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01/10 18:46
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents a mixed picture: revenue decreased by 7% YoY, but gross profit and adjusted EBITDA improved. The cannabis industry's potential reclassification is a positive long-term catalyst, but short-term financial guidance is not strong. Operating expenses decreased significantly, yet the backlog also fell. The Q&A revealed cautious optimism about cannabis rescheduling but no immediate impact. Overall, the financial results are mixed with some positive developments, leading to a neutral sentiment.
The earnings call reveals several concerns: negative EBITDA widening to $9.7 million, project delays, and cost revisions. Despite a 40% increase in backlog, uncertainties remain, especially with the CEA sector's underperformance. Management's vague responses on mitigating delays and capitalizing on legislative catalysts further dampen sentiment. The reduced breakeven point and diversification efforts are positives, but the overall outlook is clouded by challenges in equipment demand and European operations. Without clear guidance or a new partnership, the stock is likely to experience a negative reaction.
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