Auxly Cannabis Group Inc. XLY CBWTF reported its financial results Monday for the fourth quarter and full year ended Dec. 31, 2023.
The Toronto-based company said it has achieved record net revenues of CA$101.1 million ($74.3 million) in 2023, representing an increase of 7% compared to 2022.
Hugo Alves, the company's CEO called 2023 a "pivotal year for Auxly."
"We focused and optimized our business, resulting in meaningful cost savings and industry-leading margins, all done while delivering quality products and meeting the ongoing demands of our consumers," Alves continued.
The consumer-packaged goods company alongside its cannabis industry peers has experienced a seismic shift in both regulation and consumer perception.
The fusion of CPG and cannabis has often been discussed at Benzinga cannabis events and there will be more on this important topic at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16-17, 2024.
Alves says that Auxly is "positioned to succeed in the current cannabis environment."
"In 2024, we will remain focused on sustainable, profitable growth and passionately committed to our consumers,” he added.
Q4 2023 Financial Highlights
- Net revenues amounted to CA$27 million, up from CA$24.7 million in the fourth quarter of last year.
- Net loss was CA$54 million, up from CA$16 million net loss in the same quarter of last year.
- Adjusted EBITDA came in positive at CA$2.3 million, compared to an adjusted EBITDA loss of CA$783 000 in the fourth quarter of 2022.
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FY 2023 Financial Highlights
- Gross profit totaled CA$ 21.3 million, up from CA$ 16.5 million in the prior year.
- Selling, general, and administrative expenses amounted to CA$38.6 million, down from CA$46.6 million in fiscal 2022.
- Total expenses were CA$73 million, down from CA$87 million in the prior year.
- Net loss was CA$44.5 million, down from CA$130.3 million net loss in 2022.
- Adjusted EBITDA came in positive at CA$1.5 million, representing an improvement from an adjusted EBITDA loss of CA$16.9 million in 2022.
CBWTF Price Action
Auxly's shares traded 2.7211% higher at $0.0151 per share after the market close on Friday afternoon.
Related News
- Auxly Cannabis Swings To Profit In Q3, Reports 42% Increase In Net Revenues
- Auxly Reports 20% YoY Revenue Decline, CA$174.2 Million In Debt
- Imperial Brands Extends $123M Convertible Debenture And Auxly Implements Board And Management Changes
The Benzinga Cannabis Capital Conference is returning to Florida at a new venue in Hollywood, on April 16-17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
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The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!