Vertically integrated cannabis company Vibe Growth Corporation VIBE VIBEF announced on Tuesday its financial results for the three months ended March 31, 2023.
Over the first quarter of 2023, the Sacramento, California-based company implemented efficiency and cost-savings initiatives that resulted in "encouraging" gross margin improvements, a trend Vibe CEO Mark Waldron expects to continue seeing in the future.
"In the second half of 2023 - through new retail sales initiatives, improved cost controls, and new business efficiencies - Vibe should be able to increase gross margins further as it sets a course toward profitability," Waldron said
Other Q1 Financial Highlights
- Gross margin was $1.48 million, compared to $702,301 in the prior quarter and $1.95 million in the same period of 2022.
- Total revenue, a non-GAAP measure, totaled roughly $4 million, representing a year-over-year and sequential decrease of approximately 30% and 14%, respectively.
- Net loss, a non-GAAP measure, amounted to $1.15 million, representing an increase from $990,468 net loss in the corresponding quarter of last year and a decrease from $6.68 million in the prior quarter.
- Adjusted EBITDA, a non-GAAP measure, came in negative at $368,255 compared to an adjusted EBITDA loss of $58,360 in the first quarter of 2022 and a $2.7 million loss in the prior quarter.
- Cash position as of December 31, 2022, was $3.87 million.
VIBEF Price Action
Vibe Growth's shares traded 61.53% higher at $0.0681 per share at the time of writing on Wednesday.
Related News
- Vibe Growth Q2 Revenue Drops 26% YoY, What About Adjusted EBITDA?
- Vibe Growth Q3 Revenue Declines 3.6% Sequentially To $5.5M
Photo: Courtesy of Kindel Media by Pexels
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!