C21 Investments Revenue Grows 9.4% Sequentially, What About Adjusted EBITDA?
Portfolio Pulse from Vuk Zdinjak
C21 Investments Inc. reported Q1 FY 2024 revenue of $7.7 million, up 9.4% sequentially, and an increase of 3% compared to Q1 FY 2023. However, gross profit decreased by 31.8% to $2.7 million, and gross margin was 35.4%, down from 53.4% in Q1 FY 2023. Adjusted EBITDA was $1.6 million, a 67% increase sequentially, but a 30% decrease compared to Q1 FY 2023. The company ended the period with $1.8 million in cash.
June 29, 2023 | 12:10 pm
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C21 Investments reported mixed Q1 FY 2024 results with increased revenue but decreased gross profit and margin. Adjusted EBITDA increased sequentially but decreased YoY.
The mixed results with increased revenue but decreased gross profit and margin could lead to uncertainty among investors. The increase in adjusted EBITDA sequentially shows some positive signs, but the YoY decrease might raise concerns. This could lead to neutral short-term price movement.
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