Icanic Brands Announces Financial Results Period Ended October 31, 2020; 45% Growth in Revenue & Record Gross Margin of 45.7% & Adjusted EBITDA of $167,637
Revenue of $2.65 million, up 45% from the previous year quarter ended October 31, 2019;
Record quarterly Gross Margin of 45.7%
Strong Positive Adjusted of $167,637 for the quarterVANCOUVER, British Columbia, Jan. 05, 2021 (GLOBE NEWSWIRE) — Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), a multi-state brand operator of premium Cannabis brands in California and Nevada, today reports its financial results for the three-month period ended October 31, 2020. All currency references used in this news release are in Canadian currency unless otherwise noted.
Financial Summary for the Quarter Ended October 31, 2020Revenue of $2.65 million, up 45% from the previous year quarter ended October 31, 2019.Gross margin of $1.21M (46%) resulting in 58.6% increase from the prior year period driven by Icanic’s commitment to automation and vertical integrationAdjusted EBITDA of $167,637, up from a Negative Adjusted EBITDA of $1,503,270 from the prior year periodCash and cash equivalents increased by $651,549, up 31% from the previous quarter to $2.68 million as of October 31, 2020.Management CommentaryMr. Brandon Kou, CEO of Icanic Brands commented, “The quarter ending on October 31st was a real milestone for our company. Even in the face of a once in a generation global pandemic, the entire team was able to persevere through all of the tough times to produce arguably the company’s best quarter ever. I cannot stress enough how proud I am of the team we have for battling the challenges that Covid 19 brought on a daily basis. With strong revenue, a record gross margin, positive EBITDA and a strong cash position, Icanic was able to give its investors a glimpse of what is to come now that our three-pillar foundation is firmly in place. We expect to build off of this amazing quarter and are excited for a tremendous year of growth ahead.”About Icanic Brands Company, Inc.
Record quarterly Gross Margin of 45.7%
Strong Positive Adjusted of $167,637 for the quarterVANCOUVER, British Columbia, Jan. 05, 2021 (GLOBE NEWSWIRE) — Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), a multi-state brand operator of premium Cannabis brands in California and Nevada, today reports its financial results for the three-month period ended October 31, 2020. All currency references used in this news release are in Canadian currency unless otherwise noted.
Financial Summary for the Quarter Ended October 31, 2020Revenue of $2.65 million, up 45% from the previous year quarter ended October 31, 2019.Gross margin of $1.21M (46%) resulting in 58.6% increase from the prior year period driven by Icanic’s commitment to automation and vertical integrationAdjusted EBITDA of $167,637, up from a Negative Adjusted EBITDA of $1,503,270 from the prior year periodCash and cash equivalents increased by $651,549, up 31% from the previous quarter to $2.68 million as of October 31, 2020.Management CommentaryMr. Brandon Kou, CEO of Icanic Brands commented, “The quarter ending on October 31st was a real milestone for our company. Even in the face of a once in a generation global pandemic, the entire team was able to persevere through all of the tough times to produce arguably the company’s best quarter ever. I cannot stress enough how proud I am of the team we have for battling the challenges that Covid 19 brought on a daily basis. With strong revenue, a record gross margin, positive EBITDA and a strong cash position, Icanic was able to give its investors a glimpse of what is to come now that our three-pillar foundation is firmly in place. We expect to build off of this amazing quarter and are excited for a tremendous year of growth ahead.”About Icanic Brands Company, Inc.
