Big Rock has brewing operations in Calgary, Alberta, Vancouver, British Columbia, and Toronto, Ontario and recently announced its financial results for the three and six months ended June 30, 2021.

From June 30, 2021, compared to the three months ended June 30, 2020, the Corporation reported:

• • • net revenue increased by 14.8%, from $11.9 million to $13.7 million;
    • adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) of $2.0 million versus $2.5 million (see “Non-GAAP Measures”);
    • sales volumes decreased by 1.0% from 46,693 hl to 46,233 hl;
    • net income of $0.8 million versus net income of $0.6 million; and
    • operating income of $1.1 million, compared to operating income of $1.1 million.

For the six months ended June 30, 2021, compared to the six months period ended June 30, 2020, the Corporation reported:

• • • net revenue increased by 16.5%, from $20.9 million to $24.3 million;
    • Adjusted EBITDA of $2.8 million versus $2.5 million (see “Non-GAAP Measures”);
    • sales volumes decreased 1.6% from 83,183 hl to 81,833 hl;
    • net income of $0.3 million versus net loss of $0.3 million; and
    • operating income of $0.6 million, compared to operating income of $0.1 million.

“Our ability to grow revenue as we have continued to navigate the lock-down conditions throughout the first half of 2021 has been a great win for the organization,” said President & CEO Wayne Arsenault. “We are very happy with how our White Peaks product has been received in the market since the launch earlier this year, and we look forward to continuing our tradition of innovation. With the Etobicoke transaction completed, we are now better enabled to focus on our core business while continuing to service the Greater Toronto and area markets via our Liberty Commons location. As health restrictions continue to ease in our core markets, we are looking forward to serving our consumers on-premises and benefitting from the stronger margins that come from kegs versus retail packaging. The strategic 2021 capital plan remains on-plan and on-budget and we are excited to continue to grow our capabilities as both an independent brewer and a co-pack partner,” said Arsenault.

For the full revenue breakdown, click here.