Canadian Cannabis Producer Reports Revenue Spike And Improved Margins In Q2, But What About Net Loss?
Portfolio Pulse from Jelena Martinovic
Avicanna Inc. reported its Q2 2023 financial results, showing a 183% sequential and 200% YoY increase in revenue to CA$3.3 million. The gross margin was CA$1.5 million or 44.94%, compared to CA$712,915 or 64.61% in the prior year’s period. The net loss was CA$1.76 million, down from CA$4.36 million in the same quarter of last year. The company also reported total assets of CA$22.1 million, up from CA$17.6 million at the end of 2022, and total liabilities of CA$16.8 million, up from CA$14.1 million at the end of 2022.
August 15, 2023 | 6:07 pm
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Avicanna's Q2 2023 results show significant revenue growth and a decrease in net loss, which could be seen as positive by investors. However, the increase in total liabilities could be a concern.
The significant increase in revenue and decrease in net loss indicate that Avicanna's operations are improving. However, the increase in total liabilities could indicate potential financial risks, which investors should monitor closely.
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