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good natured Products Announces Financial Results for the Quarter Ended March 31st, Q1 Revenue up 228% YoY to $25.9 Million
Wednesday, June 22, 2022Company Profile | Follow Company
Vancouver, BC, June 22, 2022--(T-Net)--good natured Products Inc. (TSX-V: GDNP, OTCQX: GDNPF), a North American leader in plant-based products, today announced its financial results for the three months ended March 31, 2022 ("Q1 2022").
In Q1 2022, the Company says it reached a significant milestone by achieving its second consecutive quarter of positive adjusted EBITDA.1 Continued growth in revenue and gross profit in Q1 2022 outpaced the quarter-over-quarter increases in operating expenses, including fulfilment costs that were upwardly influenced by global macro inflationary pressures.
Revenue in Q1 2022 grew on a year-over-year basis by 228% to a record high of $25.9 million. These results were driven by recent strategic acquisitions and strong organic growth, along with increases in average selling price per unit. The Company continues to serve over 1,200 active business-to-business ("B2B") customer accounts across its sales and e-commerce channels.
Paul Antoniadis, CEO, good natured Products (Photo Credit: EDC)
"Our Q1 2022 growth in revenue and adjusted EBITDA is the result of our collective team across North America working together to achieve an incredible outcome in very challenging macro economic operating conditions," stated Paul Antoniadis, CEO of good natured ®. "I want to sincerely thank our team members and partners for their passionate commitment to our customers. This commitment will serve us well to capitalize on the robust demand for environmentally friendly products and the growing trend of re-shoring supply chains to North America."
Key Highlights:
The Company's Q1 2022 financial statements and Management's Discussion and Analysis are available on SEDAR at sedar.com and on the Company's investor website at investor.goodnaturedproducts.com.
About good natured Products Inc.
good natured ® is passionately pursuing its goal of becoming North America's leading earth-friendly product company by offering the broadest assortment of plant-based products made from rapidly renewable resources instead of fossil fuels. The Company is focused on making it easy and affordable for business owners and consumers to shift away from petroleum to better everyday products ® that use more renewable materials, less fossil fuel, and no chemicals of concern.
good natured ® offers over 400 products and services through wholesale, direct to business, and retail channels. From plant-based home organization products to certified compostable food containers, bio-based industrial supplies and medical packaging, the Company is focused on making plant-based products more readily accessible to people as a means to create meaningful environmental and social impact.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibilities for the adequacy or accuracy of this release. Cautionary Statement Regarding Forward-Looking Information
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