Namaste Technologies Inc. (TSXV:N) (OTCQB:NXTTF), a cannabis-focused e-commerce company, reported Wednesday that its gross revenue grew by 13% year-over-year to CA$6.15 million ($4.96 million) in the first quarter of 2021.
Net revenue for the first three months of the fiscal year amounted to CA$5.5 million, compared to CA$5.3 million in the same quarter of 2020, and CA$7.2 million in the prior quarter.
Here’s a breakdown of what the first-quarter earnings report showed:
Cannabis revenue spiked 113% year-over-year, accounting for 47% of total net revenues.
Operating expenses declined by CA$7.5 million over the same period, to CA$2.5 million.
Inventories dropped by 33% to CA$5.9 million, from CA$8.8 million in the corresponding quarter of last year.
Thursday s analyst upgrades and downgrades - The Globe and Mail
theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
Investorideas com - Investor Ideas Potcasts, Cannabis News and Stocks on the Move; Episode 540 (TSX: TGOD) (OTC: TGODF) (TSX: FAF) (OTCQX: FFLWF) (CSE: MEDI)
investorideas.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investorideas.com Daily Mail and Mail on Sunday newspapers.