Thursday, August 31, 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.
2Q2023 Results. MustGrow reported zero revenue and a net loss of CAD$1.2 million, or a loss of $0.02 per share, during the quarter. We estimated revenue of CAD$1,000 and a net loss of $1.0 million. Similar to last quarter, we anticipate comparable quarterly results going forward until MustGrow receives regulatory approval in at least one market.
Capital and Cash Flows. MustGrow had cash of CAD$5.0 million at the end of the second quarter, down from CAD$6.1 million in the previous quarter, with the Company using cash of CAD$1.1 million of CFFO. We estimate that the Company currently has an approximate 14 month runaway before needing new capital.
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