Body And Mind Q3 FY23 Revenue Declines 7% YoY, What About Adjusted EBITDA?

Body and Mind Inc. BMMJ BAMM released its financial results for the third quarter of fiscal year 2023 ended April 30, 2023, revealing revenue of $7.3 million, a decrease of 7% compared to $7.9 million in Q3 FY 2022, and a decrease of 5% compared to $7.7 million in Q2 FY 2023.

Q3 FY 2023 Financial Highlights

• Gross profit of $2.07 million, a decrease of 18% compared to $2.55 million in Q3 FY 2022, and a decrease of 8% compared to $2.26 million in Q2 FY 2023.

• Net loss of $3.6 million (or basic and diluted loss per share of $0.02) compared to net loss of $2.5 million in Q3 FY 2022 (or basic and diluted loss per share of $0.02) and compared to net loss of $2.7 million in Q2 FY 2023 (or basic and diluted loss per share of $0.02).

• Adjusted EBITDA loss of $730,000, an improvement of 6% compared to a loss of $780,000 in Q3 FY 2022, and improvement of 46% compared to $1.3 million loss in Q2 FY 2023.

• Cash at the end of the period was $2.66 million.

"Our most recent quarter reflects a 46% improvement in adjusted EBITDA over last quarter as we continue to streamline our operations and expand into new markets. During the quarter, our team has focused on cost reductions and development of the new Illinois and New Jersey dispensaries," stated Michael Mills, CEO of Body and Mind. "We believe the Chicagoland market remains underserved by dispensaries and the grand opening of the Markham, Illinois dispensary was a significant milestone for the company. We continue to work with state and local licensing authorities to advance current projects and also to apply for licenses in new jurisdictions."

Photo: Benzinga edit with photos by Kindel Media on Pexels

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