
$23.3 |
$18.3 |
0% |
Gross Margin |
$14.4 |
$10.8 |
$14.7 |
$11.5 |
-2% |
Gross Margin % |
38% |
38% |
39% |
39% |
+36% |
SG&A1 |
$10.5 |
$7.8 |
$10.9 |
$8.6 |
-4% |
Net income |
$1.7 |
$1.2 |
$2.3 |
$1.8 |
-26% |
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Adjusted EBITDA 2 |
$6.7 |
$4.8 |
$3.4 |
$2.7 |
+97% |
Adjusted EBITDA Margin 2 |
18% |
18% |
9% |
9% |
+100% |
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(millions except % metrics) |
Six Months Ended June 30, |
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2023 |
2022 |
Change of C$ |
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C$ |
US$ |
C$ |
US$ |
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Total Gross Sales |
$109.3 |
$80.9 |
$91.2 |
$71.7 |
+20% |
Total Net Sales |
$71.7 |
$53.2 |
$65.6 |
$51.6 |
+9% |
Total Cost of Sales |
$45.8 |
$34.0 |
$38.9 |
$30.5 |
+18% |
Gross Margin |
$25.9 |
$19.2 |
$26.7 |
$21.1 |
-3% |
Gross Margin % |
36% |
36% |
41% |
41% |
-12 |
SG&A1 |
$19.8 |
$14.7 |
$20.5 |
$15.9 |
-3% |
Net income |
$1.5 |
$1.1 |
$4.1 |
$2.8 |
-63% |
Adjusted EBITDA 2 |
$12.3 |
$8.7 |
$6.0 |
$4.8 |
+105% |
Adjusted EBITDA Margin 2 |
17% |
17% |
9% |
9% |
+89% |
1 SG&A for the three and six months ended June 30, 2023 includes share-based compensation of C$375 (US$291) and C$850 (US$663), respectively, compared with C$338 (US$219) and C$804 (US$586), respectively, for the three and six months ended June 30, 2022.
2 Adjusted EBITDA is not a recognized earnings measure and does not have a standard meaning prescribed in by GAAP.
Canadian Cannabis’ Percent of Sales by Channel
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(millions except % metrics) |
Three Months Ended June 30, |
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2023 |
2022 |
Change of C$ |
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C$ |
US$ |
C$ |
US$ |
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Retail Branded Sales |
$49.9 |
$37.2 |
$40.3 |
$31.6 |
+24% |
International Sales |
$1.9 |
$1.4 |
$0.6 |
$0.5 |
+217% |
Non-Branded Sales |
$3.9 |
$2.9 |
$10.3 |
$8.1 |
-62% |
Other |
$0.8 |
$0.6 |
$1.1 |
$0.8 |
+27% |
Less: Excise Taxes |
$(18.8) |
$(14.0) |
$(14.3) |
$(11.2) |
+31% |
Net Sales |
$37.7 |
$28.1 |
$38.0 |
$29.8 |
-1% |
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(millions except % metrics) |
Six Months Ended June 30, |
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2023 |
2022 |
Change of C$ |
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C$ |
US$ |
C$ |
US$ |
|
Retail Branded Sales |
$96.6 |
$71.7 |
$71.8 |
$56.4 |
+35% |
International Sales |
$4.1 |
$3.1 |
$0.8 |
$0.6 |
+413% |
Non-Branded Sales |
$7.1 |
$5.2 |
$16.6 |
$13.1 |
-57% |
Other |
$1.3 |
$0.9 |
$2.0 |
$1.6 |
-35% |
Less: Excise Taxes |
$(37.4) |
$(27.7) |
$(25.6) |
$(20.1) |
+46% |
Net Sales |
$71.7 |
$53.2 |
$65.6 |
$51.5 |
+9% |
Presentation of Financial Results
The Company’s financial statements for the three and six months ended June 30, 2023, as well as the comparative periods for 2022, have been prepared and presented under United States Generally Accepted Accounting Principals (“GAAP”).
RESULTS OF OPERATIONS
(In thousands of U.S. dollars, except per share amounts, and unless otherwise noted)
Consolidated Financial Performance
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Sales |
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$ |
77,212 |
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|
$ |
82,903 |
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|
$ |
141,868 |
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|
$ |
153,059 |
|
Cost of sales |
|
|
(65,713 |
) |
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|
(76,580 |
) |
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|
(118,069 |
) |
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|
(136,832 |
) |
Gross margin |
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|
11,499 |
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|
6,323 |
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|
23,799 |
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|
16,227 |
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Selling, general and administrative expenses |
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(16,753 |
) |
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|
(18,516 |
) |
|
|
(34,158 |
) |
|
|
(36,451 |
) |
Interest expense |
|
|
(1,411 |
) |
|
|
(665 |
) |
|
|
(2,544 |
) |
|
|
(1,348 |
) |
Interest income |
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|
283 |
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|
— |
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|
479 |
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|
110 |
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Foreign exchange gain (loss) |
|
|
738 |
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(527 |
) |
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|
669 |
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(208 |
) |
Other income (expense), net |
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5,602 |
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(30 |
) |
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5,632 |
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(38 |
) |
Write-off of joint venture loan |
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— |
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(592 |
) |
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— |
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|
(592 |
) |
Impairments |
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— |
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(29,799 |
) |
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|
— |
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|
|
(29,799 |
) |
Loss before taxes and loss from equity method investments |
|
|
(42 |
) |
|
|
(43,806 |
) |
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|
(6,123 |
) |
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|
(52,099 |
) |
(Provision for) recovery of income taxes |
|
|
(1,299 |
) |
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|
9,714 |
|
|
|
(1,933 |
) |
|
|
11,380 |
|
Loss including non-controlling interests and before equity losses |
|
|
(1,341 |
) |
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(34,092 |
) |
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(8,056 |
) |
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(40,719 |
) |
Less: net loss attributable to non-controlling interests, net of tax |
|
|
(39 |
) |
|
|
152 |
|
|
|
40 |
|
|
|
314 |
|
Loss from equity method investments |
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|
— |
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(2,615 |
) |
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— |
|
|
|
(2,667 |
) |
Net loss attributable to Village Farms International Inc. |
|
$ |
(1,380 |
) |
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$ |
(36,555 |
) |
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$ |
(8,016 |
) |
|
$ |
(43,072 |
) |
Adjusted EBITDA (1) |
|
$ |
4,475 |
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|
$ |
(10,308 |
) |
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$ |
4,994 |
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|
$ |
(16,419 |
) |
Basic loss per share |
|
$ |
(0.01 |
) |
|
$ |
(0.41 |
) |
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$ |
(0.07 |
) |
|
$ |
(0.49 |
) |
Diluted loss per share |
|
$ |
(0.01 |
) |
|
$ |
(0.41 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.49 |
) |
1 Adjusted EBITDA is not a recognized earnings measure and does not have a standardized meaning prescribed by GAAP. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Management believes that Adjusted EBITDA is a useful supplemental measure in evaluating the performance of the Company because it excludes non-recuring and other items that do not reflect our business performance. Adjusted EBITDA includes the Company’s 70% interest in Rose LifeScience since acquisition.
We caution that our results of operations for the three and six months ended June 30, 2023 and 2022 may not be indicative of our future performance, particularly in light of global inflation and lingering supply-chain shortages due to the Ukrainian conflict.
SEGMENTED RESULTS OF OPERATIONS
(In thousands of U.S. dollars, except per share amounts, and unless otherwise noted)
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For The Three Months Ended June 30, 2023 |
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VF Fresh
(Produce) |
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Cannabis Canada |
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Cannabis U.S. |
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Clean
Energy |
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Corporate |
|
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Total |
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Sales |
$ |
43,846 |
|
|
$ |
28,065 |
|
|
$ |
5,301 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
77,212 |
|
|
Cost of sales |
|
(46,607 |
) |
|
|
(17,349 |
) |
|
|
(1,743 |
) |
|
|
(14 |
) |
|
|
— |
|
|
|
(65,713 |
) |
|
Selling, general and administrative expenses |
|
(2,854 |
) |
|
|
(7,827 |
) |
|
|
(3,386 |
) |
|
|
(1 |
) |
|
|
(2,685 |
) |
|
|
(16,753 |
) |
|
Other income (expense), net |
|
5,135 |
|
|
|
(806 |
) |
|
|
— |
|
|
|
(19 |
) |
|
|
902 |
|
|
|
5,212 |
|
|
Operating (loss) income |
|
(480 |
) |
|
|
2,083 |
|
|
|
172 |
|
|
|
(34 |
) |
|
|
(1,783 |
) |
|
|
(42 |
) |
|
Provision for income taxes |
|
(218 |
) |
|
|
(818 |
) |
|
|
— |
|
|
|
— |
|
|
|
(263 |
) |
|
|
(1,299 |
) |
|
(Loss) income from consolidated entities |
|
(698 |
) |
|
|
1,265 |
|
|
|
172 |
|
|
|
(34 |
) |
|
|
(2,046 |
) |
|
|
(1,341 |
) |
|
Less: net (income) loss attributable to non-controlling interests, net of tax |
|
— |
|
|
|
(91 |
) |
|
|
— |
|
|
|
— |
|
|
|
52 |
|
|
|
(39 |
) |
|
Net (loss) income |
$ |
(698 |
) |
|
$ |
1,174 |
|
|
$ |
172 |
|
|
$ |
(34 |
) |
|
$ |
(1,994 |
) |
|
$ |
(1,380 |
) |
|
Adjusted EBITDA (1) |
$ |
1,330 |
|
|
$ |
4,778 |
|
|
$ |
354 |
|
|
$ |
(35 |
) |
|
$ |
(1,952 |
) |
|
$ |
4,475 |
|
|
(Loss) income per share |
$ |
(0.01 |
) |
|
$ |
0.01 |
|
|
$ |
0.00 |
|
|
$ |
(0.00 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
|
Diluted (loss) income per share |
$ |
(0.01 |
) |
|
$ |
0.01 |
|
|
$ |
0.00 |
|
|
$ |
(0.00 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended June 30, 2022 |
|
|
VF Fresh
(Produce) |
|
|
Cannabis Canada |
|
|
Cannabis U.S. |
|
|
Clean
Energy |
|
|
Corporate |
|
|
Total |
|
Sales |
$ |
47,176 |
|
|
$ |
29,793 |
|
|
$ |
5,793 |
|
|
$ |
141 |
|
|
$ |
— |
|
|
$ |
82,903 |
|
Cost of sales |
|
(56,143 |
) |
|
|
(18,285 |
) |
|
|
(1,956 |
) |
|
|
(196 |
) |
|
|
— |
|
|
|
(76,580 |
) |
Selling, general and administrative expenses |
|
(2,808 |
) |
|
|
(8,616 |
) |
|
|
(4,369 |
) |
|
|
(7 |
) |
|
|
(2,716 |
) |
|
|
(18,516 |
) |
Other expense, net |
|
(402 |
) |
|
|
(231 |
) |
|
|
(12 |
) |
|
|
— |
|
|
|
(577 |
) |
|
|
(1,222 |
) |
Write-off of joint venture loan |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(592 |
) |
|
|
(592 |
) |
Impairments |
|
— |
|
|
|
— |
|
|
|
(29,799 |
) |
|
|
— |
|
|
|
— |
|
|
|
(29,799 |
) |
Operating (loss) income |
|
(12,177 |
) |
|
|
2,661 |
|
|
|
(30,343 |
) |
|
|
(62 |
) |
|
|
(3,885 |
) |
|
|
(43,806 |
) |
Recovery of (provision for) income taxes |
|
2,827 |
|
|
|
(991 |
) |
|
|
7,025 |
|
|
|
— |
|
|
|
853 |
|
|
|
9,714 |
|
(Loss) income from consolidated entities |
|
(9,350 |
) |
|
|
1,670 |
|
|
|
(23,318 |
) |
|
|
(62 |
) |
|
|
(3,032 |
) |
|
|
(34,092 |
) |
Less: net loss attributable to non-controlling interests, net of tax |
|
— |
|
|
|
152 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
152 |
|
Loss from equity method investments |
|
— |
|
|
|
— |
|
|
|
(331 |
) |
|
|
— |
|
|
|
(2,284 |
) |
|
|
(2,615 |
) |
Net (loss) income |
$ |
(9,350 |
) |
|
$ |
1,822 |
|
|
$ |
(23,649 |
) |
|
$ |
(62 |
) |
|
$ |
(5,316 |
) |
|
$ |
(36,555 |
) |
Adjusted EBITDA (1) |
$ |
(10,282 |
) |
|
$ |
2,743 |
|
|
$ |
(633 |
) |
|
$ |
(63 |
) |
|
$ |
(2,073 |
) |
|
$ |
(10,308 |
) |
(Loss) income per share |
$ |
(0.11 |
) |
|
$ |
0.02 |
|
|
$ |
(0.29 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.41 |
) |
Diluted (loss) income per share |
$ |
(0.11 |
) |
|
$ |
0.02 |
|
|
$ |
(0.29 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.41 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Six Months Ended June 30, 2023 |
|
|
VF Fresh
(Produce) |
|
|
Cannabis Canada |
|
|
Cannabis U.S. |
|
|
Clean
Energy |
|
|
Corporate |
|
|
Total |
|
Sales |
$ |
78,413 |
|
|
$ |
53,177 |
|
|
$ |
10,278 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
141,868 |
|
Cost of sales |
|
(80,559 |
) |
|
|
(34,007 |
) |
|
|
(3,482 |
) |
|
|
(21 |
) |
|
|
— |
|
|
|
(118,069 |
) |
Selling, general and administrative expenses |
|
(5,770 |
) |
|
|
(14,675 |
) |
|
|
(7,003 |
) |
|
|
(30 |
) |
|
|
(6,680 |
) |
|
|
(34,158 |
) |
Other income (expense), net |
|
4,591 |
|
|
|
(1,410 |
) |
|
|
3 |
|
|
|
(19 |
) |
|
|
1,071 |
|
|
|
4,236 |
|
Operating (loss) income |
|
(3,325 |
) |
|
|
3,085 |
|
|
|
(204 |
) |
|
|
(70 |
) |
|
|
(5,609 |
) |
|
|
(6,123 |
) |
Recovery of (provision for) income taxes |
|
8 |
|
|
|
(1,956 |
) |
|
|
— |
|
|
|
— |
|
|
|
15 |
|
|
|
(1,933 |
) |
(Loss) income from consolidated entities |
|
(3,317 |
) |
|
|
1,129 |
|
|
|
(204 |
) |
|
|
(70 |
) |
|
|
(5,594 |
) |
|
|
(8,056 |
) |
Less: net loss (income) attributable to non-controlling interests, net of tax |
|
— |
|
|
|
(60 |
) |
|
|
— |
|
|
|
— |
|
|
|
100 |
|
|
|
40 |
|
Net (loss) income |
$ |
(3,317 |
) |
|
$ |
1,069 |
|
|
$ |
(204 |
) |
|
$ |
(70 |
) |
|
$ |
(5,494 |
) |
|
$ |
(8,016 |
) |
Adjusted EBITDA(1) |
$ |
335 |
|
|
$ |
8,688 |
|
|
$ |
203 |
|
|
$ |
(71 |
) |
|
$ |
(4,161 |
) |
|
$ |
4,994 |
|
(Loss) income per share |
$ |
(0.03 |
) |
|
$ |
0.01 |
|
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.08 |
) |
Diluted (loss) income per share |
$ |
(0.03 |
) |
|
$ |
0.01 |
|
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Six Months Ended June 30, 2022 |
|
|
VF Fresh
(Produce) |
|
|
Cannabis Canada |
|
|
Cannabis U.S. |
|
|
Clean
Energy |
|
|
Corporate |
|
|
Total |
|
Sales |
$ |
88,525 |
|
|
$ |
51,562 |
|
|
$ |
12,836 |
|
|
$ |
136 |
|
|
$ |
— |
|
|
$ |
153,059 |
|
Cost of sales |
|
(101,782 |
) |
|
|
(30,544 |
) |
|
|
(4,287 |
) |
|
|
(219 |
) |
|
|
— |
|
|
|
(136,832 |
) |
Selling, general and administrative expenses |
|
(5,948 |
) |
|
|
(15,916 |
) |
|
|
(8,760 |
) |
|
|
(39 |
) |
|
|
(5,788 |
) |
|
|
(36,451 |
) |
Other (expense) income, net |
|
(432 |
) |
|
|
(977 |
) |
|
|
(12 |
) |
|
|
(6 |
) |
|
|
(57 |
) |
|
|
(1,484 |
) |
Write-off of joint venture loan |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(592 |
) |
|
|
(592 |
) |
Impairments |
|
— |
|
|
|
— |
|
|
|
(29,799 |
) |
|
|
— |
|
|
|
— |
|
|
|
(29,799 |
) |
Operating (loss) income |
|
(19,637 |
) |
|
|
4,125 |
|
|
|
(30,022 |
) |
|
|
(128 |
) |
|
|
(6,437 |
) |
|
|
(52,099 |
) |
Recovery of (provision for) income taxes |
|
4,542 |
|
|
|
(1,630 |
) |
|
|
7,025 |
|
|
|
— |
|
|
|
1,443 |
|
|
|
11,380 |
|
(Loss) income from consolidated entities |
|
(15,095 |
) |
|
|
2,495 |
|
|
|
(22,997 |
) |
|
|
(128 |
) |
|
|
(4,994 |
) |
|
|
(40,719 |
) |
Less: net loss attributable to non-controlling interests, net of tax |
|
— |
|
|
|
314 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
314 |
|
Loss from equity method investments |
|
— |
|
|
|
— |
|
|
|
(383 |
) |
|
|
— |
|
|
|
(2,284 |
) |
|
|
(2,667 |
) |
Net (loss) income |
$ |
(15,095 |
) |
|
$ |
2,809 |
|
|
$ |
(23,380 |
) |
|
$ |
(128 |
) |
|
$ |