Cansortium Revenue Grows In 2023 Thanks To Florida, Net Loss Declines

Cansortium Inc. TIUM CNTMF a vertically-integrated cannabis company operating under the FLUENT brand, announced financial results Monday for the fourth quarter and full year ended December 31, 2023. Quarterly revenues increased 9% to $25.5 million, compared to $23.4 million in the same period of the prior year.  

"We delivered record revenue and positive cash flow generation during the fourth quarter as we continued to execute on our growth objectives. We are making the critical investments needed to lay the foundation for growth and support our future plans and remain excited about the opportunities ahead," stated CEO Robert Beasley.

"In Florida, we continue to ramp our new dispensaries while driving cultivation improvements, leading to the production of more high quality, high THC products. These operating improvements drove higher retail prices and higher average basket size during the quarter."

Q4 2023 Financial Highlights (vs. Q4 2022)

• Gross profits were $13.34 million, versus $5.53 million  
• Gross profit margin was 52.2%, compared to 23.6%.
• Adjusted EBITDA was $6.9 million compared to $7.9 million, with the decrease primarily driven by higher SG&A spend due to additional stores.
• Net loss amounted to $4.7 million, compared to a net loss of $9.7 million.
• Florida revenue increased 11% to $21.6 million compared to $19.4 million.
• Cash flow from operations for the three months ended December 31, 2023, was $1.4 million compared to $3.6 million in the prior year.
• On December 31, 2023, Cansortium had approximately $10.5 million of cash and cash equivalents and $61.2 million of total debt, with approximately 300 million shares outstanding.

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Full Year 2023 Financial Highlights (vs. Full Year 2022)

• Net loss was $22.8 million, compared to net loss of $37.1 million. 
• Revenue increased 11% to $97.3 million compared to $87.7 million.
• Florida revenue increased 11% to $81.2 million compared to $73.0 million.
• Adjusted EBITDA was $27.2 million compared to $25.1 million.
• Cash flow from operations for the full year ended December 31, 2023, was $18.5 million compared to $19.1 million in the prior year.

Price Action 

Cansortium shares closed Monday market session 1.44% higher at 16 cents per share. 

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