Cannara Biotech Inc. LOVFF LOVE (FRA:8CB) released its fiscal second quarter 2023 financial results, revealing net revenue of CA$13 million ($9.6 million), a 76% increase, compared to Q2 2022, and a 26% increase compared to Q1 2023.
Fiscal Q2 2023 Financial Highlights
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Gross profit was CA$4.3 million compared to CA$2.6 million in Q2 2022.
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Gross profit margin was 33% compared to 41% in Q2 2022.
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Delivered the company's eighth straight quarter of positive adjusted EBITDA of CA$3.2 million, a 1500% increase, compared to Q2 2022.
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Net loss of CA$618,055, a 50% improvement compared to a CA$1.2 million net loss for Q2 2022.
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The company has CA$25.6 million in working capital as of February 28, 2023, which includes CA$4.1 million of cash on hand.
"In the past quarter, Cannara achieved unprecedented revenue, bolstered gross profits, and enhanced adjusted EBITDA, reflecting our unwavering commitment to executing the growth strategy we envisioned from the start," stated Zohar Krivorot, president and CEO of Cannara. "Our market share has made significant strides in Quebec, where we now stand as the third largest producer in the province. With the upcoming launch of 17 new SKUS in Ontario this summer, our expansion into the thriving Alberta market, Canada's second largest cannabis market, and the activation of additional growing zones, the future of Cannara has never been more promising.”
“As we continue to purposively build out our product offerings across our 3 flagship brands and enter new markets, we've launched an online community channel to authentically engage and support our customer community. Although we still have milestones to reach in achieving our long-term objectives, I am confident that with the support of our knowledgeable and dedicated team, Cannara is well on its way to becoming a leading cannabis producer in Canada," concluded Krivorot.
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