Lifeist Q1 FY23 Revenue Grows 22.5% YoY, What About Adjusted EBITDA?

Lifeist Wellness Inc. LFST M LFSWF net revenue increased 22.5% to CA$5.9 million ($4.3 million) in Q1 2023 compared to CA$4.9 million in Q1 2022. The increase was driven by a CA$515,000, or 16.4%, increase in Canadian cannabis revenue and CA$551,000 contribution from Mikra. A significant contributor to the quarter was the growth of higher margin Roilty brand sales which more than offset the planned elimination of lower margin licensing Phyto brand products.

Q1 FY 2023 Financial Highlights

  • Gross profit was CA$1.4 million or 23.7% of revenue, compared to CA$806,404 or 16.6% of revenue in Q1 2022.

  • Adjusted EBITDA loss improved 22% to CA$2.9 million in Q1 2023 compared to CA$3.7 million in Q1 2022.

  • Net loss from continuing operations improved 20% to CA$3.3 million, or (CA$0.01) per diluted share, in Q1 2023 compared to a loss of CA$4.1 million, or (CA$0.01) per share, in Q1 2022.

  • Cash and cash equivalents were CA$1.7 million at February 28, 2023, compared to CA$9.2 million at February 28, 2022.

  • The working capital position was CA$5.5 million at February 28, 2023.

“We have made continued progress in transforming ourselves from a low-margin cannabis player in a highly competitive market to a diversified wellness company with a high-margin cannabis business and a rapidly growing nutraceuticals business,” stated Meni Morim, CEO of Lifeist. “We are seeing continued growth on all our key metrics, including delivering one of the best gross profit quarters in our company’s history. We expect continued improvement and growth in the quarters to follow which paves the way for profitability and cash generation.”

Photo: Benzinga edit with photo by Kindel Media on Pexels

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Posted In: CannabisEarningsNewsMarketsMeni MorimMikrapremium
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