Icanic Brands Posts Strong Financial Results With 45% Higher Revenue
Icanic Brands Company Inc. (CSE:ICAN) (OTCQB:ICNAF) reported its financial results for the quarter ending Oct. 31, revealing revenue of CA$2.65 million ($2.09 million). That's up by 45% from the same period of 2019.
The Nevada and California-focused cannabis company also achieved a positive adjusted EBITDA of CA$167,637 compared to a negative adjusted EBITDA of CA$1.5 million in the same quarter of the prior year.
Icanic's gross margin was of CA$1.21 million (46%), which is by 58.6% higher than in the same period of 2019. The increase in gross margin was attributed to the company’s progress in automation and vertical integration.
In the quarter, Icanic’s cash and cash equivalents jumped 31% from the previous quarter reaching CA$2.68 million.
“The quarter ending on October 31st was a real milestone for our company,” Icanic CEO Brandon Kou said in a statement. “Even in the face of a once in a generation global pandemic, the entire team was able to persevere through all of the tough times to produce arguably the company’s best quarter ever.”
Kou added he is feeling proud of the team who managed to overcome all the difficulties imposed by the global crisis.
“With strong revenue, a record gross margin, positive EBITDA and a strong cash position, Icanic was able to give its investors a glimpse of what is to come now that our three-pillar foundation is firmly in place," he added. "We expect to build off of this amazing quarter and are excited for a tremendous year of growth ahead.”
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