Grown Rogue Q2 FY23 Revenue Grows 18.2%, What About Income?

Grown Rogue International Inc. GRUSF GRIN released its fiscal second quarter 2023 results for the three months ended April 30, 2023, revealing revenue of $6 million, an increase of 28% compared to $4.7 million in Q2 2022.

Q2 Fiscal Year 2023 Financial Highlights

• Gross profit of $2.6 million, an increase of 18.2% compared to $2.2 million in Q2 FY 2022 and an increase of 4% compared to $2.5 million in Q1 FY 2023.

• Net income of $411,979, an increase of 184.6% compared to $144,734 in Q2 FY 2022 and a decrease of 30.5% compared to $592,537 in Q1 FY 2023.

• Adjusted EBITDA of $2.1 million, an increase of 64% compared to $1.3 million in Q2 FY 2022, and an increase of 61.5% compared to $1.3 million in Q1 FY 2023.

• Ended quarter with $3.8 million of cash on hand.

"This was another exciting quarter with record operating cash flow and free cash flow as we continue to see the tremendous execution exhibited by our team", stated Obie Strickler, CEO of Grown Rogue. "Our $6 million plus of revenue was a new company record by more than 18%, highlighting our continued focus on producing high quality cannabis that delights our team and customers. We continue to generate substantial free cash flow margins and are focused on using that capital to bring our products to new markets and expand our consumer base. We are really excited about our recently announced agreement with Goodness Growth to expand our cultivation expertise into additional markets and are encouraged by the positive feedback we are seeing and hearing from those markets. In Q2, we recorded over $270k in revenue from this agreement, which was more than anticipated as the agreement was not definitive until after the quarter ended.”

Photo: Benzinga edit with photo by Kindel Media on Pexels

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