SOL Global Q2 Revenue Drops 217% YoY, Here Are The Details

SOL Global Investments Corp.’s SOLCF SOL 9SB unaudited total revenue in Q2 2022, was a loss of CA$96.19 million, an unfavorable decrease of 217% compared to revenue of 81.96 million Q2 2021.

Unaudited Six-Month Period Ended Results

  • For the six-months period ended May 31, 2022, the company recorded a net loss of CA$161.1 million vs. six-months period ended May 31, 2021, net income of CA$272.8 million. This represents an unfavorable change of CA$433.9 million.

  • For the three-months period ended May 31, 2022, the company recorded a net loss of CA$128.1 million vs the three-months period ended May 31, 2021, net income of CA$60.7 million. This represents an unfavorable change of CA$188.8 million.

  • Total loss from investments totaled CA$179.5 million for the six-month period ended May 31, 2022, compared to a gain of CA$327.5 million for the six-month period ended May 31, 2021. This represents an unfavorable change of CA$507.0 million between periods.

  • Total loss from investments totaled CA$97.9 million for the three-month period ended May 31, 2022, compared to a gain of CA$83.3 million for the three-month period ended May 31, 2021. This represents an unfavorable change of CA$181.2 million between periods.

  • The unaudited net asset value per share is equal to CA$3.43 at May 31, 2022, vs. CA$7.43 at May 31, 2021.

  • The company made principal payments of CA$26.1 million towards its CA$50 million credit facility over the six-month period, reducing the outstanding principal to CA$21.4 million as of May 31, 2022. It made additional payments following the quarter end resulting in a remaining principal balance of CA$7.835 million as of July 29, 2022.

  • During the six-month period ending May 31, 2022, the company reduced its exposure to the cannabis sector as a percentage of its net asset value from 24% to 18% as it continued to diversify into new themes with strong tailwinds and attractive prospects. Over the period, clean technology, electric vehicles and the Miami real estate market all outperformed the cannabis market by a significant margin.

The Company’s financial statements for the third quarter ended August 31, 2022, will be released on October 28, 2022

Forward looking guidance into the company’s Q3 results:

The company continues to make significant re-payments towards its credit facility of CACA$50 million. As of July 29, 2022, the principal amount owing was reduced to CACA$7.835 million. The company expects to continue paying down the facility and reduce its debt balance.

Photo by Mackenzie Marco on Unsplash

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