Greenway Q3 FY23 Revenue Grows 103% YoY, What About Net Loss?

Greenway Greenhouse Cannabis Corporation GWAYF GWAY revenue in Q3 fiscal 2023 was CA$1.04 million, ($763,000) a 103% increase compared to CA$512,656 in Q3 FY 2022.

Q3 FY 2023 Financial Highlights

• Gross profit was CA$493,810 compared to CA$429,476 in Q3 FY 2022.

• Net loss was CA$576,461 compared to a loss of CA$325,731 in Q3 FY 2022.

• A quarterly positive adjusted EBITDA of CA$81,275.

• Cash at the end of the period was CA$2.64 million

"We are glad to see our revenue increase so much in comparison to this quarter last year. I believe the longer-term effects of us submitting and subsequently receiving both our processing and expanded cultivation license is the larger story of this quarter," stated Jamie D'Alimonte, CEO of Greenway. "Greenway produced another quarter with positive adjusted EBITDA, and we believe that having a 300% increase in growing space moving forward, combined with the ability to process our own products will further move Greenway towards true profitability."

Darren Peddle, CFO of Greenway, stated: "Greenway was founded with the principal that we can grow higher quality cannabis in a more efficient way. Having low operating and administrative costs while the industry consolidates is vital for Greenway's long-term success. I believe the cannabis industry will continue to grow while companies will choose to outsource their production to Greenway. I look forward to reporting a full fiscal year of low operating costs, low inventory balances, and a record high revenue."

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