CCHWF - Columbia Care Reports Revenue Rising 156% in 2021
Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) announced preliminary results for the full year ended December 31, 2021. The company reported a 156% increase in annual revenue to $460 million over last year’s $179 million. The net losses rose by $27 million to $146 million. The company posted the following amounts in a statement:
Full Year 2021 U.S. GAAP Preliminary Results
| Year Ended December 31, |
| 2021 |
| 2020 |
| YoY Change |
| Revenue |
| $ |
| 460,080 |
| $ |
| 179,503 |
| 156% |
| Gross Profit |
| $ |
| 194,015 |
| $ |
| 62,143 |
| 212% |
| Net Loss |
| $ |
| (146,853) |
| $ |
| (119,649) |
| $ |
| (27,204) |
| EBITDA (Non-GAAP) |
| $ |
| (63,698) |
| $ |
| (109,859) |
| $ |
| 46,161 |
| Adjusted EBITDA (Non-GAAP) |
| $ |
| 57,852 |
| $ |
| (19,800) |
| $ |
| 77,652 |
Full Year 2021 IFRS Guidance and Preliminary Results
The following table represents a comparative between the Company’s preliminary results for the year ended December 31, 2021 based on IFRS compared to the Company’s most recent 2021 guidance as issued on November 12, 2021:
| Metric |
| IFRS Guidance |
| IFRS Preliminary Results |
| Combined Revenue |
| $470M – $485M |
| $473.8M |
| Combined Adjusted Gross Margin (Non-IFRS) (1) |
| 46%+ |
| 45.1% |
| Combined Adjusted EBITDA (Non-IFRS) |
| $85M – $95M |
| $85.1M |
At this time, the Company is working to complete its first U.S. GAAP audit and will report its financial results for the fourth quarter and full year ended December 31, 2021 before U.S. financial markets open on Thursday, March 24, 2022.