Red White & Bloom Brands Inc. RWB RWBYF reported on Tuesday its condensed interim consolidated unaudited financial results for its second quarter ended June 30, 2023.
Q2 2023 Financial Highlights
- Revenues were CA$21.9 million ($16 million), down from CA$27.4 million in the prior year’s period.
- Gross profit, before fair value adjustments, was CA$6.9 million, up from CA$4.8 million in the same quarter of last year.
- Total operating expenses were CA$9.8 million, down from CA$13.3 million in the corresponding period of last year.
- Net loss was CA$ 9.4 million, down from CA$ 17.6 million in the second quarter of fiscal 2022.
- Adjusted EBITDA came in positive at CA$252,778 compared to a negative adjusted EBITDA of CA$6.3 million in the second quarter of last fiscal year.
- As of June 30, the company had CA$310.7 million in total assets and CA$305.7 million in total liabilities.
“Through our continuing cost rationalization efforts, the Company has been able to successfully generate nearly $4 million (fiscal year to date) in reductions to its general and administrative expenses,” said Colby De Zen, president of RWB. “The company has also recently invested in optimizing its manufacturing facilities through value-added enhancements, driven by automation and procurement strategies, designed to drive both labor and product cost efficiencies as well as an increase in overall production capacity.”
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