Auxly Cannabis Group Inc. XLY CBWTF announced its third quarter financial results for the three months ended Sept. 30, 2023, revealing net revenues of CA$28.2 million ($20.4 million), up by 42% compared to the same period of last year.
Our Q3 results reflect the tireless efforts of our talented employees and their commitment to making incredible products that help people live happier lives, Hugo Alves, CEO of Auxly, said. We are united in our mission, encouraged by our quarterly results and dedicated to building on those positive achievements."
Q3 2023 Financial Highlights
Gross profit was CA$4.6 million, compared to CA$2.21 million in the same quarter of last year.
Net income was CA$32.6 million, compared to a net loss of CA$60.1 million for the same period of 2022/
Adjusted EBITDA came in positive at CA$117,000, compared to an adjusted EBITDA loss of CA$5.8 million in the prior years period.
Selling, general and administrative expenses were CA$10 million, CA$1.5 million lower than the third quarter of 2022.
"During the quarter we continued to take positive steps to focus our operations, reduce costs and improve profitability, Alves continued. The successful consolidation of our manufacturing activities, enhancements in pre-roll automation and disciplined spending have directly improved margins and resulted in better overall financial performance.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Top Cannabis Event In New Jersey
Join the Benzinga Cannabis Market Spotlight in New Jersey on June 17th! Grow your business, raise money and capitalize on the booming NJ recreational market. Don’t miss this must-attend event in New Brunswick. Secure your tickets now. Very few spots are left. Use the code "JAVIER20" for 20% off!