1933 Industries (CSE: TGIF) (OTC PINK: TGIFF) released financial results for its fiscal second quarter, which ended Jan. 31, telling investors that revenue increased sequentially.
1933 reported revenue increased 11% sequentially to C$4.4 million over the first fiscal quarter, but it was slightly lower than last year’s fiscal second quarter revenues of C$4.5 million. The company said this sequential uptick reflected an improvement in the Nevada cannabis market and demonstrated the strength of the AMA brand and its position as one of the top five selling brands in the state.
“Overall, Nevada cannabis retail sales rebounded from the previous quarter, reflecting higher top line sales. AMA flower and pre-rolls gained market share and growth over the reporting period, ranking second as one of the most sold brands by volume,” 1933 said in a statement. “AMA’s solid position in the market highlights its ability to gain shelf space in dispensaries across the state and demonstrates increased consumer preference due to its consistent quality and value.”
However, the company also noted that during the six months period ending Jan. 31, it reclassified its subsidiary, Infused Mfg, as discontinued with operations ending as of May 2024. 1933 said that a key customer stopped purchasing products from the entity and the subsidiary’s operations were no longer profitable.
Overall expenses decreased to C$1.8 million for the quarter from C$2 million in the prior year’s comparable period. Expenses were C$3.7 million year-to-date for the fiscal year 2025 compared to C$4 million for the fiscal year 2024. The decrease from the prior year was primarily due to reduced wages and benefits.
Net loss for the quarter was C$300,000 compared to a net loss of C$600,000 in the second quarter of fiscal 2024. The company is reporting as a going concern. In the company’s financial statements, it noted that, as of Jan. 31, it had an accumulated deficit of C$98.3 million and working capital of C$682,024, compared with C$97.4 million and C$561,576, respectively, as of July 31, 2024.
[[{“value”:”1933 said its AMA brand remains a top seller in Nevada, while its Infused Mfg subsidiary was reclassed as discontinued.
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