Thursday, June 01, 2023
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Financial Results. Zero revenue and a loss of CAD$1.0 million, or a loss of $0.02/sh for 1Q23, similar to the 4Q22 loss. We had forecast revenue of CAD$1,000 and a net loss of CAD$924,066, or $0.02 per share. Until MustGrow receives regulatory approval in at least one market, we anticipate similar quarterly results going forward.
Janssen Re-Ups. Last week, Janssen PMP, a unit of Janssen Pharmaceuticals, signed an extension to test and develop MustGrow’s biological mustard plant-based technologies for certain postharvest food preservation storage applications globally. According to Janssen, “In post-harvest, the need for technologies derived from nature remains very high. Janssen PMP sees a great potential in the use of the MustGrow technology in extending shelf life of fruits and vegetables. This is the reason why we decided to extend our global exclusive partnership with MustGrow…” We believe such actions reflect positively on MustGrow and its products.
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