Cannabis CPG Co. Cuts Losses, Boosts Gross Profit, Achieves Record Revenue In 2023 Amid Industry Headwinds
Portfolio Pulse from Jelena Martinovic
Auxly Cannabis Group Inc. (OTCQB:CBWTF) reported a record net revenue of $74.3 million for 2023, a 7% increase from 2022, alongside a reduction in net loss and an increase in gross profit. The company achieved a positive adjusted EBITDA for both Q4 2023 and the full year, marking significant financial improvements. CEO Hugo Alves highlighted 2023 as a pivotal year, emphasizing cost savings, industry-leading margins, and a focus on sustainable, profitable growth for 2024.
March 25, 2024 | 4:04 pm
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Auxly Cannabis Group Inc. reported a record revenue of $74.3 million for 2023, a 7% increase from 2022, and a significant reduction in net loss. The company also achieved a positive adjusted EBITDA, indicating financial health improvements.
The reported increase in revenue and the significant reduction in net loss, along with a positive adjusted EBITDA, are strong indicators of Auxly Cannabis Group's improving financial health and operational efficiency. These results are likely to positively influence investor sentiment and could lead to an increase in stock price in the short term.
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