Irwin Naturals Q3 Revenue Declines 7% YoY, What About Adjusted EBITDA?

Irwin Naturals Inc. IWINF IWIN (FRA:97X) revenue in the Q3 2022 decreased 7% to $22 million, compared to $23.7 million in the Q3 2021.

Q3 2022 Financial Highlights

• The 7% decline in overall operating revenues were due largely to supply issues in the CBD segment, related to a reduction in supply at a key supplier. The decline, though still down from prior year, is recovering quarter over quarter. Production of CBD products has restarted at the company’s manufacturer. Other factors impacting sales related to order timing and the loss of distribution of certain non-CBD mass market products.

• Gross profit was $10.6 million, a 4.8% increase compared to $10.1 million in the Q3 2021.

• Net profit was a loss of $583,000, a favorable decrease of 60.2% compared to loss of 1.5 million in Q3 2021.

• Adjusted EBITDA decreased 33.3% to $1 million from $1.6 million in the Q3 2021.

Klee Irwin, CEO, commented, “In Q3, Irwin Naturals moved close to becoming the world’s largest chain of dedicated psychedelic mental health clinics. In addition, we are rapidly on our way to doubling our profits from last year on an annualized basis based on potential acquisitions in the psychedelic mental. The mental healthcare industry is a 1.5 trillion dollar behemoth in desperate need of a disruptive sea change. With standard treatments having an average effectiveness of approximately 17%, the drastic improvements of results from psychedelic treatments is that sea change. We currently have no meaningful competitors in our rearview mirror and intend to be the world’s first chain of clinics in this sector to exceed 100 locations.”

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