Cansortium Inc. CNTMF TIUM released its financial results for the first quarter ended March 31, 2023, revealing revenue of $22.1 million, an increase of 12% compared to $22.1 million in Q1 2022.
Q1 2023 Financial Highlights (vs. Q1 2022)
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Gross profit was $7.5 million compared to $5.9 million.
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Net loss was $7.4 million compared to $10.1 million.
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Adjusted EBITDA increased 56% to $9.7 million compared to $6.2 million.
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At March 31, 2023 the company had approximately $9.5 million of cash and cash equivalents and $57.9 million of total debt, with approximately 296 million shares outstanding.
"We are pleased to once again report double-digit revenue growth and adjusted EBITDA margin expansion, coupled with another period of strong cash flow generation in the face of broader industry challenges," stated CEO Robert Beasley. "Our new store openings in Florida, continually improving our cultivation and increasing the mix of high-THC products are all contributing to our growth and profitability improvements in the state."
"In Pennsylvania, we have worked to optimize our inventory management while adding new products to shelves, which has led to increased sales in the state without any new store openings. And in Texas, although we are disappointed with the outcome of the proposed decriminalization and medical program expansion bills, we continue to believe the growth opportunity in Texas is exceptional, similar to the Florida market seven years ago. We are gaining ground in Texas and capturing market share, even without regulatory reform."
"Looking ahead, we plan to continue driving growth and profitability through new store openings, improved cultivation, operating efficiencies and inventory optimization as we execute our strategy and trend toward another year of strong growth and cash flow generation."
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