Icanic Q2 Revenue Drops 24% YoY, What About Net Loss?

Icanic Brands Company Inc.’s (OTCQB: ICNAF) (CSE:ICAN) net revenue for the three months ended June 30^th, 2022 was $8.1 million, an unfavorable decrease of 24% compared to $10.7 million in the same quarter of 2021. The six months ended June 30^th, 2022, revenue was $15.5 million, an unfavorable decrease of 29% compared to $21.9 million in the same period of 2021.

Q2 2022 Financial Highlights

• Gross profit of $2.7 million, compared to $2 million in Q2 2021.

• Gross margin of 33.05%, representing an increase in year over year gross margin of 13.8%.

• Adjusted EBITDA was a loss of $31,801

• Net loss and comprehensive loss was $16.5 million an unfavorable increase of 1593% compared to a loss of $971,648 in Q2 2021.

Micah Anderson, CEO of Icanic, stated, “The past few months have been the beginning of a transformational period for the company. Immediately upon closing of the acquisition of LEEF Holdings, Inc. we began turning the contemplated synergies into concrete and measurable results. Despite a challenging macro environment, we have been able to drive revenue growth and management costs that are propelling us towards profitability. We are seeing month over month evidence of the substantial growth prospects of our business.”

Photo by Mackenzie Marco on Unsplash

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