Rubicon Organics Q1 Revenue Grows 71% YoY, Thanks To Expansion Of 1964 Supply Co, Here Are The Details

Rubicon Organics Inc. ROMJF ROMJ achieved record net revenue for Q1 2023 of CA$8.8 million ($6.5 million), a 71% increase from Q1 2022, primarily driven by the expansion of 1964 Supply Co, having a full year of sales in all key markets, continued range expansion, and a new hero strain with Comatose.

Q1 2023 Financial Highlights

• Gross profit was CA$3.2 million compared to CA$2.5 million in Q1 2022.

• Adjusted EBITDA of CA$168,665, compared to a negative Adjusted EBITDA of CA$1.5 million

• Cash and cash equivalents at March 31^st 2023, were CA7.6 million.

• Net loss for the period was CA$575,047 compared to CA$1.5 million in Q1 2022.

“Despite the historical sluggishness of the first quarter in the cannabis industry, Rubicon Organics has demonstrated an impressive 71% revenue growth (vs Q1 2022) and has delivered positive adjusted EBITDA for the 4^th consecutive quarter”, stated Margaret Brodie, interim CEO and CFO. “While acknowledging the ongoing challenges faced by the Canadian cannabis industry, including both licensed producers and retail stores, I maintain a positive outlook on the premium segment which continues to experience robust double-digit growth. With our diverse portfolio of consistent, high-quality products, Rubicon is well-prepared to meet the rising demand in this segment."

Photo by Giorgio Trovato on Unsplash

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