Auxly Cannabis Swings To Profit In Q3, Reports 42% Increase In Net Revenues
Portfolio Pulse from Jelena Martinovic
Auxly Cannabis Group Inc. (OTCQB:CBWTF) reported a 42% increase in net revenues for Q3 2023, amounting to CA$28.2 million. The company swung to a net profit of CA$32.6 million from a net loss of CA$60.1 million in the same period last year. Adjusted EBITDA was positive at CA$117,000, and selling, general, and administrative expenses decreased by CA$1.5 million. CEO Hugo Alves attributed the improved results to operational focus, cost reduction, and improved profitability measures.
November 14, 2023 | 12:11 am
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Auxly Cannabis Group Inc. reported significant improvements in Q3 2023 with a 42% increase in net revenues and a swing to profit, indicating a strong financial performance.
The positive financial results, including a substantial increase in net revenues and a swing from a net loss to a net profit, are likely to be viewed favorably by investors. The company's successful cost reduction strategies and operational improvements suggest a positive outlook, potentially leading to a short-term increase in stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100