Shiny Health Q3 2023 Revenue Grows 30.6% YoY, What About Adjusted EBITDA?

Shiny Health & Wellness Corp. SNYB revenue in the Q3 2023 was CA$7.5 million ($5.5 million) a 30.6% increase compared to CA$5.7 million in Q3 2022.

Q3 2023 Financial Highlights

• Gross profit increased by 31% to CA$2.8 million

• Sustained profit margin of 37.8% unchanged year-over-year and compared to 36.1% quarter-over-quarter

• Comprehensive net loss of CA$1.76 million

• Adjusted EBITDA was CA$265,270, a 51% decrease compared to CA$557,278 in Q3 2022.

• Cash balance of CA$1.1 million as at October 31, 2022

• Net working capital deficit of CA$2.2 million

"During the third quarter, our cannabis portfolio continued generating higher revenues, maintained peer-leading profit margins, and delivered positive adjusted EBITDA for the second consecutive quarter. Concurrently, we established our initial footing into health and wellness after closing our first pharmacy location to differentiate our company from other cannabis retailers," stated Kevin Reed, chairman and CEO. "Going forward we will continue to focus on leveraging our retail expertise and solid foundation in adult-use cannabis to strengthen customer loyalty through our growing membership program, growing sustainable profitability from our existing cannabis stores, and building new customer relationships through our pharmacy holdings."

Corporate Update

Effective December 31, 2022, Richard Espinos, co-founder and director, will be resigning from the bard of directors to focus on his expanding professional commitments. Richard will remain available to the board and management team for ongoing strategic guidance.

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