Toronto-based cannabis retailer Fire & Flower ended its 2022 fiscal year with a loss of 89.5 million Canadian dollars ($66 million), according to financial and operational results released Tuesday.
The company revised its fiscal year end to Dec. 31, so the 2022 fiscal year included only 48 weeks.
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Total revenue declined to CA$156 million in the shortened fiscal year. Last year, Fire & Flower’s revenue was CA$175.5 million.
Fire & Flower’s earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) was a loss of CA$15 million, compared with a gain of CA$5.1 million in the previous fiscal year.
Adjusted EBITDA also strips out things such as finance income, gains and losses related to derivative liability revaluations as well as debt extinguishments.
The company launched its so-called Get-to-Green initiative earlier in 2022, with goals of:
Increasing sales and gross profit. Reducing selling, general and administrative expenses.
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