Humble & Fume Q3 FY23 Revenue Stagnates YoY, Here Are The Details

Humble & Fume Inc. HUMBF HMBL released its financial and operating results for the third quarter of fiscal 2023 ended March 31, 2023, revealing revenue of CA$16 million ($11.8 million), a decrease of 0.7% compared to CA$16.1 million in Q3 2022.

Q3 2023 Financial Highlights

• Gross margin of CA$2.7 million, a decrease of 16.5% compared to CA$3.3 million in Q3 2022.

• Gross margin as a percentage of revenue was 17.1% compared to 20.3% in Q3 2022.

• Net loss was CA$4.2 million compared to CA$2.5 million in Q3 2022.

• Total comprehensive loss for the period was CA$3.8 million compared to CA$2.4 million in Q3 2022.

• At March 31, 2023, the company had cash and cash equivalents of CA$4.4 million.

• Optimized talent and resource allocation, resulting in a reduction of salary and wages of CA$614,000 versus Q2.

"We are pleased with the incremental change for the better seen in Q3, as we have minimized losses and made strides towards achieving our goals," stated CEO Jakob Ripshtein. "While we are proud of our progress, we recognize that there is always room for improvement, and we remain committed to continuously raising the bar and doing even better in the future."

Ripshtein concluded, "By combining our disciplined approach with targeted initiatives, we have effectively minimized losses and are now poised for continued growth. We are confident that our concerted efforts will help us achieve our long-term objectives, resulting in sustainable value creation for all our stakeholders."

Photo by Esteban López on Unsplash

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