XS Financial’s Q3 Report Shows Continued Growth with 108% YoY Growth in Revenue – XS Financial (OTC:XSHLF)

XS Financial Inc. xsf xshlf, A specialty finance company providing capex and equipment financing solutions to US cannabis companies reported its financial results late Monday night for the third quarter ended September 30, 2022.

“During the third quarter, we achieved important operating milestones including record revenue, increased monthly recurring payments to more than $2.4 million, and completed our first quarter of positive net distributable income. Given that, 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 Kiewitz, said the CEO of XS Financial.

Include Q3/22 Financial Highlights

  • 108% YoY Growth in Revenue $1.0 million in Q3/21 to $2.1 million in Q3/22,

  • 143% increase in monthly recurring payments from $1.0 million in Q3/21 to $2.4 million in Q3/22;

  • 171% increase in closed leases since inception $92.9 million in Q3/22 from $34.1 million in Q3/21;

  • 158% increase in gross lease receipts $99.1 million in Q3/22 from $99.5 million in Q3/21;

  • 169% QoQ improvement in net distributable income from $184.1 in Q3/22 to ($267k) in Q2/22.

  • Net loss for the quarter was $2,417,709 compared to a net loss of $628,546 for the second quarter of 2021.

  • “Capital markets in the cannabis industry are challenged and our customers and new prospects depend on our leasing solutions, including our ability to fund large scale, which we expect will continue beyond 2023 We look forward to delivering positive results related to our key metrics and building out our portfolio and pipeline with market leading operators,” concluded Kiewitz.

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