Avenir Wellness Solutions, Inc. CURR released results for the quarter ended March 31, 2023, revealing net revenue of $1.2 million, an increase of 15.1% year-over-year and 35.6% sequentially from Q4 2022.
Q1 2023 Financial Highlights
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Gross profit was $977,000 compared to $739,000 in Q1 2022.
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Gross margin was 78.9% compared to 68.7% in Q1 2022.
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Net loss was $209,000 compared to $5.2 million in Q1 2022.
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Ended the period with $1.4 million in cash and cash equivalents.
"We are very pleased with our results and accelerating sales in the first quarter which reflect the improving trajectory of the business. The proceeds from the July 2022 asset sale allowed us to continue to invest in the future of the company, however, the delay in receiving the balance of the proceeds versus our expectations will have a negative impact on our second quarter. Our margin expansion initiatives continue to deliver results, and we are moving forward with our efforts to reduce SG&A expenses and to maximize operating leverage," stated Nancy Duitch, Avenir CEO.
"We are also very excited by the continued success of the advertising and marketing campaigns for DNA Complex, which is our new addition to the Seratopical Revolution family of products. DNA Complex, which boasts a proprietary delivery system technology developed for the company by Rob Davidson and his team, has gone viral with Beauty editors praising this instant line reducer in InStyle, People, Glamour, Zoe Report, Vogue, theSkimm, ET Online and many more," concluded Duitch.
Price Action
Avenir Wellness Solutions shares were trading 20.05% higher at $0.1 per share at the time of writing Monday morning.
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