Peer & Trend Comparison Gross Margin % Before IFRS Voodoo

I will take a one day break from posting the Income Statement Driver and Implied Breakeven charts to post this new one on Peer & Trend Gross Margin. OGI sure has a pretty trend. I will start using the above in quarterly Rundowns.

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CannTrust Q3 F2018 Rundown

Well ain’t you a pleasure to review!! Positive EBITDA, FG inv growth, strong sales growth, Nice Production to Sales delta.  Rogers and Ravensdale will be finding work pretty quickly given these results. Open up the Fins and MDA and follow along. Sales An increase of 39% to $12.6 million [comparable to Tilray!!] Grams sold of flower dropped 14% QoQ but price per gram went up 16% to $8.77 = $3.5 million Extract went up to a new record of 699 kgs up 17% with price dropping less than 1% to $8.89 = $6.2 Hello wholesale…267 kgs at $6.40 = $1.7 million Other up $1…

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CannTrust Q2 F2018 Rundown

Open up the fins and the MDA and follow along. TRST evidenced a 15% increase in QoQ revenue of $1.2 million. This on the backs of only an 8% increase in KGs sold, therefore… better pricing. Revenue per gram sold was $8.52 vs $7.98 last Q, an increase of 7%. Flower sales in absolute $ terms increased 11% at $7.59 a gram versus $7.27 last q. Oil sales in absolute $’s increased 20% at $8.95/gram equiv versus $7.89 last Q. Oil is now 59% of sales, an increase on mix of 2% from last Q. One of the few downtrends this Q was Gross…

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CannTrust Q1 F2018 Rundown

Open up the financial statements and MDA to follow along. TRST evidenced a 12% increase in sales for the Q, and there were a number of moving parts to this. They did drop in a new Note (#19) with a clean break out of $ sales. Problem is I do not have that note for last Q, so there is a gap in my Oil Sales by $ amount QoQ. Bud sales $3.0 million. Bud weight went up 40% while bud $ went up 35%. As a result Revenue per gram went down to $7.27 for a drop of 11% and the lowest in…

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CannTrust Q4 F2017 Rundown

Open up the financials and MDA to follow along.   TRST recorded sales of $7.0 million for a 14% QoQ increase. Grams of flower sales increased 5% but were offset by a decline in price per gram to $8.14 from $8.81 sequentially, resulting in a 2.6% decrease in dollar sales.  Oil sales increased 24% in dollar sales with sales by ML growing at a like rate. Average revenue per ML decreased slightly from $2.04 to $1.97 but revenue per gram equivalent of Oil went up to $9.34/gram equiv from $9.27/gram equiv.   So while bottle price notionally fell, price per gram of input improved. [No one…

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