EBITDA. is only on adjusted learn for not headed appreciate you and all thank times more more our quarter to to Najim, which where call. I so time these our are earnings about track achieve I the next, ultimately the results you XXXX believe continuing Thanks, know you attending all everyone recent we're second fiscal make unfamiliar wherever are excitingly for right we positive but difficult to
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agenda. So the into I'll jump right
last QX some hand who remarks a that, quarter. some After when and open I'll strategic month through getting the for Then baton for Q&A. our we've up remarks provide as we'll XXXX financial we to summary and he it shared Steven go already dive we final I'll Steven. QX fiscal to EBITDA the Chris, with will over over us new First, will passes our before share it some for preannounced of highlights, the deep off revenue which, our of some take adjusted of introductory it positive plan to finish
that with Slide So so X the already, you haven't turn do them which said, earnings if IR of let's by Results slides, Financial to visiting website downloaded supplemental ir.kushco.com. of at the our can page you
are challenging market with how pleased to we Despite backdrop, our a we plan. executed according
vape of preannouncement. which revenue during line number was down with The the to weakness business hemp QX, than a a being factors. has and the XX% market, in illicit continued Q-over-Q slower which generated to COVID-XX we anticipated million California following $XX.X foremost, in and prices, due fiscal of market pandemic. start and ones by right trading our our slower been only exacerbated a First rebound Revenue recent main was vape year-over-year in the
as we from takeaways to last we're forming. trends strategic quickly were our get this to quarter to revenue on in can, it's EBITDA adjusted which this go new there call. Frankly, including positive several will roll overall to later plan Despite market see decision that out that some positive into the driver the accelerated decrease as this encouraged
as all growth quarter-over-quarter. many tripled in nearly Canada, Illinois, in key one, or Michigan, sequential of we doubled robust our which Massachusetts continued saw such For and markets sales
the and traction to core continue also deeper new adding into gain space. cross-selling We customers our larger with customers
that quarters couple XX reaching What's XX a quarters the couple ago. more XX we purchase ago. trailing months versus larger more continues XX During who these customers XX a ended per fiscal $XXX,XXX had with a us customer the QX the to spent QX than of continue purchase from in SKU average count more SKUs customers climb to versus as us in just
the gross want these restructuring will remarks. XX% noting I the this go It's quarter go costs the into XX% more to margins year of gross up On year we on non-GAAP fiscal same row costs from fifth XX% we – achieved basis, this a where same some our which ago in a Stephen to and gross detail in quarter. actually restructuring our margins margins is in in quarter QX -- gross a quarter because talk achieved his worth however, the which excludes the were about above non-GAAP mark. negative Next margins for that
that about positive the to significant want adjusted positive toward newly of most plan path the best restructuring by Perhaps progress we EBITDA. business defined EBITDA. accelerate to our Next accelerate rightsizing in cost and was doing part importantly as our to cutting talk we're our made I to strategic unveiled adjusted our path QX
all work our rationalizes the tighter that more began growing of comprehensive including since been focus executing our drastically financially predictable and reducing overhead during at our We customers. inventory operations execution process QX as have our on implementing restructuring planned consolidating to controls, stronger reducing significantly worthy warehouses, strategy hard fiscal altering and then credit our aspects a expense we and sales
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to to XX% year generates move EBITDA. positive the together of of Altogether in we us workforce adjusted in which September since goal closer our the help pooled by cost all savings, lever start huge our a $XX nearly million we fiscal approximately have right-sized that
X, to slide breakout. sales our your attention Next, we geographic to I'd where look like turn at
its the market place flavor to had of QX. for continues recover XXXX struggle still and throughout of little especially in illicit such As our exiting ban preannouncement taken which in more headwinds Nevada from on some most the crisis most Oregon more the last time California a calendar month, of bit including to mentioned have fiscal our as vape Washington we while markets Colorado, Washington, established
to We which of some store and delivery market XX% a issues sequentially in as retail future expect onerous be a illicit developments not remind tax resolving over do currently as complicated was California which to the do appear structure front, struggling to rise, encouraging continue robust not in the near down the municipality allow QX the such and you municipalities. soon, even with of that is XX% still and
of seeing states Illinois of success dynamic wave MSOs license Florida, these expanding been operators with with to states have wider California shift from we limited that this deeper we focus or and moat. Massachusetts, and in that Frankly, these markets. MSOs the like current growth strategic the competitive go ensure where of these more we it’s purposely customers where ride accelerated stayed deeper because have go as to continue have the our of majority should we a continue out in that especially in This other away these
state growth. are reduce a are a their strategy perfectly Not from growth to credit not we impact who customers we MSOs are lot we the from believe these are more something business slower on have a invoices recently. more only going it emerging of pay worthy well and In of will the shift it with core can able that away directly the often of with their much markets progress home deeper will seeing seen align our of our benefit lot focus and in our California to and unfortunately also
a of quarter-over-quarter. that also which example, double had at more sales at our racked For in the especially quarter-over-quarter. the market fiscal – than Massachusetts us which legal QX ban Michigan our one vape saw of fiscal temporary adult start when state quarter very our QX its more triple start of the saw removed than helped sales we strong
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are Arizona last I the continue to states them these from adult especially to able revenue some use on legalize potentially exceptionally representing during to market to trend expect able we Pennsylvania of The cycle. like if market. ahead, which sequentially Looking tripled over in to touch million higher, and wanted $X which third well was million QX in nearly dollars we in the were Canada, $X.X row to that generate a sales that performed quarter a selection
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Slide I’d like to dive Next, our product is which mix. X into
flat The broader it's with with data yet. that start shows is anticipated levels not we're slower some of terms share, vape. of while necessarily pre-vape vape rebound in in Vape market mentioned rebound rebounding fairly slower largely the QX the we'll I than which earlier. to seeing, First, market by fiscal is back crisis was driven consistent
also place QX vape flat number was states, QX to few with expected. our been Obviously, here vape still Canada during be brands our having both a somewhat the in fiscal in but in
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be of we a take to but more probability around will high over at writing write-downs down the some but our into financial don't are going took given and part we sales commentary what’s big perceive this conservative vape regarding the essentially in to approach a collectible. a decided California, receivables, QX, The in we being dynamics dynamics to of shift. point Stephen the have driving in prudent strategic our
lot traditionally of We vape products a lot to sold of a customers.
of sales with financially vape too Therefore, many risky more focused customers LPs. our MSOs core are we've credit been However, leading growing and are to. those which to on becoming extend customers,
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our space in growth smaller This considerable up a a these from ton of a more and can a level initiatives toward of cash that warehouse inventory now and consolidated customers warehouse core inventory demanding. that are footprint previously one shift amount the strategy required we free reapportion of will requiring inventory that
completed do rep. We as With we our for transactions LP’s rather customer the customer dedicated are brands. spectrum service based with shift MSO’s support our emphasized line items stock the on previously a are some for cash the and smaller turnover expect more end them of that and mentioned than sales through strategic leading
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bucket, promising services for This of our were like disappointment big us was in this the dive to a we continued as I'd Next quarter. momentum to which previous down into hoping for significantly area compared bucket. was
to developments that category. few this occurred a However, it the month past challenging have made grow more in
the has put, been harvesting late have after the prices since one launched trading liquidate For farmers market replant incentivizing come prices very with saturated biomass the remains of Though dramatically their this hemp simply down division we not improving stay still hemp crop. are they're or supply. either done of low as current crop as their many
to their a of Secondly, seen out money sadly will it of bankruptcy. support mentality spent happened them of ton the of that cost we without major a and declaring just processors these build going hasn't dreams revenue in structures. and have business high field or of come, Many have they had processors coming but
on see ingestible. with stall the want to how FDA decision they CBD continue we respect to the regulate to Lastly, and
hasn't Today retail. on, bottleneck rely that major constricted been any industry which the guidance CBD biggest there can retailers has simply of
the While success comes at our tinctures industry level. Retail to when be needed big will channel, FDA we're will comes out clear Services with the division seeing when guidance comprehensive with obviously out much FDA clear gives unlock with the with boost and grow non-FTM that as be obviously the the and as ingestible sustainable modest some and several a well topicals
quarter were we'd currently we were But to at developments even be, and revenues though be this the them see some not where positive from expect encouraged category this to we them from to are takeaways materializing. where there ultimately or like
retail been the recognized drugstore bringing CBD our our chains. mentioned we only that of of value channels ultimately in them month, seed the and really to that our press open we're we see possible through initial get convenience able early in up a process. bottleneck can nation's success which be platform open entire that modest our various [indiscernible] up the services the release indicator have As and what conventional we into few KushCo opportunity including last to the mentioned brands is an and of sale to largest one retailers unique
an transactions the addition seeing in division, we're dollar hemp actually lower amounts uptick transactions trading of the our In despite overall. in of number
capital this in activity sense So seeing and we're arena been opened even getting little fewer lot very has additional solidified speak, a in to ecosystem, if services. presence is very though to hits. that we products to so the and our runs far are home new our base encouraging This has more the required that any door opportunities within cross-sell
the website, efficient interaction, We website Kush purchase without place products human has more on also of made the has their category and growers online record crowd products. we processed to which with see margin and opportunity buyers The and an us from continue off can even Overall, accretive our orders expand solid higher operating display significant that reputation the once sellers a flow position customers will bids to automated any help to cash a And rely launched we commodities on. which platform is few creating easier to be for market stand a and track and again within already and for further. a can those this the exchange in
lot halting a I operators natural oil. QX lastly energy their This and still was a at bucket. are business want of because affected in look of and And brands products to take our temporarily the production
as However to price rising see stabilize bounce back it levels. the and the and previous demand we for concentrates vape for expect to back we gradually
profitable. a hand some We're that sanitizer. QX. capitalized shift where ethanol There butane is here to going line continue key strategically it are butane while our ethanol to cannabis on ramp up processing we've from processors be to markets continuing We're seeing now to actually also in where ethanol selling in offer can
Next, that you I customers also who it for familiar are repeating to not grow. only Slide we many familiar cross-sell at X where continue progression. is now more that core look as to of securing following theme these traction want gain in they cross-selling KushCo but but larger to This bears SKUs customers everyone's a turn we then the a been we to story continue our and our we slide and more are call customers attention
an it XX you're $XXX,XXX little earlier of mentioned effect seeing simply had bit the makes either customers struggling strategic shift more The more to the us basis with this I customers. getting our that business. business need with is only in TTM smaller inverse data be out strategic core on the purchasing versus we XX the or entrenched churning ago. of more customers of that to which two As And plan for with new clear on than end all a buy our spectrum to as which of quarters our a more with other the consistent acquired like going
dive to before we plan I lastly for remarks. And final turn to over brief the Chris some it into wanted new
week leaving know later at he contributed and organization, him all service has months. thank his So behalf this XX on for Chris to of the you will be past wanted this KushCo what to As us everyone during I
for and become streamlined a have more stronger, solid hard the important, Through CFO just Stephen created moving much team as more forward. his organization platform focused our department. Chris particularly finance up has work as Perhaps and efforts, a in to new and we pick process
Chris. again you thank So
stage nothing, of be You'll next your best we you career. wish but the and missed in the
