Unrivaled Brands, Inc.(UNRV), a leading player in the indu stry, has released its unaudited financial results for the first quarter ended March 31, 2023. The company reported a net income of $410,000 during the quarter, showcasing a significant improvement compared to the net loss of $8.6 million in the same period last year. Let's delve into the key financial data and analyze the company's performance during the quarter.
Net Income/Loss
During the first quarter of 2023, Unrivaled Brands, Inc. achieved a notable turnaround, recording a net income of $410,000. This remarkable improvement in profitability indicates the company's ability to overcome previous challenges and make strides towards financial stability and growth.
Revenue
Unrivaled Brands, Inc. reported a total revenue of $8.7 million for the first quarter of 2023. This figure represents the company's total sales during the period and is a crucial indicator of its ability to generate income from its core operations.
Financial Overview
Assets
As of March 31, 2023, Unrivaled Brands, Inc. had total assets valued at $39.5 million. The breakdown of its current assets included:
Cash and Cash Equivalents: $1.4 million
Accounts Receivable: $669,000
Inventory: $2.6 million
Prepaid Expenses & Other Assets: $310,000
Notes Receivable: $625,000
In addition to current assets, the company also possessed Property, Equipment, and Leasehold Improvements valued at $12.9 million, Intangible Assets worth $2.3 million, Goodwill amounting to $3.6 million, and Other Assets valued at $15.2 million.
Liabilities and Stockholders’ Equity
Unrivaled Brands, Inc. had total liabilities of $73.2 million as of March 31, 2023. The company's current liabilities amounted to $38.6 million and included Accounts Payable, Accrued Liabilities, Current Lease Liabilities, Current Portion of Notes Payable, and Income Taxes Payable.
Stockholders' Equity, including Preferred Stock, Common Stock, Treasury Stock, Additional Paid-In Capital, and Accumulated Deficit, showed a deficit of $33.7 million.
Consolidated Statements of Operations
The company's revenue for the three months ended March 31, 2023, was $8.7 million. After accounting for the Cost of Goods Sold, the Gross Profit amounted to $4.2 million.
Operating Expenses, including Selling, General & Administrative expenses, and Gain on Disposal of Assets, totaled $7.1 million, resulting in a Loss from Operations of $2.9 million.
However, Other Income (Expense) positively impacted the company's performance, with a net gain of $3.9 million. After accounting for the Provision for Income Taxes, Unrivaled Brands, Inc. achieved a net income of $410,000 from continuing operations.
Consolidated Statements of Cash Flows
The cash flow from operating activities indicated a net cash usage of $2.3 million during the first quarter of 2023, while the investing activities provided a net cash flow of $693,000. Financing activities contributed a net cash flow of $1.7 million during the same period.
Unrivaled Brands, Inc. reported impressive financial results for the first quarter of 2023, with significant progress towards profitability and growth. The company's management remains committed to enhancing shareholder value and capitalizing on market opportunities in the upcoming quarters. Investors and stakeholders are closely watching the company's strategic moves and prospects in the dynamic marketplace.