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MARKHAM, Ontario, May 27, 2022--(BUSINESS WIRE)--IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX: BILZF) ("IGNITE" or the "Company"), a global consumer packaged goods company, today announced the filing of its first quarter financial statements, management discussion and analysis ("MD&A"), and accompanying certificates (collectively, the "2022-Q1 Filings"). The 2022-Q1 Filings have been filed on the System for Electronic Document Analysis and Retrieval and may be viewed by shareholders and interested parties under the Company’s profile at www.sedar.com.
2022-Q1 Financial Highlights:
Revenue for 2022-Q1 was $19.04MM, exceeding the Company’s 2021-Q1 revenues of $3.65MM by $15.39MM or 421.56%.
Gross profit for 2022-Q1 was $6.18MM (32.46% of revenue), a $5.18MM or a 516.49% increase compared to the $1.00MM (27.46% of revenues) for 2021-Q1.
Operating expenses for 2022-Q1 were $4.40MM, a $1.84MM or 71.67% increase from $2.56MM for 2021-Q1.
Income from operations was $1.78MM, a $3.34MM or 213.96% increase from a $1.56MM loss from operations for 2021-Q1.
Other income for 2022-Q1 was $0.01MM, a $2.12MM or 99.53% decrease from $2.13MM for 2021-Q1.
Other expenses for 2022-Q1 were $1.76 MM, a $1.31MM or 290.93% increase from $0.45MM for 2021-Q1.
Net loss for 2022-Q1 was $0.10MM, a $0.22MM decrease from a $0.12MM net income in 2021-Q1.
EBITDA was $1.96MM, an improvement of $1.33MM compared to the $0.63MM EBITDA for 2021-Q1.
Adjusted EBITDA was $2.4MM, a $3.62MM improvement compared to the negative adjusted EBITDA of $1.47MM for 2021-Q1.
IGNITE is a global consumer premium brand, operating in several market segments. IGNITE product categories include CBD products, nicotine and synthetic nicotine vape products, premium performance drinks named ZRO, apparel, and spirits featuring tequila and a premium vodka.
Shares of IGNITE are listed on the Canadian Securities Exchange (CSE) under the symbol "BILZ" and quoted in the United States on the OTCQX under the symbol "BILZF".
Further information on IGNITE can be found on the Company’s website at www.ignite.co.
This press release makes reference to certain non-IFRS financial measures. EBITDA, as defined by the Company, means earnings before interest, income taxes, depreciation, and amortization. Adjusted EBITDA, as defined by the Company, adjusts EBITDA for non-cash expenses such as share-based compensation, exchange gain/loss, bad debt and other items that are not in the normal course of business. These measures are not a recognized measure under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. IGNITE’s method of calculating these measures may differ from methods used by other entities and accordingly, these measures may not be comparable to similarly titled measures used by other entities or in other jurisdictions. IGNITE uses these measures because it believes they provides useful information to both management and investors with respect to the operating and financial performance of the company. A reconciliation of Adjusted EBITDA to an IFRS measure (net income) is available in the Company’s 2022-Q1 MD&A that is now available under the Company’s profile at www.sedar.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain "forward‐looking statements" under applicable Canadian securities legislation. Forward‐looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward‐looking statements. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties; the effects and impacts of the coronavirus disease (COVID-19) pandemic, the extent and duration of which are uncertain at this time on IGNITE’s business and general economic and business conditions and markets; the ability of IGNITE to give effect to its business plan. There can be no assurance that any of the forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. The Company disclaims any intention or obligation to update or revise any forward‐looking statements, whether because of new information, future events or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220527005375/en/
Paul A. Holden, General Counsel