INLB - Item 9 Labs (INLB) - Challenging Market Conditions Reducing to Market Perform

3Q Results. Item 9 Labs reported disappointing 3Q results. Revenue was $4.9 million, down 26.3% y-o-y and down 26% sequentially. We had projected $7 million. Gross profit margin declined to 32.2% from 43.2% a year ago. Net loss for the quarter was $5.5 million, or $0.06 per share, versus a net loss of $833,905, or $0.01 per share, in 3Q21. Adjusted EBITDA decreased by $1.9 million to a loss of $1.8 million from a positive $217,995 last year.Inching Forward. Item 9 is making progress on both the Arizona and Nevada expansions, but at a much slower pace than we had expected. The same with the acquisition of Sessions in Canada and the Herbal Cure location in Colorado. We believe these investments will occur, but timing is uncertain. Read More >>