Namaste Technologies Reports Year End 2020 Financial Results

TORONTO, March 30, 2021 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) a marketplace platform for cannabis and wellness products, today reported its financial results for the year ended November 30, 2020. All financial figures are in Canadian dollars unless otherwise indicated.

Highlights of Consolidated Financial Results:

• Gross revenue for the fourth quarter ended November 30, 2020 was $8.0 million (compared to $4.0 million in the same period last year), and for the fiscal year ended November 30, 2020 was $27.1 million (compared to $16.4 million in the fiscal year ended November 30, 2019), representing an increase of 100% from the same quarter last year and an increase of 65% from the prior year, respectively.
• Net revenue for the quarter ended November 30, 2020 was $7.2 million (compared to $3.9 million in the same period last year), and for the fiscal year ended November 30, 2020 was $25.1 million (compared to $16.3 million in the fiscal year ended November 30, 2019), representing an increase of 85% from the same quarter last year, and an increase of 54% from the prior year, respectively.
• The $3.3 million improvement in net revenue for the fourth quarter ended November 30, 2020 over the same quarter in the prior year ($8.8 million YTD) was primarily attributable to the increased revenues from the sale of cannabis products.
• The Company’s net loss has shown substantial improvement as compared to 2019. Net loss for the fourth quarter ended November 30, 2020 was ($6.4 million) compared to a net loss of ($29.7 million) for the fourth quarter ended November 30, 2019. Net loss for the fiscal year ended November 30, 2020 was ($26.4 million) compared to a net loss of ($63.2 million) in the fiscal year ended November 30, 2019. The Company is committed to maintaining these positive trends.
• The Company’s working capital position remains strong at $16.5 million as at November 30, 2020.
• Subsequent to year-end, the Company successfully closed a $23 million bought deal offering.

Recent Corporate Highlights:

• Launched CannMart.com into the USA offering Americans hemp derived CBD and smoking accessories.
• Announced the addition of leading licensed producers to the CannMart.com platform: Auxly Cannabis Group, Hexo Corp and The Green Organic Dutchman Holdings (TGOD).
• Received a standard processing licence from Health Canada for CannMart Labs Inc., our state-of-the-art BHO extraction facility.
• Announced expansion to broaden our total addressable market and to evolve into a pre-eminent wellness company, connecting consumers to their wellness needs of tomorrow.

“We are pleased with the progress made by the team to achieve the highest recorded quarterly revenue for the company to date,” said Meni Morim, CEO of Namaste. “We achieved significant year-over-year growth of revenue as cannabis sales through CannMart’s distribution channels made an important contribution to the revenue stream. The Company is in a strong financial position today made possible from the considerable work undertaken in 2020 to lay the foundation for long term growth as Namaste continues its evolution to be the world’s foremost personalized wellness marketplace.”