Company Name: Inner Spirit Holdings Ltd.

2020 revenue was up 230% YoY to $26.8M. Net losses declined from $11.5M (EPS: -$0.05) to $3.1M (EPS: -$0.01). Revenue fell short of our estimate by 1%, and margins were relatively in line. In Q4, the company reported $1.1M (EPS:$0.01) in net income – the first ever profitable quarter.

Inner Spirit Holdings Ltd.’s Q3-2020 revenue was $8.09M, a YoY increase of 152%, and a QoQ increase of 49%. Net loss improved QoQ from $1.23M (EPS: -$0.01) to $1.01M (EPS: -$0.00). While revenue beat our expectations, gross margins were relatively inline; actual 2020 (9M): 47% vs our estimate of 48%.

In Q2-2020, Inner Spirit Holdings Ltd. generated system-wide retail sales (“SRS”) of $20.5 million – a YoY increase of 343% and a QoQ increase of 19%. SRS reflects the total sales across both Spiritleaf franchised and corporate stores.

Highlights Inner Spirit Holdings Ltd. (“Inner Spirit”, the “company”) recently announced being the...