Canadian marijuana company Village Farms International, Inc. VFF reported its third quarter financial results Wednesday with consolidated revenue of $69.51 million, compared to $71.06 million in the same period last year.
“We delivered continued strong improvement in our financial results in the third quarter, building on the first half of the year,” stated Michael DeGiglio, president and CEO of Village Farms. “Solid, profitable performance from each of our Canadian and U.S. Cannabis businesses, together with another quarter of significant year-over-year improvement in our Fresh Produce operations, is proving our strategic decision to build upon our unmatched expertise in controlled environmental agriculture to deliver positive cash flow and profitability as we pursue growth in each of our businesses. The combined performances of our businesses in the third quarter were reflected in positive consolidated adjusted EBITDA, as well as consolidated cash generation, with positive contributions from each of our operating segments.”
Q3 Financial Summary
- Net loss amounted to $1.3 million, notably lower than in the third quarter of 2022 when net loss was $8.75 million.
- Net loss per share was $0.01, compared to a net loss of $0.10 per share in the same period last year.
- Adjusted EBITDA was a gain of $3.25 million, which compared to Adjusted EBITDA loss of $2.23 million.
- Operating loss before tax and loss from equity method investments improved to ($2.9 million) from an operating loss before tax of ($12.3 million).
- Consolidated cash flow improved to $8.8 million compared with cash used of ($9.8 million).
Price Action
Village Farms shares were trading 1.94% higher at $0.79 per share during Wednesday's pre-market session.
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