Rubicon Organics Inc. ROMJF ROMJ released its financial results for the third quarter ended September 30, 2022, revealing record net revenue of CA$10.5 million ($7.9 million), a 49% increase compared to CA$7 million in Q3 2021, and a 19% increase compared to Q2 2022.
Q3 2022 Financial Highlights:
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Achieved positive adjusted EBITDA of CA$1.9 million compared to negative adjusted EBITDA of CA$644,093 in Q3 2021.
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Achieved first quarter of positive net income of $2.0 million in Q3 2022
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Gross profit was CA$6 million compared to a loss of CA$43,250 in Q3 2021.
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Extended existing Debenture for 18 months to December 31, 2024
“I am proud to report that Rubicon Organics has delivered a record quarter in Q3 2022 with net revenue, adjusted EBITDA profitability, net profit and free cash flow. Rubicon currently has excess demand for its premium Simply Bare Organic and mainstream 1964 Supply Co products than it can supply in the Canadian market. With our suite of products in market, the profitability we achieve from each premium product that we sell and the recent launch of new items such as our infused pre-rolls and the consumer reaction to the quality and price point, I remain confident that we will continue to deliver on our financial guidance,” stated Margaret Brodie, CFO.
Appointment of Chief Commercial Officer and Director
Effective November 14, 2022, the company promoted Melanie Ramsey to chief commercial officer. She has also been appointed as a member of the company’s board of directors. Ramsey will be responsible for the commercial organization, including the sales, marketing and business insight’s function and routes to market.
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