DELTA 9 CANNABIS INC. (via TheNewswire)
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Financial Highlights for the three-month period ending
Net revenue of
$18.4 million for the third quarter of 2023, an increase of 18%, from$15.7 million for the same quarter last year.Sequential net revenue increased 1% versus
$18.3 million for the three-month period endingJune 30, 2023 .
Gross profit of
$4.9 million for the third quarter of 2023, an increase of 157%, from$1.9 million for the same quarter last year.Gross profit margin of 27% for the third quarter of 2023, an improvement from 12% for the same period last year.
Cash operating expenses of
$4.6 million for the third quarter of 2023, a reduction of$852,000 from the same period the previous year. The Company is on pace to achieve it’s target operating expense reductions of$3 -$4 million annualized in 2023.Loss from operations of
$(4.5) million for the third quarter of 2023 versus a loss from operations of$(6.2) million for the same quarter last year.Adjusted EBITDA of
$1.0 million for the third quarter of 2023 versus an adjusted EBITDA (loss) of$(1.7) million for the same quarter last year.
Financial Highlights for the nine-month period ending
Net revenue of
$53.6 million for the first nine months of 2023, in increase of 17%, compared to$45.7 million for the same period last year.Gross profit of
$14.4 million for the first nine months of 2023, versus$9.5 million for the same period last year.Gross profit margin of 27% for the first nine months of 2023, an improvement from 21% for the same period last year.
Cash operating expenses of
$14.7 million for the first nine months of 2023, a reduction of$1 million from the same period last year.Loss from operations of
$9.2 million for the first nine months of 2023 versus a loss from operations of$12.6 million for the same period last year.Adjusted EBITDA of
$1.9 million for the first nine months of 2023 versus an adjusted EBITDA (loss) of$(3.8) million for the same period last year.Cash flows from operations of
$2.7 million for the first nine months of 2023.Repayment of
$1.97 million of Borrowings for the first nine months of 2023, resulting in annual interest payment savings of approximately$100,000 .
“Our team delivered a record third quarter with higher revenues sequentially, and year over year, and with better margins driven by the execution of our strategic plan,” said
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A comprehensive discussion of Delta 9’s financial position and results of operations is provided in the Company’s Management Discussion & Analysis for the three-month and nine-month period ending
2023 Third Quarter Results Conference Call
A conference call to discuss the above results is scheduled for
DATE: | |
TIME: | |
Dial in # | 1-888-886-7786 |
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REPLAY: |
1-877-674-6060 |
Replay passcode: | 086196 # |
For more information contact:
Investor & Media Contact:
Mobile: 204-898-7722
E-mail: ian.chadsey@delta9.ca
About
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including all risk factors set forth in the annual information form of Delta 9 dated
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