Humble & Fume Inc. HUMBF HMBL released its second quarter fiscal 2023 financial and operating results for the six and three months ended December 31, 2022, revealing revenue of CA$19.61 million ($14.42 million), a 16% increase compared to CA$16.85 million in the Q2 fiscal 2022.
Q2 FY 2023 Financial Highlights
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In Q2, the company saw a quarter-over-quarter revenue increase of 177% in its California cannabis distribution business.
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Gross profit CA$3.35 million compared to CA$2.42 million in Q2 fiscal 2022.
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Gross margin improved to 17.1% compared to 14.4% in Q2 fiscal 2022.
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Net loss was CA$6.76 million, an unfavorable increase of 62.9% compared to $4.15 million in Q2 fiscal 2022.
"I want to acknowledge the effort made by our prior leadership team," stated CEO Jakob Ripshtein. "The past twelve months was a challenging adjustment period for our business. The progress we have made in addressing our inventory concerns is encouraging, but we are confident there is more we can do in this area. Our focus on margin-enhancing products and opportunities includes the introduction of a proactive, rigorous approach to address inventory levels further. We will concentrate on high-velocity, margin-enhancing SKUs, which are expected to provide working capital and gross profit benefits."
Ripshtein concluded, "Our commitment to providing the best possible service to our customers goes hand in hand with ensuring that we are disciplined in addressing the task at hand inside our business. We must accelerate growth opportunities, drive efficiencies at every touchpoint, and deliver long-term shareholder value."
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