BZAM Ltd. BZAMF BZAM released ts financial and operating results for the three and six months ended June 30, 2023, revealing net revenue of CA$19.3 million ($14.3 million), an increase of 66% compared to CA$11.6 million in Q2 2022.
Q2 2023 Financial Highlights
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Gross profit of CA$1.8 million, a decrease of 75% compared to CA$7.3 million in Q2 2022.
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Gross margin of 9.5% compared to 63.1% in Q2 2022 and 12% in Q1 2023.
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Comprehensive loss was CA$65.6 million compared to CA$7.2 million in Q2 2022.
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As at June 30, 2023, the company had a positive working capital of CA$9.6 million. The total cash position was CA$3.05 million, including CA$700,000 of restricted cash. Subsequent to the quarter end, the company secured an additional CA$1.3 million pursuant to a promissory note with Stone Pine Capital.
Matt Milich, CEO of the company, stated, "Through the second quarter we continued to focus on the execution of our 2023 objectives to improve cash flows, strengthen our balance sheet and streamline our operations. We have a set of initiatives underway, focusing on cost reduction and revenue expansion, and we expect to see the financial impacts of these initiatives reflected in our results over the coming quarters. We appreciate the support of our shareholders as we continue to work toward our 2023 objectives."
The company is committed to concentrating activities and maximizing utilization at its two core facilities in Ancaster, ON and Pitt Meadows, BC. To achieve this, the company has divested, or expects to divest, its Puslinch, ON facility (completed on June 30, 2023), Midway, BC facility (completed August 4, 2023), Maple Ridge, BC facility (expected to be completed in September 2023), and Edmonton, AB facility (listed for sale in August 2023). With these divestments, the company expects to reduce borrowings, interest expense, COGS, and SG&A, without impacting future sales.
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