ROMJF - Defying Cannabis Market Challenges: Canadian Pot Producer Reports YoY Revenue Growth | Benzinga
Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) reported its third quarter financial results on Tuesday for the three months ended Sept. 30, 2023, revealing a 5% year-over-year increase in revenue to CA$10 million ($7.26 million).
The Canadian cannabis producer also touted a sixth consecutive quarter of adjusted EBITDA profitability with CA$1.1 million in the third quarter, representing a year-over-year decrease of CA$0.8 million.
"Despite the challenges encountered in the demanding Canadian cannabis sector with competitive price compression alongside broader negative macroeconomic pressures faced by Canadian shoppers, we persist in fortifying the company's standing as a leading force in the premium cannabis market, and are looking forward to executing our strategy to leverage the strength of our leading premium brands,” said Margaret Brodie, interim CEO and CFO.
Q3 2023 Financial Highlights
- Gross profit was CA$1.9 million, compared to CA$6 million in the corresponding quarter of last year.
- Achieved fifth consecutive quarter of operating cashflow positive of CA$1.4 million.
- Loss from operations amounted to CA$1.5 ...