Nextleaf Q1 FY23 Net Revenue Grows 3% YoY, What About Profit?

Nextleaf Solutions Ltd. OILFF OILS L net revenue in Q1 FY 2023 was CA$1.2 million, ($880,000) a 3% increase compared to CA$1.1 million.

Q1 FY 2023 Financial Highlights

• Gross profit was CA$25,215, an unfavorable decrease of 92% compared to CA$343,419 in Q1 FY 2022.

• Gross margin was 2% compared to 29% in Q1 FY 2022.

• Loss and comprehensive loss for the period was CA$559,013 a favorable decrease of 99% compared to a loss of CA$919,901 in Q1 FY 2022.

• Cash at the end of the period was CA$364,763.

"Nextleaf has established itself as one of the top producers of cannabis vapes and oils. I'm proud of our team for competing head-to-head against the largest and most well capitalized cannabis companies in the world and winning our key categories. We believe it's a validation of Nextleaf's intellectual property stack, with 10 U.S. patents covering the most efficient methods for producing high-purity cannabinoids within a regulated market," stated Nextleaf CEO, Paul Pedersen.

Subsequent to Quarter End

The company amended the terms of the senior secured note issued to an institutional investor on March 31, 2021, extending the maturity date of the note to June 1, 2023. Between January 1 and March 1, 2023, the company issued 6.5 million common shares to the holder of the note for conversion of principal of the note. As at March 2, 2023, the balance of the note was $555,731.

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Photo: Courtesy of Nextleaf