Cannara Biotech Inc. LOVFF LOVE 8CB released its fiscal third quarter 2023 financial results, revealing net revenue of CA$15.9 million ($12 million), a 57% increase compared to CA$10.1 million in Q3 2022 and 22% increase compared to CA$13 million in Q2 2023.
Q3 Fiscal Year 2023 Financial Highlights
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Gross profit was CA$8.6 million, an 81% increase compared to CA$4.7 million in Q3 2022.
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Gross margin was 54% compared to 47% in Q3 2022.
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Ninth straight quarter of positive adjusted EBITDA.
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Adjusted EBITDA of CA$3.9 million, a 105% increase compared to CA$1.9 million in the Q3 2022, and a 22% increase compared to CA$3.2 million in Q2 2023.
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Net income of CA$2.9 million, a 107% improvement compared to CA$1.4 million of net income for Q3 2022. Compared to prior quarter, net income increased by CA$3.5 million from a net loss of CA$600,000.
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Free cash flow increased to CA$3.2 million from CA$1.5 million in Q3 2022, a 113% increase, and a 68% increase compared to CA$1.9 million in Q2 2023.
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The company has CA$27.1 million in working capital as of May 31, 2023, which includes CA$4 million of cash on hand and CA$10 million in accounts receivable.
"This past quarter was a tremendous success as Cannara grew its market share by more than 30% in Quebec (7% to 9.3%) and in Ontario (2% to 2.7%), along with growing sales in BC and the commencement of sales in a new market, Alberta, the second largest cannabis market in Canada. With the firm's robust and innovative pipeline leading the way, SKU listings rising and an additional three 25,000 square feet growing zones activated this year, revenues, gross profits, EBITDA, and net income all increased, paving the way for sustained growth moving forward," stated Zohar Krivorot, president & CEO of Cannara.
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