Ontario-based mushrooms producer Red Light Holland Corp. (OTCQB: TRUFF) filed its interim financial results for the third fiscal quarter of 2023 -three and nine months- ended December 31, 2022.
Numbers show a revenue increase of 88.9% and 158% for the three and nine-month periods ended Dec. 31, 2022, increasing to $866.265 (CA$1.2 million) from $458.658 and to $2 million from $1.3 million, respectively, compared to the same periods ended Dec. 31, 2021.
The revenue growth represents the consolidation of recent acquisitions and increased activity levels, specifically production levels at Acadian Exotic Mushrooms Ltd. (AEM) and sales and brand growth of Happy Caps mushroom home grow kits.
Gross profit representing 50% of sales “has generated strong results through improvements to production efficiencies and prudent spending,” explains director and CEO Todd Shapiro, adding that the company is also exploring “some near-term potential M&A opportunities” including a letter of intent with a company in the CPG mushroom category.
Total cash by Dec. 31, 2022, was $14.5 million, as compared to $19.2 million by March 31, 2022.
Net loss for the three and nine months ended Dec. 31, 2022, was $967.330 and $3.1 million respectively, as …