Viagra Malaysia treat erectile dysfunction with the original ED treatment that has helped men feel confident in bed for decades. We’ll connect you with a licensed healthcare provider to evaluate if viagra malaysia our prescription ED treatments could be right for you, including super-affordable generic Viagra viagramalaysiaofficial Viagra is an oral ED medication that works by suppressing an enzyme in the body called PDE5.

Follow Us! Like Our Page!

Decibel Announces Third Quarter Results with Record Level Positive Net Income, Adjusted Net Income and Adjusted EBITDA

Press Release

CALGARY, ALBERTA – November 15, 2022 –Decibel Cannabis Company Inc. (the “Company” or “Decibel”) (TSX-V:DB) (OTCQB:DBCCF), a premium cannabis producer, is pleased to announce its third quarter financial results for the three and nine month periods ending September 30, 2022.

“Our third quarter results coupled with another record market share month to start the fourth quarter continue to demonstrate our focus in achieving our 2022 operational outlook”, said Paul Wilson, CEO of Decibel. “With highly successful recent product launches, the demand we are experiencing has been tremendous and provides opportunity for material growth for Decibel. The continued progress by our productivity initiatives alongside another period of record gross profit position us well to deliver on this demand and drive further profitability, as we track towards a strong fourth quarter to end 2022.”

Financial Highlights

Record National Market Share1: Achieved5.3% in October 2022 which places Decibel as the 6th largest LP in Canada by market share.

The Company anticipates sequential net revenue growth to resume in the fourth quarter supported by continued growth in demand (market share) and improved operational capacity to meet demand.

Record 5.3% recreational National Market Share in October driven by gains in vape and pre-roll categories:

#1 company in vape sales with a 14.5% market share

#3 company in pre-roll sales with an 8.4% market share

Net Revenue: $18.3 million of total net sales in Q3, with a sequential decline of 1% over Q2 2022 and an increase of 37% over Q3 2021. The sequential net revenue decline was driven by a higher proportion of derivative sales which receive more punitive excise tax rates, whereas gross sales grew sequentially by 9% over Q2 2022. Net revenue growth over Q3 2021 was driven by expanded distribution, successful launches of new infused products and continued growth in demand for derivative products.

Record Gross Margin Before Fair Value Adjustments: Significant sequential improvement to 52% in Q3, compared to 41% in Q2 2022 and 31% in Q3 2021. The increase was driven by investments made during the summer, including operational efficiencies, automation equipment commissioned, and sourcing of more cost-effective components related to the manufacturing of cannabis products. The Company anticipates there may be future volatility in its gross margin related to price competition and continues to target the upper end of the previously stated target of 40 – 45% gross margin.

Record Adjusted EBITDA: $4.3 million of Adjusted EBITDA in Q3, with strong growth of 32% over Q2 2022 and 139% over Q3 2021. This marks Decibel’s ninth quarter of consecutive quarterly positive adjusted EBITDA.

Record Adjusted Net Income: $2.9 million of Adjusted Net Income in Q3, an improvement of $3.0 million over Q2 2022 and $4.9 million over Q3 2021. This marks Decibel’s second quarter of positive Adjusted Net Income.

Derivative Sales: $13.7 million of net sales in Q3, with strong sequential growth of 6% over Q2 2022 and 108% over Q3 2021. The increase in sale of wholesale extracts is primarily attributable to expanded distribution, the launch of a new infused product line, and continued growth in demand for vapes and concentrates. This demand growth trend is continuing into Q4 2022 with record level demand, market share, and distribution for Decibel derivative products.

Flower Sales: $2.3 million of net sales in Q3, a sequential decline of 34% over Q2 2022 and 40% over Q3 2021. The decrease in sales of wholesale flower products was driven by a material proportion of the Thunderchild facility being upgraded during the period to enhance yields and quality. Nearing the end of the quarter, the Company began reserving inventory in preparation for international exports.

Cash Flow & Working Capital: $3.6 million of cash flow from operations in Q3, a sequential increase of $1.8 million over Q2 2022 and an improvement of $9.5 million over Q3 2021. This marks Decibel’s third consecutive quarter of positive cash flow from operations.

Leverage: At the end of Q3 2022, Decibel had a funded debt to trailing twelve-month EBITDA of 3.9x.

Operating Highlights

New Unique and Innovative

The Company launched or expanded distribution of the following products in the quarter:

  • Total of 5 products launched in various provinces over the course of Q3 2022
  • 2 General Admission vape flavours in distillate and live resin formats
  • 3 General Admission and Qwest infused pre-rolls

Summary Highlights

Link to Decibel’s Investor Presentation

Decibel’s financial statements for the three and nine month periods ending September 30, 2022 (“Financial Statements”) and related Management’s Discussion & Analysis (“MD&A”), are available under the Company’s profile at As of September 30, 2022, Decibel was in compliance with all of its financial covenants and expects to remain in compliance for the remainder of its twelve-month forecast period.

Hybrid Financial Engagement

The Company is pleased to announce that it has retained Hybrid Financial Ltd. (“Hybrid”) to provide marketing services to the Company. Hybrid has been engaged to heighten market and brand awareness for Decibel and to broaden the Company’s reach within the investment community.

Hybrid has been engaged by the Company for an initial period of six (6) months starting November 7th (the “Initial Term”) and then may be renewed for successive three (3) month periods thereafter. Hybrid will be paid a monthly fee of $15,000, plus applicable taxes, during the Initial Term.

Hybrid has agreed to comply with all applicable securities laws and the policies of the TSX Venture Exchange (the “TSXV”) in providing the Services.

1 HiFyre Retail Analytics, Licensed Producer Sales over Time Nationally, October 1, 2022 – October 31, 2022.

In the table above, wholesale inventory transferred to the retail stores and subsequently sold of $48 and $462 for the three and nine months, respectively, have been eliminated from retail sales and attributed to wholesale sales of flower and extracts to provide a more accurate depiction of business performance.

Non-GAAP financial measure. Refer to “Cautionary Statement Regarding Certain Non-GAAP Measures” for further details.

Refer to “Cash Flows” in the MD&A for further details.

About Decibel

Decibel is uncompromising in the process and craftsmanship needed to deliver the highest quality cannabis products and retail experiences. Decibel has three operating production houses along with its wholly owned retail business, Prairie Records. The Qwest Estate in Creston, BC is a licensed and operating 26,000 square foot cultivation space which produces the widely championed, rare cultivar-focused brands Qwest and Qwest Reserve, which are sold in six provinces across Canada. Thunderchild Cultivation, is a licensed and operating 80,000 square foot indoor cultivation facility in Battleford, SK. The Plant, Decibel’s extraction facility, in Calgary, AB has 15,000 square feet of Health Canada licensed extraction and product development space. This production house will fuel the growth of our brands Qwest, Qwest Reserve, Blendcraft, and General Admission, into new and innovative product formats like concentrates, vapes, edibles and beyond.

About Hybrid Financial Ltd.

Hybrid is a sales and distribution company that actively connects issuers to the investment community across North America. Using a data driven approach, Hybrid provides its clients with comprehensive coverage of both American and Canadian markets. Hybrid Financial has offices in Toronto and Montreal.

For More Information

Contact Stuart Boucher

[email protected]



 92 total views,  2 views today

NationTalk Partners & Sponsors Learn More