Israeli Cannabis Company Reports Strong Q3 Despite Geopolitical Challenges

Evogene Ltd EVGN, a leading Israeli computational biology company, announced its financial results for the quarter ending September 30, 2023.

Q3 2023 Financial Highlights

• Revenue for the third quarter of 2023 was $3.8 million, a notable increase compared to the $466 thousand in the same period of 2022.
• Net loss reported for Q3 2023 was $3.9 million.
• Gross profit significantly increased to $3.3 million compared to the $346 thousand in Q3 2022.
• Adjusted EBITDA for this quarter was not reported by the company.

Evogene‘s Q3 2023 revenues were approximately $3.8 million. The rise in revenues is attributed to Lavie Bio’s Corteva agreement and Casterra’s seed supply.

Operating loss decreased to approximately $4.2 million from $7.1 million last year, due to higher revenues. The net loss was reduced to about $3.9 million, a notable decrease compared to the $7.2 million in the same period of 2022.

Evogene’s president and CEO, Mr. Ofer Haviv, affirmed the company’s unwavering commitment to innovation and progress, underlining the financial stability of the Evogene Group.

Innovative Developments And Strong Financial Position

Evogene has been investing in collaborations to leverage its AI tech engines for medical cannabis product development. Through Canonic Ltd, the group focused its marketing efforts on the frequent launching of new products in limited batches.

The group reported a consolidated cash position of approximately $37.2 million, with contributions from Lavie Bio, Biomica, and Evogene, including its subsidiaries Casterra, AgPlenus, and Canonic.

EVGN Price Action
EVGN's shares were trading 1.15% lower at $0.65 per share at the time of this writing Thursday before the bell.

Photo by Rick Proctor on Unsplash