Cannabis Producer Nextleaf Reports 85% YoY Net Revenue Increase: '2023 Delivered Financial Stability'

Canadian cannabis company Nextleaf Solutions Ltd. OILS OILFF (FSE: L0MA) announced on Tuesday its annual financial results for fiscal 2023, revealing an 85% year-over-year increase to CA$8.2 million ($6.1 million) in net revenue.

Fiscal 2023 delivered four quarters of consistent positive cash flow, the Vancouver company said, attributing it to a reduction in operating expenses, increased revenue, and improved gross margins.

“2023 delivered the framework for financial stability," Nextleaf interim CEO Emma Andrews said. "This provided the confidence that we have the tenacity, talent, technology, and tactics to ride the waves inherent in this industry. Despite the complexity, we’ve remained very focused on delivering one simple premise…value.”

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FY 2023 Financial Highlights

• Gross profit totaled CA$2.31 million, compared to CA$661,238 in 2022.
• Expenses amounted to CA$2.28 million, down from CA$4.02 million in the prior year.
• Income and comprehensive income for the year was CA$223,334, compared to a loss and comprehensive loss of CA$3.48 million in 2022.
• As of Sept.30, 2023, the company had CA$898,899 in cash and CA$8.54 million in total assets as compared to CA$377,716 and CA$7.15 million, respectively in 2022.
• Nextleaf retiring its senior note, becoming debt-free and fortifying its balance sheet.

“We’ve worked through growing pains and roadblocks, overcoming setbacks and stigma. It has fortified our team, and I’m proud of how far we’ve come,” Andrews continued. “We’ve put in a lot of hard work to get here, and we’re just getting started. There’s a collective understanding of the unique inflection point we are at.”

OILFF Price Action

Nextleaf Solutions' shares traded 0.4445% lower at $0.0448 per share after the market close on Tuesday.

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