Fire & Flower Q1 Revenue Almost Doubles, Loss Widens

Fire & Flower Holdings (FAF) reported a wider loss in Q1 2021 than a year earlier despite an increase in revenues. The cannabis retailer has more than 83 stores in Read More... The post Fire & Flower Q1 Revenue Almost Doubles, Loss Widens appeared first on TipRanks Financial Blog.

Fire & Flower Q1 Revenue Almost Doubles, Loss Widens

Fire & Flower Holdings (FAF) reported a wider loss in Q1 2021 than a year earlier despite an increase in revenues. The cannabis retailer has more than 83 stores in its network.

Total revenue came in at C$44.1 million in the first quarter of 2021, an increase of 90.7% from C$23.1 million in the prior-year quarter. The company’s Hifyre platform generated sales of C$2.8 million, up 252% year-on-year.

Fire & Flower posted positive Adjusted EBITDA of C$2.3 million, its fourth consecutive quarter of positive Adjusted EBITDA. This compares to an Adjusted EBITDA loss of C$1.4 million for Q1 2020.

Meanwhile, net loss totaled C$61.6 million in the quarter ended May 1, 2021, compared to a loss of C$12.7 million a year ago. On a per-share basis, the loss was C$0.21 in Q1 2021 versus C$0.08 in Q1 2020.

Fire & Flower CEO Trevor Fencott said, "We started 2021 off strong by delivering our fourth consecutive quarter of positive Adjusted EBITDA while posting record quarterly revenues. Despite the challenges produced by the COVID-19 pandemic, our retail business continued to drive strong sales growth as we expanded our retail footprint by bringing Fire & Flower to British Columbia, opening two new stores in Vancouver and bringing our total store count to 83 licensed cannabis stores."

Fire & Flower has entered the U.S. market through a strategic licensing agreement and an acquisition option with American Acres Managers, accessing licensing opportunities in the California, Arizona, and Nevada markets. (See Fire & Flower Holdings stock analysis on TipRanks)

Two months ago, Echelon Capital Markets analyst Andrew Semple reiterated a Buy rating on FAF while lifting its price target to C$1.90 (from C$1.75). This implies 72.7% upside potential.

“The company is well positioned to continue expanding in the Canadian cannabis market, while it is also exploring international growth opportunities,” said Semple.

Consensus among analysts is that FAF is a Moderate Buy based on 2 Buys. The FAF average analyst price target of C$1.89 implies 72.2% upside potential to current levels.

Related News:
Trulieve Cannabis Completes Acquisition of Solevo Wellness
Canopy Growth Posts 38% Revenue Growth in Q4, Miss Estimates; Shares Fall 1%

The post Fire & Flower Q1 Revenue Almost Doubles, Loss Widens appeared first on TipRanks Financial Blog.

Source : Tip Ranks More   

What's Your Reaction?

like
0
dislike
0
love
0
funny
0
angry
0
sad
0
wow
0

Next Article

Vizio Offers One-Time Equity Grant; Analyst Slashes EPS Forecast

Vizio Holding Corp. (VZIO), a provider of smart televisions, sound bars, and accessories, announced the offering of a one-time equity grant to senior executives that vested over one year. Shares spiked Read More... The post Vizio Offers One-Time Equity Grant; Analyst Slashes EPS Forecast appeared first on TipRanks Financial Blog.

Vizio Offers One-Time Equity Grant; Analyst Slashes EPS Forecast

Vizio Holding Corp. (VZIO), a provider of smart televisions, sound bars, and accessories, announced the offering of a one-time equity grant to senior executives that vested over one year. Shares spiked around 18% to reach an intraday high of $27.62 on June 15. (See Vizio stock analysis on TipRanks)

So, What Happened?

Following the news, Needham analyst Laura Martin raised the company’s second-quarter revenue and EBITDA estimates but slashed the EPS estimates.

Martin cited the following reasons for the revisions, “Stronger average selling pricing for devices, reflecting price increases across the industry as well as fewer promotions y/y; and A 1x equity grant to senior execs that vested over a 1-year period, resulting in higher SBC costs.”

The analyst now expects Vizio’s Q2 revenue and adjusted EBITDA to be $407.4 million and $13.8 million, respectively.

She estimates a second-quarter loss of $0.14 per share, much higher than the earlier estimated loss of $0.07 per share.  

For the full Fiscal year 2021, revenue and adjusted EBITDA are pegged at $2.28 billion and $74 million, respectively.

Also, the FY21 adjusted loss is pegged at $0.44 per share, 76% below the previous estimate.

In the previous quarter, the company reported revenues of $505.7 million, surpassing the Street’s estimate of $484.07 million. Adjusted earnings came in at $0.02 per share, while analysts had estimated a loss of $0.10 per share.

Martin assigned a Buy rating to the stock and said, "Vizio represents a pure-play way to play Connected TV (CTV) advertising growth, coupled with platform economics upside, in our view.”

The analyst set a price target of $30 for the stock, which implies 28.5% upside potential to current levels.  

The Wall Street community has a Strong Buy consensus rating on the stock based on 7 unanimous Buys. The VZIO average analyst price target of $30.29 implies 29.7% upside potential to current levels. Shares have gained 22.3% over the past six months.

Related News:
Why Nio Stock is Trading Higher?
Tesla Model Y Demand Shoots Up, Long Range Variant Nearly Sold Out for Q3
BlackBerry; Value Proposition or Meme?

The post Vizio Offers One-Time Equity Grant; Analyst Slashes EPS Forecast appeared first on TipRanks Financial Blog.

Source : Tip Ranks More   

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.