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Unrivaled Brands Reports Third Quarter 2022 Financial Results

SANTA ANA, Calif., Nov. 14, 2022 (GLOBE NEWSWIRE) -- Unrivaled Brands, Inc. (OTCQX: UNRV) ("Unrivaled" or the "Company"), a multi-state vertically integrated cannabis company with operations in California and Oregon, today reported its third quarter 2022 financial results for the quarter ended September 30, 2022.

Financial Update

  • During the three months ended September 30, 2022, the Company generated revenue from continuing operations of $10.76 million composed of retail revenue of $8.77 million and cultivation/distribution revenue of $2.00 million. This compared to revenue from continuing operations of $20.05 million for the quarter ended September 30, 2021, which included retail revenue of $7.24 million and cultivation/distribution revenue of $12.81 million. This was a decrease of $9.29 million or 46.3% in revenue from continuing operations.
  • The Company’s gross loss from continuing operations for the three months ended September 30, 2022 was $(0.06) million compared to a gross profit of $0.33 million for the three months ended September 30, 2021, a decrease of $0.39 million or 119.5%.
  • The merger with UMBRLA and the acquisitions of People's First Choice and SilverStreak Solutions in 2021 led to more operations with additional facilities, employees, and costs to support them. Selling, general and administrative expenses for the three months ended September 30, 2022 were $13.24 million, compared to $12.03 million for the three months ended September 30, 2021, an increase of $1.21 million or 10.0%. For the three months ended September 30, 2022, amortization and depreciation expenses increased by $1.67 million and facilities related expenses, such as rent, utilities, repairs and maintenance, security, and insurance, increased by $2.33 million over third quarter of 2021. Those increases were partially offset by decreases in third quarter 2022 of the following items: taxes, licensing and permitting decreased by $0.51 million and stock compensation expenses decreased by $1.14 million.
  • The Company realized an operating loss from continuing operations of $122.80 million for the three months ended September 30, 2022 compared to $11.70 million for the three months ended September 30, 2021, an increase of $111.10 million or 949.5%. This increase was primarily attributable to a $107.97 million impairment of intangible assets and goodwill related to the UMBRLA, People’s, and SilverStreak acquisitions. As part of the Company’s strategic restructuring in fiscal year 2022, the Company terminated its third-party distribution operations in California and its retail and delivery operations at SilverStreak Sacramento, which resulted in a loss on disposal of assets of $1.53 million during the current period.

About Unrivaled Brands

Unrivaled Brands is a multi-state vertically integrated company focused on the cannabis sector with operations in California and Oregon. In California, Unrivaled Brands operates three dispensaries with direct-to-consumer delivery, two cultivation facilities, and several leading company-owned brands. In Oregon, we operate a state-wide distribution network, company-owned brands and outdoor and greenhouse cultivation. Unrivaled Brands is home to Korova, the market leader in high potency products across multiple product categories, currently available in California, Oregon, Arizona, and Oklahoma, as well as Sticks and Cabana.

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Cautionary Language Concerning Forward-Looking Statements

Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding management's intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. We use words such as "anticipates," "believes," "plans," "expects," "projects," "future," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "continue," "guidance," and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors.

New factors emerge from time-to-time and it is not possible for us to predict all such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks, as well as other risks associated with the combination, will be more fully discussed in our reports with the SEC. Additional risks and uncertainties are identified and discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC. Forward-looking statements included in this release are based on information available to the Company as of the date of this release. The Company undertakes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this release.


Jason Assad
LR Advisors LLC.

(in thousands, except for shares) 
 September 30, 2022December 31, 2021 
Current Assets:   
Cash and Cash Equivalents$1,989 $6,891  
Accounts Receivable 573  4,677  
Inventory 2,684  7,179  
Prepaid Expenses & Other Assets 1,564  1,272  
Notes Receivable 375  750  
Assets Held for Sale 23  4,495  
Total Current Assets 7,208  25,264  
Property, Equipment and Leasehold Improvements, Net 19,576  23,728  
Intangible Assets, Net 3,360  129,637  
Goodwill 3,585  48,132  
Other Assets 16,212  26,915  
Investments 721  164  
Deferred Tax Asset 608    
Long-Term Assets Held for Sale 2,579  17,984  
TOTAL ASSETS$ 53,849 $ 271,824  
Current Liabilities:   
Accounts Payable & Accrued Liabilities$37,037 $31,904  
Current Portion of Notes Payable 26,454  45,749  
Income Taxes Payable 9,394  7,969  
Liabilities Held for Sale 1,653  2,087  
      Total Current Liabilities 74,538  87,708  
Notes Payable, Net of Discounts 7,964  10,006  
Deferred Tax Liabilities   6,123  
Lease Liabilities 12,101  21,316  
Long-Term Liabilities Held for Sale 1,357  184  
TOTAL LIABILITIES 95,960  125,337  
Common Stock, par value $0.001:   
 990,000,000 shares authorized, 560,353,549 and 498,546,291 shares outstanding as of September 30, 2022 and December 31, 2021, respectively 584  521  
Treasury Stock: 2,308,408 shares of common stock as of September 30, 2022 and December 31, 2021 (808) (808) 
Additional Paid-In Capital 401,729  392,930  
Accumulated Deficit (443,616) (250,015) 
Total Equity Attributable to Stockholders of Unrivaled Brands, Inc. (42,111) 142,628  
Non-Controlling Interest   3,859  

(in thousands, except for shares and per share data) 
 Three Months Ended September 30,Nine Months Ended September 30, 
  2022  2021  2022  2021  
Revenue$10,762 $20,052 $49,042 $24,980  
Cost of Goods Sold 10,826  19,724  34,404  21,737  
Gross (Loss) Profit (64) 328  14,638  3,243  
Operating Expenses:     
Selling, General & Administrative 13,236  12,029  51,074  29,376  
Impairment Expense 107,972    163,698    
Loss on Disposal of Assets 1,529    1,872    
Total Operating Expenses 122,737  12,029  216,644  29,376  
Loss from Operations (122,801) (11,701) (202,006) (26,133) 
Other Income (Expense):     
Interest Expense, Net (384) (515) (2,594) (627) 
Gain (Loss) on Extinguishment of Debt   185  542  (5,976) 
Gain on Investments       5,337  
Unrealized (Loss) Gain on Investments (493)   470    
Other Income 251  5  1,729  367  
Total Other (Expense) Income (626) (325) 147  (899) 
Loss from Continuing Operations Before Provision for Income Taxes (123,427) (12,026) (201,859) (27,032) 
Provision for Income Tax Benefit for Continuing Operations 3,449    5,585    
Net Loss from Continuing Operations (119,978) (12,026) (196,274) (27,032) 
Net Income from Discontinued Operations 72  6,561  4,051  4,898  
NET LOSS (119,906) (5,465) (192,223) (22,134) 
Less: Net (Loss) Income from Discontinued Operations Attributable to Non-Controlling Interest   (118) 275  (604) 
NET LOSS ATTRIBUTABLE TO UNRIVALED BRANDS, INC.$ (119,906)$ (5,347)$ (192,498)$ (21,530) 
Net Loss from Continuing Operations per Common Share Attributable to Unrivaled Brands, Inc. - Basic and Diluted$ (0.21)$ (0.03)$ (0.33)$ (0.09) 
Net Loss per Common Share Attributable to Unrivaled Brands, Inc. - Basic and Diluted$ (0.21)$ (0.01)$ (0.33)$ (0.07) 
Weighted-Average Shares Outstanding - Basic and Diluted 579,942,517  457,745,655  588,887,945  317,491,979  


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