Canadian Cannabis Producer Reduces Net Loss In Q2, Reports Drop In Revenue And Gross Profit Improvement
Portfolio Pulse from Jelena Martinovic
Red White & Bloom Brands Inc. (OTC:RWBYF) reported Q2 2023 financial results, showing a decrease in revenues to $16 million from $27.4 million in the prior year's period. However, gross profit improved to $6.9 million from $4.8 million in the same quarter of last year. The company also reduced its net loss to $9.4 million from $17.6 million in Q2 2022. The company has been able to reduce its general and administrative expenses by nearly $4 million through cost rationalization efforts.
August 29, 2023 | 1:55 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Red White & Bloom Brands reported a decrease in revenues but an improvement in gross profit and a reduction in net loss for Q2 2023. This could indicate a positive trend in the company's financial performance.
The company's financial performance has improved in terms of gross profit and net loss, despite a decrease in revenues. This could be due to cost rationalization efforts and could potentially have a positive impact on the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100