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Stem Holdings Reports Fiscal Full Year 2021 Financial Results

BOCA RATON, Fla., Jan. 13, 2022 (GLOBE NEWSWIRE) -- Stem Holdings, Inc. (OTCQX: STMH) (CSE: STEM) (the “Company” or “Stem”), a vertically integrated cannabis operator, today reported its financial results for the fiscal year ended September 30, 2021. All amounts are expressed in U.S. dollars unless indicated otherwise and are prepared under International Financial Reporting Standards (“IFRS”). Management will host a conference call to discuss its financial results today, January 13th at 4:30 p.m. ET.

Steve Hubbard, Interim CEO of Stem, commented, “In December 2021, we announced the divestiture of Driven Deliveries, its assets and liabilities. This divesture allows us to ‘Get back to our roots’. Currently, our initiative is focused on our operations in Oregon and California. Oregon, where we are vertically integrated with five retail locations, we see a considerable growth opportunity as two of our stores are under-performing and the other three locations can incrementally increase sales. In our multiple cultivation facilities, we have significant upside to improve yields, while at the same time, bring the quality of our flower back to the level of top shelf that our customers expect. As we increase productivity and harvest new high-quality, high demand, strains, we expect to increase distribution through both our retail and wholesale channels. TJ’s Gardens and Yerba Buena will continue to be our leading consumer product flower brands, while Cannavore, Doseology and Artifact Extracts are our primary edibles and extracts brands.”

Financial Results for the Fiscal Full Year 2021:

Revenue for the fiscal year 2021 totaled $41.8 million, an increase of 155% as compared to $16.4 million for the same period the year prior. The Company’s revenue for the fiscal year of 2021 net of Driven’s portion totaled $24.4 million, which is an increase of 49% from prior year. Net revenue after discounts and returns totaled $35.8 million, an increase of 156% as compared to $14.0 million for the same period the year prior. The Company’s net revenue after discounts and returns net of Driven portion totaled $20.9 million, an increase of 49% for the same period the year prior.

During fiscal year-end 2021, the Company reported impairment expenses totaling $52.5 million, predominately related to the intangible assets and a related party receivable of Driven Deliveries, Inc., which the Company recently divested of.

Adjusted EBITDA loss for the fiscal year 2021 totaled $5.8 million as compared to $5.4 million in the prior year period.

Net loss for the fiscal year 2021 totaled $64.6 million, predominately attributable to a $52.5 million impairment charge related to Driven Deliveries.

Conference Call Details:
Management will host a conference call to discuss the financial results on Thursday, January 13, 2022 at 4:30 pm ET.


Thursday, January 13, 2022


4:30 p.m. ET


1-877-425-9470 (U.S. Toll Free) or 1-201-389-0878 (International)

Conference ID:



A live webcast can be accessed via the following link:

About Stem Holdings, Inc.
Stem is a multi-state, vertically integrated, cannabis company that, through its subsidiaries and its investments, is engaged in the manufacture, possession, use, sale, distribution or branding of cannabis and/or holds licenses in the adult use and/or medical cannabis marketplace in the states of Oregon, Nevada, California, and Massachusetts. Stem has ownership interests in 29 state issued cannabis licenses including nine (9) licenses for cannabis cultivation, three (3) licenses for cannabis processing, two (2) licenses for cannabis wholesale distribution, three (3) licenses for hemp production, five (5) adult-use medical retailers (non-storefront) which were subsequently divested and seven (7) cannabis dispensary licenses.

Forward-Looking Statements
This news release contains forward-looking statements and information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. Forward-looking statements are statements and information that are not historical facts but instead include financial projections and estimates, statements regarding plans, goals, objectives, intentions and expectations with respect to the future business, operations, expected financial position as a result of the divestiture of Driven Deliveries, and phrases containing words such as “ongoing”, “estimates”, “expects”, or the negative thereof or any other variations thereon or comparable terminology referring to future events or results, or that events or conditions “will”, “may”, “could”, or “should” occur or be achieved, or comparable terminology referring to future events or results. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.

Non-GAAP Measures
This news release contains references to certain measures that are not defined under a body of generally accepted accounting principles for publicly accountable entities in the United States , which is commonly referred to as “GAAP” or “U.S. GAAP”. For this purpose, a non-GAAP financial measure is generally defined as one that purports to measure historical or future financial performance, financial position or cash flows but excludes or includes amounts that would not be so adjusted in the most comparable GAAP measure. These non-GAAP measures are not recognized measures under GAAP, do not have a standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement GAAP measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under U.S. GAAP.

The Company uses non-GAAP measures, including Adjusted EBITDA to provide investors with supplemental measures of its operating performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on GAAP measures. The Company believes that investors, securities analysts and other interested parties frequently use non-GAAP measures in the evaluation of issuers. Management also uses non-GAAP measures in order to facilitate operating performance comparisons from period to period and assess the Company’s ability to meet its future debt service, capital expenditure and working capital requirements.

The term “Adjusted EBITDA” consists of net (loss) income and excludes interest, taxes, depreciation, amortization, share-based compensation, impairment of assets, acquisition costs, legal settlement costs, restructuring charges, and adjustments for fair value of biological assets, warrant liabilities, and stock appreciation rights. The most directly comparable measure to adjusted EBITDA calculated in accordance with GAAP is net (loss) income.

Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
+1 212.896.1254