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Micahchoo, I'm confused, which often happens to me.Boycott Decibel. Their poor treatment of employees and their gross incompetence in their Thunderchild location deserves acknowledgement.
Boycott Decibel. Their poor treatment of employees and their gross incompetence in their Thunderchild location deserves acknowledgement.
Can't really boycott them, because it appears they haven't produced anything yet. I'd be pissed if I was an investor!!!!
Decibel said:Decibel Announces First Quarter Results with Record Net Revenue and Adjusted EBITDA
Posted on May 25, 2022
CALGARY, ALBERTA – May 25, 2022 –Decibel Cannabis Company Inc. (the “Company” or “Decibel”) (TSX-V: DB) (OTCQB: DBCCF), a premium cannabis producer, is pleased to announce its first quarter financial results for the three month period ending March 31, 2022.
“Decibel remains on track to achieve its previously communicated targets, which is a testament to the focus on our strategic plan, and particularly our New, Unique and Innovative products and dedication to our customers”, said Paul Wilson, CEO of Decibel. “We see momentum growing in our core business, and at the same time are driving towards creating shareholder value by restructuring our balance sheet. This makes Decibel one of the few in the cannabis space to repay convertible debentures rather than accept shareholder dilution.”
Key Financial Highlights – First Quarter
Record Net Revenue: $16.7 million of total net sales in Q1 2022, with strong growth of 19% over Q4 2021 and 32% over Q1 2021. Net revenue growth was driven by the launch of Decibel’s new infused pre-roll lines and continued growth in demand for flower, vape and concentrate products, despite Q1 historically being a seasonally weak period.
Gross Margin Before Fair Value Adjustments: 35% in Q1 2022, compared to 26% in Q4 2021 and 39% in Q1 2021. The Company has a number of initiatives and capital investments in progress and expects to be successful achieving the targeted 40 – 45% gross margin by the second half of 2022.
Positive Adj. EBITDA: Record $2.5 million of adjusted EBITDA in Q1 2022, with strong growth of 70% over Q4 2021 and 21% over Q1 2021. This marks Decibel’s seventh consecutive quarter of positive adjusted EBITDA.
Derivative Sales: $10.3 million of net sales in Q1 2022, with strong growth of 50% over Q4 2021 and 85% over Q1 2021. Sales growth was driven by increased demand for vape and concentrate products, as well as the launch of a new infused pre-roll line in late Q4 2021 and early Q1 2022.
Flower Sales: $4.2 million of net sales in Q1 2022, with an 8% decline over Q4 2021 and 10% growth over Q1 2021. The Company anticipates that the infrastructure upgrades to its cultivation facilities focusing on enhanced quality, will reinvigorate growth within its flower sales. Sales growth over Q1 2021 was driven by increased volumes from the Thunderchild facility becoming operational.
Record Market Share: 4.3% in April 2022, marking the sixth consecutive month of record market share.
Cash Flow & Working Capital: Cash flow from operations was $3.0 million in Q1 2022, an improvement of $8 million over Q4 2021 and $6 million over Q1 2021. In Q4 2021, the Company made significant investments in working capital to meet the growing demand for Decibel brands and products and mitigate against supply chain risks. The Company anticipates reduced working capital needs in 2022 and is seeing improvements in its supply chain. The Company has identified various initiatives and capital investments to accelerate cash flow generation and manage working capital levels that are expected to support Q2 2022 onwards.
Capital Projects: In Q1 2022, the Company made the following progress on its capital projects:
The Plant: Completed Phase 1 of its processing hub expansion at The Plant and received its Health Canada license May 2, 2022. This area will include newly automated processing and packaging lines for dried flower, pre-roll, and infused products accompanied by reduced labour and logistics costs.Creston Facility: Completed its infrastructure optimization project which will have an immediate impact on all new harvests, further enhancing product quality and contributing to higher yields.Thunderchild Cultivation Facility: Accelerated its staged infrastructure optimization to better meet growing demand for Decibel products and enhance product quality and yields. Production volumes are expected to be partially impacted in starting in Q2 2022 and resuming full run-rate production by the start of Q4 2022.Repayment of Convertible Debentures: On May 11, 2022, the Company repaid its 9.5% convertible debentures with the draw-down of a fixed 4.75% $12 million term loan from its credit facilities. This extends the maturity date of Decibel’s $12 million of debt by 4 years, removes approximately 6% of potential shareholder dilution, and results in $0.6 million of annual interest expense savings.
New Product Launches: The Company continued its launch of new, unique and innovative products in 2022, including cultivar rotations, expanded infused products into new provinces, the entry of General Admission into the core flower segment, and additional vape line extensions:
Introduced Qwest’s new cultivars, with Frosted Cherry Cookies and Icicle launched in May, selling out in the first two weeks.Expanded distribution of infused pre-rolls:Kief-coated terpene infused pre-rolls into ON.Distillate infused pre-rolls into BC, SK, and ON.Diamond infused pre-rolls into BC, SK, and ON.Hash infused pre-rolls into AB and ON.Launched General Admission’s first flower product offering with strong demand early on, representing $950k of net sales in Q1.Launched Orange Tingz (live resin), Peach Ringz (distillate), and Honeydew Boba (distillate) vapes.
Hired to perform tasks directed by management. Not allowed to question or even comment on their procedures. 2 min of training. It was not the workers fault. It was poor management by people who had no idea how to grow.