SLANG Worldwide Inc. SLGWF SLNG released financial results for the three months ended June 30, 2023, revealing revenue from continuing operations was CA$8.44 million, a decrease of 14.5% compared with CA$9.87 million Q2 2022.
Q2 2023 Financial Highlights
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Gross profit of CA$4.4 million, a decrease of 3.3% compared with CA$4.5 million in Q2 2022.
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Gross margin of 52% compared to 43% in Q2 2022.
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Total comprehensive loss was CA$3.5 million, compared to a loss of CA$3.5 million in Q2 2022.
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Adjusted EBITDA was negative CA$762,000, compared to negative CA$704,000 in Q2 2022.
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CA$10.07 million in cash and restricted cash on June 30, 2023, compared to CA$11.67 million in cash and restricted cash on March 31, 2023. The company received an additional CA$1.63 million in ERTC (employee retention tax credit) from the Internal Revenue Service post quarter-end. As of August 15, 2023, SLANG had CA$11.23 million in cash and restricted cash compared to CA$11.92 million on December 31, 2022.
"In Q2 2023, SLANG achieved another significant milestone with our strongest adjusted gross margins to date, showcasing our dedication to driving financial results across all areas of the business. We also used the quarter to introduce a compelling range of new high-margin products, which will continue to position us as leaders in a rapidly evolving cannabis market," stated John Moynan, CEO of SLANG. "Our capacity to reduce operating expenses, streamline our vertically integrated operations, and introduce new higher-margin revenue channels in our core markets continues to drive our margin expansion and enhance our bottom-line growth. With a strong operational infrastructure in place to advance new growth initiatives, we are strategically focused on constant innovation for our customers in order to deliver today's most demanded cannabis brands to key cannabis markets nationwide."
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