par Wildpack Beverage Inc (NASDAQ:WLDPF)
Wildpack Beverage Announces Strong Growing Q2 2023 Financial Results
Second Quarter 2023 Highlights (in USD):
- Q2 2023 Sales Revenue grew 70% to $15.18 million compared to $8.91 million in Q2 2022.
- Production volume for Q2 2023 grew 118% to 110.63 million cans compared to 50.75 million cans in Q2 2022.
- Plant Utilization in Q2 2023 grew to 45.3% from 31.9% in Q2 2022.
- Gross Profit in Q2 2023 reached a record 16.55% compared to 4.49% in Q2 2022.
- Confirmed Customer Orders grew 11.5% in Q2 2023 to $22.87 million from $20.52 million the previous quarter.
VANCOUVER, BC / ACCESSWIRE / August 29, 2023 / Wildpack Beverage Inc. (TSXV:CANS)(OTC PINK:WLDPF) ("Wildpack Beverage" or the "Company") a leading US middle market co-packer of canned goods announces unaudited financial results for the second quarter ("Q2") ending June 30, 2023. All currencies referenced herein are US Dollars, unless otherwise indicated.
"The momentum we built in Q1 2023 carried into a strong growing Q2 from an operation and sales standpoint," commented Mitch Barnard, CEO of Wildpack Beverage. "The thesis we have long been committed to is that higher volume throughput would drive up gross profit, as the business is subject to considerable operating leverage on its fixed assets. In Q2 we began to realize that, while also continuing to push towards greater efficiencies in operations and broadening our customer base."
Q2 2023 Condensed Consolidated Interim Statements of Loss & Comprehensive Loss (Unaudited)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| (Restated, note 20) | (Restated, note 20) | ||||||||||||||
Sales | $ | 15,181 | $ | 8,911 | $ | 27,794 | $ | 17,440 | |||||||
Cost of sales | |||||||||||||||
Production costs | 12,098 | 7,959 | 23,503 | 15,695 | |||||||||||
Depreciation and amortization | 571 | 552 | 1,163 | 1,309 | |||||||||||
Cost of sales | 12,669 | 8,511 | 24,666 | 17,004 | |||||||||||
Gross profit | 2,512 | 400 | 3,128 | 436 | |||||||||||
Operating expenses | |||||||||||||||
Selling | 1,034 | 713 | 1,895 | 1,306 | |||||||||||
Salaries, wages, and benefits | 1,732 | 1,782 | 3,425 | 3,667 | |||||||||||
Depreciation and amortization | 934 | 963 | 1,833 | 1,890 | |||||||||||
Office and administrative | 786 | 390 | 1,183 | 920 | |||||||||||
Share-based compensation | 512 | 80 | 532 | 181 | |||||||||||
Professional fees | 563 | 765 | 887 | 922 | |||||||||||
Bad debt | 78 | 107 | 380 | 126 | |||||||||||
Other operating | 131 | (104 | ) | 292 | (188 | ) | |||||||||
Operating expenses | 5,770 | 4,696 | 10,427 | 8,824 | |||||||||||
Other expenses | |||||||||||||||
Bank and finance charges | 155 | 7 | 156 | 21 | |||||||||||
Interest on long-term debt | 1,818 | 1,420 | 3,127 | 2,520 | |||||||||||
Interest on lease obligations | 97 | 191 | 259 | 393 | |||||||||||
Loss on derivative asset | - | 18 | - | 153 | |||||||||||
Foreign exchange loss | (2 | ) | - | 9 | - | ||||||||||
Other expenses | 2,068 | 1,636 | 3,551 | 3,087 | |||||||||||
Net loss | $ | (5,326 | ) | $ | (5,932 | ) | $ | (10,850 | ) | $ | (11,475 | ) | |||
Other comprehensive income (loss) | |||||||||||||||
Items that may be reclassified to profit or loss: | |||||||||||||||
Foreign currency on translation (loss) gain | (698 | ) | 861 | (641 | ) | 821 | |||||||||
TOTAL COMPREHENSIVE LOSS | $ | (6,024 | ) | $ | (5,071 | ) | $ | (11,491 | ) | $ | (10,654 | ) | |||
Weighted average number of common shares outstanding | 112,215,655 | 101,216,367 | 111,804,309 | 101,139,935 | |||||||||||
Loss per share - basic | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.10 | ) | $ | (0.11 | ) | |||
Loss per share - diluted | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.10 | ) | $ | (0.11 | ) | |||
Q2 2023 Condensed Consolidated Interim Statement of Cashflows (Unaudited)
| Six months ended | Six months ended | ||||
| June 30, | June 30, | ||||
| 2023 | 2022 | ||||
| (Restated, note 20) | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net loss | (10,850 | ) | $(11,475 | ) | |
Adjustments for items not affecting cash: | |||||
Depreciation and amortization | 2,928 | 3,126 | |||
Interest expense | 3,382 | 2,861 | |||
Share-based compensation | 532 | 181 | |||
Unrealized loss on derivative asset | - | 153 | |||
Non-cash interest expense and other | (77 | ) | - | ||
Changes in non-cash working capital: | |||||
Accounts receivable | (5,636 | ) | (1,041 | ) | |
Sales taxes recoverable | 71 | 169 | |||
Other assets | - | (116 | ) | ||
Inventories | (473 | ) | 2,820 | ||
Prepaid expenses and deposits | (1,359 | ) | 249 | ||
Accounts payable and accrued liabilities | (2,961 | ) | 999 | ||
Deferred revenue | 1,320 | 1,089 | |||
Cash used in operating activities | (13,123 | ) | (985 | ) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Line of credit | - | (70 | ) | ||
Repayments of long-term debt | (7,948 | ) | (658 | ) | |
Net proceeds from convertible debentures | 24,920 | 3,793 | |||
Proceeds from promissory notes | - | 794 | |||
Payments of lease obligations | (1,380 | ) | (1,597 | ) | |
Proceeds from long-term debt | 4,445 | - | |||
Interest paid |