for this to Thanks, you Brand's results. thank discuss Jason, quarter operating afternoon Unrivaled us and joining all second
initiatives, into QX including our this provide People's the and insight respect we to acquiring results. an Choice, afternoon's past, First our in update with operating I'll provide have announcement primary on As will Jeff
the provide Jeff as results, improvements reflect and fact financial at operating have a those today. on rebuilding of to which fully our financial of beginning that we and X SilverStreak initiatives business initiative, statements sheet enhancements all Notwithstanding result the done and potential year, would not to Choice, of X further notably, will the to with summary that our forth scale, While the work we it and and the share. like reflect believe more market these the Brands are reorganization, reflect in rearward-looking of do balance First does we merger UMBRLA, third the set note Unrivaled detailed not I revenues People's have of statements our material
the of details like in million in since the of would and some forth a revenue make set have third I quarter on Before operations. initiative to a fourth highlight with to year-over-year with, compared we items With largest our of future XXX% to to of recorded the in our we To period XXXX. quarter performance improvement continued this our see impact of $X.X business respect and begin operating reorganization. sheet same of second the and existing gains XXXX, balance improvements quarter of and our I revenues revenue, XXXX, the couple
first sequential year. to second increase of XX% reflects our quarter relative a also Our revenue quarter this
or elimination were reductions. and which detail reflects but of other nonrecurring to provide the non-GAAP On I appropriate down would our review items, shortly, more expenses, that cost will continued noncash of Jeff our like to drive the have we the side ledger, note considerably. operations SG&A
a second XXXX, quarter For quarter loss non-GAAP XX% $XX.X the million, of $X.X we from loss had was of down million. when non-GAAP our second of the XXXX
Additionally, company Having during on on worked first executed our initiatives. the to filing.
One reconciliation our of non-GAAP of the going overhaul review strong, business. approach cleared and to and of [ be largely XXXX. upgrading we down full believe our the non-GAAP note improvement loss the the operational that core we X forward XX-Q and out found is the on can basis, management quarter-over-quarter have last operations grow a from and a operate quarter of A solid most historical in with operational our the have team ] XX% months, respect to excellences
management to is the expect with excellence historical operational we changes company.
With not operations respect of sweeping quarter, pleased effort, report the second at Vegas. agreement that further While into to a ongoing do our monetization Street Las an am this nonoperating we I financial during property Xth of remains the core our of entered any Unrivaled, to time sell to central that assets, one respect in to definitive the
useless its in cash on of purpose opening Vegas. based resulted formally for a changes net Las became dispensary cannabis As this in sale The of approximately of $XXX,XXX. in zoning a property which August, intended reminder, receipts property this closed
costs notes Related XXXX In its longer our debt Unrivaled has the been amount, $X.X in debt interest ongoing entered property, repayment debt. associated that associated original our and the that addition, have into and of no mortgage million sale including to outstanding any the carrying with of convertible reducing all converted, payments. the removed costs with ownership, on ongoing carrying overall
in million our approximately to of balance the our sale we With sheet. added $XX Hydrofarm, investment
in of XXXX. note the a amount -- X equity associated have we the dispensaries Additionally, approximate in $XX [ early and puttable in of with amount ] Nevada receivable sale million
potential includes puttable This future. the the growth us company over warrants property be to and Hydrofarm receivable months.
The equity better very monetize next believe X the XX our stock transaction July QX the on on XXXX, with our to is to close merger position respect, sale from early focus in acquisitions anticipated of attention in late forward largest strategically. organic for of to Xth growth the future what flexibility organically both assets.
With able the SilverStreak a and with core Solutions operations Street Choice acquire on or of and platform and People's the initiative and building QX closing the closing anticipated is our and UMBRLA the this and more early the X, of XXXX, going the note to expect we We provides XXXX, existing QX opportunistic First
UMBRLA, X with company believe we of with Choice.
In to Unrivaled. announced with base UMBRLA, under UNRV, The of changed assets, the and our And operations. company new to Unrivaled merger Unrivaled's synergies the cannabis connection announced goal and the with Solutions the a produce operations market. previously symbol, with in completion on We its ticker premier operational the definitive array distribution and doing While of the X business trading distribution, in dispensaries, and acquire the I the processing the transactions Collectively, both, integrating an UMBRLA brand Brands. agreements its me merger the by strengthening execution to our latter we merger of announced, with companies platform together with meaningful We will our OTCQX company as operations discuss name as company's allow becoming as the thus strategic of scale UMBRLA of started In on economic with including with operator far, cultivation, rebranding, update SilverStreak look merger will principally, the cannabis to existing providing company's and and primary July, Nevada. broad benefits. multiple People's to operates First and Oregon successful combined and California, in our multistate brought the lead and California-based West. aligns brands, the greater the expanding portfolio part forward states start businesses
our to Turning of Solutions. acquisition SilverStreak
to met toward the by early closing We expect conditions the continue be October. and to progress all close
We Principal as to expand running have technology plan and the plan out to business these of among well. San delivery additional opening services begun roll and working importantly, locations other employed are on the our locations. Santa Ana in Leandro to out facilities potentially and a
is As believe this we California. fully the The and indicated, afternoon definitive one People's acquire to we largest dispensary and all operational People's earlier most First is prominent the in of execution announced Santa Choice. dispensaries of of previously Ana agreements
that and revenue footprint QX in Riverside, as and other provides in both by XXXX retail Additionally, The Angeles of to licenses, development open XXXX. there expect sites additional in the Los X those as one are operations California. X well other greater under are Southern considerably under one scope with going in development us into
cannabis the growth California and permitting cultivation we full of we have also into facility. one companies us Unrivaled this intend our we delays control X We of operating Hegenberger leading agreement of opening in to some a we initiatives, organic respect Gap]
but the management operation. enter minor the us to X. expect our originally
[Audio late market.
With all of experienced transformative remain on X path becoming a operations location Santa will allow minor take to and and in we feel September in only our in our flow planning. cash a receive results, will harvest impact We weeks is This this will that People's for as financial have from the from revenues to and Ana services our sets Importantly, out QX. and expected acquisition book all This whereby a to first first systems the
for major of Unrivaled regular as we part and operation of on of Phase As flower of source twice planning X. are facility Oakland, road to brand, the dispensary merger.
Concerning the of of flagship stated, and the diligently X high-quality, size Hegenberger and other we the it project, part expansion opening previously cultivation is the that acquired the provide working our cultivation location, expect was approximately which as our Korova Dyer will existing part drive Phase as in our
the date be of anticipated of process, the manner on remain a expect building in QX to by completed in our operation the Unrivaled summer open knowledge towards opened our of Santa work Ana operation we XXXX dispensary focused with cultivation an to shareholders. coherent eye and planning the with later XXXX.
We Given the to logical and the end
the been towards together. diligently firmly And this while goal. much We are working coming and have I hard remains, work believe pieces
look With our would detailed member our call to best I Unrivaled like a thank now this of prepared at turn like Jeff, XXXX our the would assets quarter the remarks. Importantly, happen. for our of team doubt second I results. financial that, every to no some making concludes CFO, over people.
That There's my are to
