Entourage Health Corp. ETRGF ENTG (FSE:4WE) released its financial results for the three months ended March 31, 2023. revealing net revenue of CA$11.8 million, ($8.7 million) a decrease of 4.8% compared to CA$12.4 million in Q1 2022.
Q1 2023 Financial Highlights
-
Gross profit was CA$4.0 million compared to CA$1.9 million in Q1 2022.
-
Adjusted EBITDA was negative CA$3.4 million in Q1, 2023, compared with positive CA$563,000 in Q1 2022.
-
Net loss and comprehensive loss was CA$9.5 million compared to CA$8.8 million in Q1 2022.
-
Cash at the end of the period was CA$17.7 million.
"Over the first quarter, we noted significant growth in our medical stream representing a 61% increase compared to the previous quarter. This aligns with the escalating demand, fueled by the introduction of innovative products, a rise in new patient acquisitions, and substantial renewal rates,” CEO and executive chairman George Scorsis affirmed. "Additionally, our pre-rolls sales in the adult-use segment witnessed a notable rise, with Color capturing approximately 5% of the pre-roll market. Our revenue growth and the successful implementation of our strategic transformation initiatives and cost improvements propel our business toward enhanced profitability. This allows us to accomplish our financial objectives and paves the way to expand our market reach and diversify our product offerings. Through this calculated approach, we are establishing a solid foundation for sustainable growth and long-term success in the cannabis market."
Company Update - Equity Grant
The company announced that its board of directors has approved a one-time grant of performance share units to certain members of the company’s management team under the company’s amended and restated omnibus equity incentive plan. In total, the board approved a grant of 6.2 million PSUs, of which 5.1 million will be granted to officers of the company.
Photo: Benzinga edit with photo by Kindel Media on Pexels
Related News
Entourage Health Reports FY22 Revenue of $54.5M, Loss Of $123.15M
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.