Lowell Farms Inc. (OTCMKTS: LOWLF) has released its initial June harvest report in which it said it had record harvests in Q2.
Lowell Farms release preliminary harvest results for Q2 2021
The preliminary results show that the company harvested 9,700 pounds of dry flower in Q2, which is a 105% QoQ increase. In June, the company reportedly harvested 3,673 dry cannabis flower pounds from their growing facilities, which is an 18% month-over-month increase. Also, in Q2 2021, there were 40 full turns relative to 36 in Q1, with the average pounds per turn increase over 80% QoQ. According to the preliminary report, several harvests are still in the curing and drying stages. Thus the company has estimated the finished weights of the harvests.
CEO Mark Ainsworth said, “With the upgrades and key additions we’ve made to our operation, we look forward to many more quarters of equal or greater success. This successful harvest is further proof that we have put the right team in place to oversee and manage our cultivation efforts, and our achievements at this level will be evident to both our retail partners and the customers that have made Lowell Farms’ brands top sellers in California.”
Lowell Farms report a 17% YoY revenue increase in Q1 2021
Recently, the company announced its operating and revenue results for Q1 2021 ended March 31, 2021. Q1 revenue was $11 million, a 17% YoY increase and 20% QoQ increase. Lowell Farms reported an adjusted EBITDA of $4.6 million in Q1 2021. Recent harvests are exceeding pre-stress yields, which is encouraging for the company for Q2 2021 and beyond. However, in Q1 lower yields from cultivation due to plant stress from extreme temperatures and wildfires in late summer affected revenue in Q1. Equally, the move to cut lower-margin third-party actions and distributed sales also impacted revenue.