Cannabis company C21 Investments Inc. CXXI CXXIF reported its unaudited interim financial results on Thursday for the second quarter of fiscal 2023, the seventeenth consecutive quarter of positive free cash flow.
"We are pleased to report strong cash flow generation and stable revenues again this quarter given the industry headwinds persisting in the first half of the year," Sonny Newman, the company's CEO and president said. "Despite market conditions, we experienced our first increase in same-store sales since 2021, a testament to the strength of our loyal customer base and a stabilizing market environment."
Q2 2023 Financial Highlights
- Revenue totaled $7.16 million, slightly down from $7.17 million in the same quarter of 2022.
- Gross profit was $2.8 million, down from $3.8 million in the corresponding quarter of last year.
- Gross margin was 39.5%, compared to 53.8% in the prior year's period.
- Total expenses were $2.6 million, up from $2.3 million in the same period of 2022.
- Net loss was $416,086, slightly down from $471,045 net loss in the prior period.
- Adjusted EBITDA came in positive at $971,797, down from $1.56 million adjusted EBITDA loss in the first quarter of 2023.
- As of July 31, the company had $56 million in total assets and $22.4 million in total liabilities, compared to $58.3 million and $24 million, respectively, as of January 31, 2023.
- Cash was $2.3 million, up $400,000 from the previous quarter.
- Cash flow from operations of $1.6 million, up 37% from quarter-over-quarter.
What's Next
"Having now retired the balance owing on our senior secured note, we are actively pursuing expansion of our retail footprint in Nevada. We believe this will maximize margins from our cultivation assets," Newman added.
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CXXIF Price Action
C21 Investments' shares traded 4.7126% lower at $0.3316 per share at the market close on Wednesday afternoon.
Related News
- C21 Investments Revenue Grows 9.4% Sequentially, What About Adjusted EBITDA?
- C21 Investments FY23 Net Income Drops 97%, What About Adjusted EBITDA?
- C21 Investments FY23 Revenue Declines 12.4%, Retires Debt
Photo: Courtesy of NikolayFrolochkin and ganjaspliffstoreuk by Pixabay
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