BYND Cannasoft Q3 Revenue Grows 10% Sequentially To $170K

BYND Cannasoft Q3 Revenue Grows 10% Sequentially To $170K

BYND Cannasoft Enterprises Inc. BCAN BYND Q3 2022 revenue was CA$227,954, ($170,000) a 23% decrease compared to CA$296,428 in Q3 2021, and a 10% increase compared to CA$207,653 in Q2 2022.

Q3 2022 Financial Highlights:

  • Gross profit was CA$126,866 compared to CA$150,016 in Q3 2021.

  • Net loss was CA$325,793 compared to net loss of CA$38,029 in Q3 2021.

Highlights for the nine-month period ended September 30, 2022

  • Gross profit increased to 58% from 49% for the same period in 2021.

  • Net loss decreased 79% to CA$964,462 from CA$4.6 million for the same period in 2021.

  • Working capital decreased to CA$3.1 million from CA$5.5 million for December 31,2021.

  • Total assets increased to CA$44.5 million from CA$7.5 million for December 31,2021.

  • Total shares outstanding as of September 30, 2022 were 37.7 million.

Yftah Ben Yaackov, BYND’s CEO stated: “We are very pleased with the financial results of the company during the first nine months of 2022 as we have continued our trend from prior periods of increasing gross margins while decreasing overall losses. We have strengthened our balance sheet with the acquisition of Zigi Carmel Initiatives and Investments Ltd. and believe the EZ-G device will create significant value for our shareholders.”

Price Action

BYND Cannasoft shares were trading 3.65% higher at $2.301 per share at the time of writing Thursday morning.

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Photo by Esteban Lopez on Unsplash

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