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goodfood • • • • • • For Immediate Distribution Goodfood Reports Record Quarterly Revenues Surpassing $ 100 Million for the First Time Revenues reached $ 100.7 million in the second quarter of Fiscal 2021 , an increase of $ 41.9 million , or 71 % year - over - year Gross margin reached 30.4 % for the quarter , an improvement of 0.1 percentage points , and gross profit was a record $ 30.6 million , an increase of $ 12.8 million , or 72 % Net loss was $ 4.0 million , an increase of $ 0.7 million compared to the same period last year , resulting in a loss per share of $ 0.06 Goodfood reported positive Adjusted Earnings Before Interest , Taxes , Depreciation and Amortization ( EBITDA ) ( 1 ) , with a 0.5 % margin in the second quarter , an improvement of 5.5 percentage points year - over - year Quarterly cash flow from operating activities totaled $ 5.4 million , an improvement of $ 9.3 million compared to the same period last year Record cash position of $ 163 million Active subscribers ( 1 ) reached 319,000 as at February 28 , 2021 , an increase of 73,000 , or 30 % , compared to February 29 , 2020 Montreal ( Quebec ) , April 7 , 2021 Goodfood Market Corp. ( " Goodfood " or " the Company " ) ( TSX : FOOD ) , a leading online grocery company in Canada , today announced strong financial results for the second quarter ended February 28 , 2021 , further demonstrating its ability to generate superior growth and margins in the fast - growing online grocery and meal solutions markets . " We are very proud to have reached two great milestones in Goodfood's journey in disrupting the Canadian grocery industry . Not only have we reached $ 100 million in revenues this quarter for the first time since inception , but we have also generated over $ 30 million of gross profit , both records for Goodfood , " said Jonathan Ferrari , Chief Executive Officer of the Company . " The uptake of Goodfood's grocery products also reached new heights with over 1.1 million grocery products sold in this quarter alone and we now have more than 750 products available to our members . The continued strength of our members ' interactions with our offering has led to increased basket sizes and order frequencies , and that , combined with our strong balance sheet , positions us ideally to further penetrate the online grocery market that is still in the early days of its digitization , " concluded Mr. Ferrari . " As our consistent execution and investments in footprint , automation and technology continue , we are thrilled to report a fourth consecutive quarter of positive Adjusted EBITDA ( 1 ) , which on a last - twelve - months basis reached a margin of 3.6 % , and that despite encountering demand - driven challenges and costs as a result of a highly - popular grocery promotion week we ran during the quarter to grow customer awareness of our expanding line of grocery items , " said Neil Cuggy , President and Chief Operating Officer of Goodfood . " Our gross profit reached a record $ 30.6 million as a result of unlocked scale efficiencies , increased penetration of our delivery capabilities , and lower credits and incentives as a percentage of revenues . As we continue to enhance our operations across the country , we remain focused on building the optimal footprint of centralized production facilities and satellite fulfilment centres to enable faster delivery times and continued penetration coast - to - coast . We are exceptionally well positioned to benefit from the growing shift to e - commerce grocery and to provide an increasing part of Canadians ' food baskets , " concluded Mr. Cuggy . ( 1 ) See the non - IFRS financial measures and active subscribers sections at the end of this press release .