Irwin Naturals Q1 FY23 Revenue Stagnates YoY, What About Adjusted EBITDA?

Irwin Naturals Inc. IWINF IWIN (FRA: 97X) released its financial results for the first quarter and year ended March 31, 2023, revealing revenue of $22.5 million, down 0.4% from $22.6 million in Q1 2022.

Q1 2023 Financial Highlights

• Gross profit was $11.1 million compared to $11 million in Q1 2022.

• Net loss was $7.7 million (including i$6.5 million of impairment charges related to the 2022 acquisitions) compared to net income of $1.6 million in Q1 2022.

• Adjusted EBITDA was negative $880,000 compared to positive $2.9 million in Q1 2022.

• Cash at the end of the period was $6.5 million.

Operational Highlights

During the first quarter of 2023, the company launched the first products to the continental cannabis market and has signed ten brand licensing deals that will see Irwin Naturals products enhanced with THC be offered in places like California, Colorado, Mississippi, Michigan, New Mexico, Oregon, Oklahoma, and Canada. Additionally, to date, the company has announced the acquisition of thirteen clinics and one advertising company specializing in ketamine clinics. The company will continue to build upon this solid foundation and make the necessary investments to support our growth objectives within the psychedelics sector.

Sean Sand, CFO, stated, “During the first quarter of 2023, we launched the first products related to our licensing in our cannabis sectors. We expanded our mental health clinics footprint in Kentucky through an acquisition and acquired an advertising platform to expand our customer outreach at our mental health clinics.”

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