Cansortium Revenue Grows In 2023 Thanks To Florida, Net Loss Declines
Portfolio Pulse from Nina Zdinjak
Cansortium Inc. (CNTMF), operating under the FLUENT brand, reported a 9% increase in Q4 2023 revenues to $25.5 million and a reduced net loss of $4.7 million. The company saw significant growth in Florida, with an 11% revenue increase to $21.6 million. Gross profit margin improved to 52.2%, but adjusted EBITDA decreased slightly due to higher SG&A expenses. The full year results also showed improvement, with an 11% revenue increase to $97.3 million and a reduced net loss of $22.8 million. Cansortium's shares closed 1.44% higher at 16 cents.
April 30, 2024 | 1:54 pm
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Cansortium Inc. reported a 9% increase in Q4 2023 revenues to $25.5 million, an 11% full year revenue increase to $97.3 million, and a reduced net loss, with shares closing 1.44% higher at 16 cents.
The positive financial results, including revenue growth and reduced net loss, indicate a strong performance by Cansortium, particularly in the Florida market. This performance, coupled with the closing share price increase, suggests a positive short-term impact on CNTMF's stock price.
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