XS Financial Inc. (CSE:XSF) (OTCQB:XSHLF), a specialty finance company providing CAPEX and equipment financing solutions to US cannabis companies reported its financial results late Monday for the third quarter ended September 30, 2022.
"During the third quarter, we achieved significant operational milestones, including record revenue, increased monthly recurring payments to over $2.4 million, and accomplished our first quarter of positive net distributable earnings. In the fourth quarter and looking ahead to 2023, we are focused on doubling our customer base, as we did in 2022, increasing efficiencies in operations, and expanding our financing options with well-priced, non-dilutive capital," David Kivitz, CEO of XS Financial stated.
Q3/22 Financial Highlights Include
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108% YoY increase in revenue to $2.1 million in Q3/22 from $1.0 million in Q3/21;
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143% YoY increase in monthly recurring payments to $2.4 million in Q3/22 from $1.0 million in Q3/21;
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171% YoY increase in closed leases since inception to $92.9 million in Q3/22 from $34.1 million in Q3/21;
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158% YoY increase in gross lease receivables to $99.1 million in Q3/22 from99 $38.5 million in Q3/21;
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169% QoQ improvement of net distributable earnings to $184.1 in Q3/22 from ($267k) in Q2/22.
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Net loss for the quarter was $2,417,709 compared to a net loss of $628,546 for the second quarter of 2021.
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"The capital markets remain challenged in the cannabis industry and our customers and new prospects remain reliant on our leasing solutions, including our ability to fund at scale, which we expect will continue well beyond 2023. We look forward to delivering positive results related to our key metrics and building our portfolio and pipeline with market-leading operators," Kivitz concluded.
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