Body and Mind Inc (OTCMKTS:BMMJ) Stock Falls After Earnings Update

Although Body and Mind Inc (OTCMKTS:BMMJ) was in the news yesterday after it announced its financial results for the first fiscal quarter that had ended on October 31, 2021, it did not lead to any reversal in fortunes for its stock.

Market Stats

On Thursday, BMMJ stock was up marginally at $0.31 with 21K shares, compared to its average volume of 83K shares. The stock has moved within a range of $0.3010 – 0.3276 after opening trading at $0.3276.

Earnings Recap

The company has seen its stock suffer from a strong selloff over the past week and during the period, it has recorded a decline of as much as 6%. In this situation, it might be a good idea for investors to take a look at some of the highlights from the company’s financial results.

Body and Mind managed to bring in revenues to the tune of as much as $7.57 million in the quarter and that reflected a year on year rise of 42% from the prior year revenues of $5.29 million. On the other hand, the gross profits soared by as much as 94% to hit $3.49 million. The net operating profit for the quarter came in at $0.32 million and the net loss stood at $0.68 million.

Last but not least, the diluted and basic loss per share for the first fiscal quarter stood at $0.01 for the quarter.

Key Quote

“These strong quarterly results and continued positive cash flow from operations reflect our commitment to lean, focused performance as we continue to add new accretive operations,” stated Michael Mills, CEO of BaM.

Traders Corner

BMMJ stock is trading below the 20-Day and 50-Day Moving averages of $0.32 and $0.38 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.42.