Indus Holdings, Inc. Pre-Announces Record Q3 2020 Revenues in Excess of $14 Million, ~15% EBITDA Margins, and Positive Operating Income
SALINAS, Calif., Oct. 13, 2020 (GLOBE NEWSWIRE) -- Indus Holdings, Inc. ("Indus” or the “Company”) (CSE:INDS; OTCQX: INDXF), a leading, vertically-integrated,
California-focused cannabis company, announced preliminary unaudited revenue and adjusted EBITDA for the third quarter ended September 30, 2020. All figures stated are in US Dollars. Based on a
preliminary review, the Company currently anticipates:
- Q3 2020 expected revenue of approximately $14.1 million, a $4.2 million, or 42% increase over Q2 2020
- Q3 2020 adjusted EBITDA generated between $2.1 and $2.3 million compared to reported negative EBITDA of $3.3 million in Q2 2020
- Gross margin (before net change in fair value of biological assets) of 40-42% compared to negative margin of 9% in Q2 2020
- Operating income before net change in fair value of biological assets of approximately $1.0 million compared to operating loss of $5.2 million in Q2 2020
The Company attributes the highest revenue quarter since its inception primarily to the increase in harvested flower resulting from the greenhouse renovations.
Q3 2020 marks the first quarter in the company’s history with positive adjusted EBITDA and it has generated operating income before net change in the fair value of biological assets. These milestones reflect the improved margins resulting from increased cultivation output and the substantial product shift towards the sale of its own products. These results showcase positive outcomes as a direct result of executing on strategic initiatives and go-forward mindset.
“It’s an important quarter from a great team that proved its ability to rise to a challenge that has eluded many,” said George Allen, Chairman of the Board. “We are even more excited about milestones yet to come.”
Indus Holdings, Inc. will release its financial results for the third quarter 2020 (ended September 30, 2020) after the market closes on Monday, November 9. Indus Holdings, Inc. will host a conference call on Tuesday, November 10. Detailed information to be released in the coming weeks.
ABOUT INDUS HOLDINGS, INC
Indus Holdings, Inc. (CSE: INDS; OTCQX: INDXF) is a vertically-integrated cannabis company with advanced production capabilities, including cultivation, extraction, manufacturing, brand sales & marketing, and distribution. Founded in 2014 and based in Salinas, California, Indus offers services supporting every step of the supply chain and an extensive portfolio of award-winning brands, including Cypress Cannabis, House Weed, The Original Pot Co., MOON, Humble Flower, and Kaizen Medicinals. Indus Distribution, a division of Indus Holdings, Inc., is a leading distributor of cannabis products, servicing an extensive portfolio of brands and licensed retailers.