NVACF - Q3 2023 Earnings Season: Record Revenue Robust Performance Consistent Results From Three Cannabis Companies | Benzinga
Nova Cannabis Inc. Reports Record Q3 2023 Revenue, Achieving Gross Margin Growth
Nova Cannabis Inc. (TSX: NOVC) (OTCQB: NVACF) released its unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2023.
Q3 Financial Highlights
- Total Revenue: Nova Cannabis reported record revenue of CA$67.7 million ($52.6 million) for the third quarter of 2023, marking a 15.0% increase from the same period in 2022 and a 5.8% increase from the second quarter of 2023.
- Gross Margin: Nova achieved a record gross margin of CA$17.0 million (13.2 million) in the third quarter of 2023, representing 25.1% of revenue. This was a significant 52.8% increase from the third quarter of 2022 (18.9% of revenue) and a 16% increase from the previous quarter (22.8% of revenue).
- Net Earnings: Nova reported net earnings of CA$2.1 million (1.63 million) (CA$0.04 per share) in the third quarter of 2023, compared to a net loss of CA$1.5 million (CA$0.03 loss per share) in the third quarter of 2022. This represents a substantial increase in net earnings by CA$1.1 million or 102.4% from the second quarter of 2023.
- Adjusted EBITDA: The company reported Adjusted EBITDA for the third quarter of 2023 at CA$6.8 million ($5.29 million) (10.0% of revenue), compared to CA$2.5 million (4.3% of revenue) for the third quarter of 2022 and CA$5.5 million (8.6% of ...