BYND Cannasoft Q2 Revenue Grows 21% YoY, What About Net Loss?

BYND Cannasoft Enterprises Inc. BCAN BYND has released its financial results for the second quarter ended June 30, 2023, revealing revenue increased 21% to CA$251,047 ($187,000) from CA$207,653 in Q2 2022.

Q2 2023 Financial Highlights

• Gross profit of CA$66,239 compared to CA$37,657 in Q2 2022.

• Gross margin of 26.4% compared to 18.1% in Q2 2022.

• Net loss increased 242% to CA$1.1 million in Q2 2023 from CA$473,386 in Q2 2022.

• Cash at the end of the period was CA$792,025.

Yftah Ben Yaackov, BYND's CEO, stated, "We are very pleased with the company's financial results during Q2 of 2023 as we were able to increase revenues while investing in our future products. With the proceeds from the recent public offering, we are able to continue investing in our patent registrations and the creation of the EZ-G prototype, and we plan to introduce the products to the market before the end of 2023."

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Photo by Jeff W on Unsplash

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