Innocan Pharma Q1 Revenue Grows 500% YoY, Here Is What You Need To Know

Innocan Pharma Corporation INNPF INNO IP released its financial results for the three months ended March 31, 2023, revealing revenue of $1.6 million, an increase of 500%, compared to $260,000 in the first quarter of 2022. This increase in revenue growth is mainly due to the increased sales of Innocan's subsidiary, B.I. Sky Global Ltd.

Q1 2023 Financial Highlights

• Gross Profit was $1.4 million, an increase of 1656% compared to $78,000 in the quarter ended March 31, 2022.

• Gross profit margin was 87.8% compared to 30% in Q1 2022.

• Operating loss was $1.3 million compared to $1.8 million in Q1 2022.

• Total comprehensive loss was $1.2 million compared to $729,000 in Q1 2022.

• The company's cash balance stood at approximately $4.1 million as of March 31, 2023, representing an approximate 17% decrease compared to approximately $4.9 million at the end of the prior year, due to continued investments in the company's strategic goals, which resulted in a number of meaningful milestones.

"We delivered encouraging results in the first quarter, including growth in revenue year-over-year. "We are confident in our long-term outlook" stated Iris Bincovich, CEO of Innocan, "we continue our strategic investments in cutting-edge science and innovation, while also delivering revenues from our consumer wellness activities".

Photo by Mackenzie Marco on Unsplash

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