Shiny Health & Wellness FY23 Revenue Grows 43%, What About Profit?

Shiny Health & Wellness Corp. SNYB released its financial results for the twelve months ended January 31, 2023, revealing revenue of CA$29.6 million ($22.5 million), an increase of 43% compared to CA$20.6 million in FY 2022. Sales were driven by the expanded store portfolio plus the ShinyBuddy data program which contributed CA$1.6 million in sales from its partnerships with licensed cannabis producers and brands; whereby it provides detailed insights into store sales trends. The ShinyBuddy Club Customer Loyalty Program grew to over 35,000 members.

Fiscal Year 2023 Financial Highlights

• Gross profit increased 43% to CA$10.9 million, compared to CA$7.6 million in fiscal 2022.

• Gross profit margin was 37%.

• Total general and administrative expenses increased to CA$15.8 million.

• Net comprehensive loss was CA$12.8 million, compared to CA$5.7 million in fiscal 2022.

"I am pleased to present the financial results for our first year as a public company. The Ontario Cannabis market has had its challenges during 2022/2023 with increased competition and margin pressure but we have successfully maintained our margins by focusing on our customer specific needs and our employee training. In 2022 we also expanded our retail footprint by acquiring our first pharmacy as we look to be a Health and Wellness resource to our customers," stated Michael Nadeau, CEO.

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