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Tpco Holding Corp. (GRAMF) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Tpco Holding Corp.

CIK: 1876945 Ticker: GRAMF

Exhibit 99.1

 

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The Parent Company Reports First Quarter 2022 Financial Results

Omni-channel retail revenue increased 97% year-over-year, comprising 57% of net sales in Q1 2022

Gross margin improved to 25% in Q1 2022 from 12% average in 2021

Reveals strategic business improvement initiatives to support long-term profitability

Announces FY 2022 expected operating expense savings of $30M, a reduction of 20% compared to FY 2021

Troy Datcher joins Board of Directors and assumes the role of Chairman

Conference call to be held, May 17, 2022, at 8:30 a.m. ET

SAN JOSE, Calif., May 16, 2022—TPCO Holding Corp. (“The Parent Company” or the “Company”) (NEO: GRAM.U) (OTCQX: GRAMF), a leading consumer-focused California cannabis company, today announced its financial results for the quarter ended March 31, 2022 (“Q1 2022”). All amounts are expressed in U.S. dollars.

Q1 2022 Financial Highlights

 

   

Net sales for Q1 2022 were $33.2 million

 

   

Q1 2022 Omni-channel retail revenue was $19.1 million, or 57% of net sales

 

   

Q1 2022 Wholesale revenue was $14.1 million, or 43% of net sales

 

   

Gross profit for Q1 2022 was $8.2 million, or 25% of net sales

 

   

Net loss and comprehensive loss for Q1 2022 was $33.5 million

 

   

Adjusted EBITDA loss for Q1 2022 was $19.2 million. Adjusted EBITDA removes the effects of changes in fair value of financial instruments, impairment charges and other non-cash items.

 

   

Unrestricted Cash and cash equivalents totaled $143.5 million as of March 31, 2022.

Strategic Long-term Profitability Initiatives

As announced on March 31, 2022, the Company intends to maintain a minimum cash balance of approximately $100 million at fiscal 2022-year end subject to any opportunistic partnership of acquisition transactions, and expects to generate positive cash flow in fiscal year 2023. To meet these goals, the Company is in the process of implementing the following measures to reduce costs, drive efficiencies, and accelerate its path to sustainable, long-term profitability:

 

   

Enhanced Revenue Mix: Over the last year the Company has taken action to transition its focus from high-volume, but low margin, bulk wholesale revenue to higher-margin omni-channel retail revenue (which includes: retail, pick-up, and delivery). The Company intends to continue to grow this high-margin segment while lowering its percentage of wholesale revenue and is targeting omnichannel retail revenue to account for over two thirds of revenue at the end of fiscal 2022. This anticipated revenue mix target reflects a strategic focus towards the end-consumer and brand building. Omni-channel retail revenue originally comprised 24% of net revenue in Q1 2021. The Company’s emphasis on higher-margin revenue channels, namely omni-channel retail, is expected to shift focus away from less profitable sales channels to the detriment of higher topline revenue.


The following information was filed by Tpco Holding Corp. (GRAMF) on Monday, May 16, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Tpco Holding Corp.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Interim Condensed Consolidated Balance Sheets
Interim Condensed Consolidated Balance Sheets (Parenthetical)
Interim Condensed Consolidated Statements Of Cash Flows
Interim Condensed Consolidated Statements Of Changes In Shareholders' (Deficit) Equity
Interim Condensed Consolidated Statements Of Operations And Comprehensive (Loss) Income
(Loss) Earnings Per Share
(Loss) Earnings Per Share (Tables)
(Loss) Earnings Per Share - Additional Information (Detail)
(Loss) Earnings Per Share - Summary Of Loss Per Share (Detail)
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (Tables)
Accounts Payable And Accrued Liabilities - Summary Of Accounts Payable And Accrued Liabilities (Detail)
Basis Of Presentation
Business Combinations
Business Combinations - Additional Information (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Comparative Figures
Covid-19
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Summary Of Assets And Liabilities Measured On Recurring Basis (Detail)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Additional Information (Detail)
Financial Instruments - Schedule Of Fair Value Measurement Inputs And Valuation Techniques (Detail)
Financial Instruments - Schedule Of Financing Receivables Past Due (Detail)
Financial Instruments - Summary Of Credit Risk From Financial Instruments (Details)
Financial Instruments - Summary Of Reconciliation Of Contingent Consideration (Detail)
Goodwill And Intangibles
Goodwill And Intangibles (Tables)
Goodwill And Intangibles - Additional Information (Detail)
Goodwill And Intangibles - Summary Of Estimated Future Annual Amortization Expense Related To Intangible Assets (Detail)
Goodwill And Intangibles - Summary Of Intangible Assets And Goodwill (Detail)
Impairment
Impairment (Tables)
Impairment - Additional Information (Detail)
Impairment - Summary Of Impairment Of Long-Lived Assets Held For Used (Detail)
Income Taxes
Income Taxes (Table)
Income Taxes - Additional Information (Detail)
Income Taxes - Summary Of Company's Income Tax Expense And Effective Tax Rates (Details)
Inventory
Inventory (Tables)
Inventory - Summary Of Inventory (Detail)
Investments
Investments (Tables)
Investments - Summary Of Investments At Fair Value Through Profit Or Loss (Detail)
Leases
Leases (Tables)
Leases - Summary Of Leases Loss On Sale (Parenthetical) (Detail)
Leases - Additional Information (Detail)
Leases - Summary Of Additional Information On The Right Of Use Assets By Class Of Assets (Detail)
Leases - Summary Of Components Of Lease Cost (Detail)
Leases - Summary Of Leases Loss On Sale (Detail)
Leases - Summary Of Maturities Of Lease Liabilities (Detail)
Long Term Strategic Contracts
Long Term Strategic Contracts - Additional Information (Detail)
Nature Of Operations
Nature Of Operations (Detail)
Notes Receivable
Notes Receivable (Tables)
Notes Receivable - Summary Of Notes Receivable Is Comprised (Detail)
Operating Expenses
Operating Expenses (Tables)
Operating Expenses - Summary Of Operating Expenses (Detail)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Tables)
Prepaid Expenses And Other Current Assets - Summary Of Prepaid Expenses (Detail)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Detail)
Property And Equipment - Summary Of Property, Plant And Equipment (Detail)
Redeemable Non-Controlling Interest
Redeemable Non-Controlling Interest (Tables)
Redeemable Non-Controlling Interest - Summary Of Non-Redeemable Non-Controlling Interest (Detail)
Redeemable Non-Controlling Interest - Summary Of Non-Redeemable Non-Controlling Interest (Parenthetical) (Detail)
Related Party Transactions And Balances
Related Party Transactions And Balances (Tables)
Related Party Transactions And Balances - Additional Information (Detail)
Related Party Transactions And Balances - Summary Of Payments To Related Party (Detail)
Related Party Transactions And Balances - Summary Of Payments To Related Party (Parenthetical) (Detail)
Revenue
Revenue (Tables)
Revenue - Summary Of Disaggregation Of Revenue By Sales Channel (Detail)
Segmented Information
Segmented Information - Additional Information (Detail)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Detail)
Share-Based Compensation - Summary Of Share Based Compensation Restricted Stock Units Award Activity (Detail)
Share-Based Compensation - Summary Of Share-Based Compensation Expense (Detail)
Share-Based Compensation - Summary Of Stock Option Activity (Detail)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Additional Information (Detail)
Shareholders' Equity - Summary Of Common Shares Issued (Detail)
Shareholders' Equity - Summary Of Common Shares Issued (Parenthetical) (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information - Summary Of Supplemental Cash Flow Information (Detail)
Vie Arrangements
Vie Arrangements (Tables)
Vie Arrangements - Additional Information (Detail)
Vie Arrangements - Summary Of Carrying Values Of The Vies' Assets And Liabilities (Detail)
Warrants
Warrants (Tables)
Warrants - Additional Information (Detail)
Warrants - Summary Of Reflects The Continuity Of Warrants (Detail)

Material Contracts, Statements, Certifications & more

Tpco Holding Corp. provided additional information to their SEC Filing as exhibits

Ticker: GRAMF
CIK: 1876945
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-22-151966
Submitted to the SEC: Mon May 16 2022 5:03:28 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Agricultural Production Crops

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