Bright Green Announces Third Quarter 2023 Financial Update and Milestone Progress - Seite 2

• The Company recorded no revenues for the quarter, as it continues to construct facilities for its cannabis cultivation, research, and distribution, as well as obtaining necessary registration and quota approvals.
• Total operating expenses of approximately $1.8 million, down from approximately $5.8 million in the same quarter of 2022, in line with expectations as the third quarter of 2022 includes significant costs associated with stock based compensation and professional fees. Of the approximately $1.8 million in operating expenses, approximately $0.7 million corresponds to equity-based compensation to officers, contractors, and professional services providers.
• Net loss of approximately $1.9 million, in line with expectations.
• Basic and diluted loss per share of $0.01 for the quarter.

Balance Sheet and Capital Allocation

• As of September 30, 2023, the Company had cash of $121,724.
• Total liquidity of approximately $15.1 million, including the Lynn Stockwell credit facility.
• During the nine months ended September 30, 2023, the Company raised approximately $3.1 million through the issuance of common stock and accompanying warrants to purchase shares of common stock from the Company’s private placement offering.
  

Bright Green’s balance sheet and statement of operations are provided below. Additional information is included in the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2023, which can be accessed at: https://investors.brightgreen.us/news-events/news-releases

About Bright Green

Bright Green is one of the very few companies eligible for authorization by the U.S. government to grow, manufacture, and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications, and affiliated export. Our registration by the U.S. Drug Enforcement Administration gives us the opportunity to advance our vision of improving quality of life through the opportunities presented by cannabis-derived therapies. To learn more, visit www.brightgreen.us.

Media Contact
[e-mail]

Investor Relations Contact
[e-mail]

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management as of such date. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Such forward-looking statements include those related to our EB-5 Program capital raise. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (the “SEC”) on April 17, 2023, and in the Company’s subsequent Quarterly Reports on Form 10-Q, as well as other documents that may be filed by the Company from time to time with the SEC. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. The Company undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. Additional information regarding these and other factors that could affect the company’s results is included in the Company’s SEC filings, which may be obtained by visiting the SEC's website at www.sec.gov.